Dubai has managed to attract many businesses and companies from around the world through its easy to do and straight forward regulations and procedures related to establishing a business, in addition to its vibrant and lively environment.
Dubai, and UAE in general, have several Free zone areas spread across its boundaries, these areas provide companies and businesses with a rich host of benefits and facilities that would ensure smoothness and efficiency in all stages of the business, starting from the establishing phase to achieving goals and claiming success.
Companies in the Free zone areas receive 100% corporate tax exemption, 100% import and export tax exemption and 100% personal income tax exemption. In addition to that, companies in the Free zone areas can be fully owned by foreigners who can repatriate 100% of their capital and enjoy 0 customs duty and no restrictions on currency transfers and exchanges.
The process of registering and licensing a business in the Free zone areas in Dubai shouldn't take more than 4 weeks, where the applicant needs to submit the required documents to get the process started. These documents include information about the mother company, such as Certificate of Registration/Incorporation/Good Standing, Memorandum and Articles of Association and a resolution of the board to establish a company branch in Dubai.
Some other documents include personal details about the applicant like his profile and passport copy, bankers' reference, power of attorney for the manager, the director and the secretary. These are the main documents required for registering a company in a Free zone in Dubai, some of which would require attestation by the UAE embassy of the country of origin and notarized by a public notary or equivalent authority.
In addition to the documents required, the company needs to issue a Share Certificate Letter from a local bank covering the amount specified for the registration in the Free zone
The Initial approval takes between 7 to 10 days, after which the business will be given the allocation of the facilities, the invoice and lease agreement. After that, the legal documents need to be submitted to the Licensing Department, and the office Layout to the Design Department.
It is worth mentioning that there are plenty of independent companies in Dubai that can handle all the registration and licensing process on behalf of the business, naturally, they do it for a fee, but they do come in handy.
Ben Simmons is a Dubai based business consultant specialising in company setup and registration. He has assisted a host of brand name companies setting up business in both Dubai Internet City (http://dic.ae/) and DAFZA (http://www.dafz.ae).
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