It is no surprise that Dubai is an ideal choice for entrepreneurs all around the world wishing to venture into a new market. And rightfully so, with its multiplicity of benefits- from tax exemptions to some of the best infrastructure to exist in the world, accompanied with unparalleled quality of life.
Dubai Free Zones are specialised economic zones that are set up with the intention of offering certain benefits and exemptions to businesses set up there to promote investment in the city.
There are currently more than 30 freezones operating in Dubai, which are set to boost their contribution to the UAE’s GDP to AED 250 billion ($68bn) by 2030.
In this blog post, let us explore the reasons why you should set up a company in Dubai Free zone.
- Tax Advantages
Free Zones in Dubai offer very lucrative tax advantages to businesses, some of them even offering zero corporate and personal income tax for a set time period. The fund which would have otherwise been allotted to taxes, can be used for future business growth or expansion, or to simply increase profit.
- Easy Company Formation
In recent times, the process of setting up a company in Dubai Free Zone has been extremely simplified. With minimal paperwork and a business-friendly environment, it has become an efficient and easy task to set up a company.
- 100% Foreign Ownership
It is not essential for businessowners to have an Emirati partner to set up a business in Dubai Free Zone. This allows 100% foreign ownership and complete autonomy over the company’s decisions.
- Import and Export Duty Exemptions
There is no import or export duty levied for businesses operating in Dubai Free Zones. This can prove to be highly profitable for businesses dealing in manufacturing, shipping and trade. This also plays a big part in promoting international trade from Dubai.
- State-of-the-art Infrastructure
Who does not know about Burj Khalifa? Probably someone who has been living under a rock. But even apart from such famous infrastructural wonders, Dubai houses some of the most impeccable styles of infrastructure.
- Profit Repatriation
All and any profit earned by the company in a Dubai Free Zone can be transferred to the home country of the owner. This includes both financial assets and profits.
- Global Connectivity
Dubai is well connected to Asia, Europe and America by a few hours’ plane ride. It has well developed airports, ports and roadways. The Dubai International Airport registered 66 million passengers in 2022 and is forecasted to have passengers upwards of about 83.6 million in 2023.
- Wide Range of Business Activities
There are specialised free zones for specific business activities in Dubai. These zones are focussed on healthcare, technology, etc. This provides business owners with a wide range of options for to set up a company in Dubai Free Zone.
Setting up a business in Dubai Free Zones is indeed an excellent choice for entrepreneurs and businessowners wishing to venture into an all-new market. Dubai has always set examples for the world to follow, and business set up in free zones is one of them. Next Generation Corporate Services can help you set up your company in a Dubai Free Zone best suited for you and your business requirements. We work closely with you to understand your needs and work on fulfilling them, while making the entire process seamless.
If you’re interested in setting up your own business in a Dubai, contact Team Next Generation Corporate Services today at info@nxtg.ae