GNcareers, from Gulf News

Establish a firm in a free zone

These zones provide easy access to global markets.Image Credit: Supplied

Where certain taxes on business do not apply, free zones provide the most business-friendly platform to help firms perform at their best.

What sets a free zone setup apart from a mainland setup is that there is no need for business owners to jostle for a local sponsor. It also offers businesses 100 per cent ownership in a tax-free environment.

There are many free zone areas in the UAE, giving businesses many choices to identify the best location that meets their requirements. Most free zones in the country offer land plots, housing complexes, warehouses, furnished offices, shared workstations, and shell and core space.

Companies may establish themselves as a free zone establishment (FZE), a free zone company (FZCO/FZ-LLC), or a branch office. Free zones generally issue trading, industrial and service licences; however, each free zone has a different set of rules and regulations.

Companies in the free zones are not allowed to trade in the UAE market. They can only do so through registered local agents.

You should have a company name and physical address to establish the legal structure, business activities and facilities of your company. An application form, passport copy with visa page, bank statement and business plan, among others, are necessary to support in unfolding your intention.

Handy Hints:

* All the emirates of the UAE have active free zones

* Road, air and sea transport usher business growth

* Free zones allow investors full business ownershi

 Source: Alfred Ocianas, Special to Classifieds

 The writer is a freelancer

Category: