Everyone dreams of starting a business in the world’s most hustling and bustling city you can think of. One of those cities is Dubai, one of the world’s top destinations for entrepreneurs at the moment. This city has investor-friendly policies, striking skylines, and a vibrant culture.
The Emirate attracts the most brilliant minds on the planet. It serves as a hub for international trade, providing opportunities. Its welcoming atmosphere for firms looking to expand into the UAE markets.
The Free Zone Visa is a beacon for global investors and expats wishing to enter the Dubai economy. Let me walk you through the procedure of Visa Application. Dubai Free Zone setup is what this post is about, so you can Girl Boss your way to the city of Dubai.
To start a business in the Free Zone, you need a Free Zone Visa. Let’s start with understanding what a Free Zone Visa is.
For those who are not familiar with the term, a Free Zone Visa is a type of residency visa. The United Arab Emirates grants to non-residents who wish to establish a business. The visa is valid in any of the free zones located around the country.
A designated tax-free area aimed to provide foreign investors with a favorable economic growth environment is referred to as a “free zone.” Benefits of this unique visa include tax advantages, streamlined company setup processes, and full control or 100% ownership of your company.
A. CHOOSE A FREE ZONE AND THE TYPE OF LEGAL ENTITY
Choose the legal form that your company would pursue. You can set up any of the following two kinds of businesses in a free zone:
- Free Zone Limited Liability Company (FZ LLC) or Free Zone Company (FZ Co.)
- Free Zone Establishment (FZE)
The main differences are found in the quantity of shareholders and the nature of the shareholders. So, its either a natural person or legal person. Not every free zone may allow the registration of both kinds of businesses. The kind of company that can be registered depends on the specific free zone authorities.
You can also set up a branch of their company in free zones of Existing local and foreign companies.
Dubai provides a range of free zones designed for specific businesses, including media, technology, healthcare, and finance. Choosing a zone that complements your company’s goals and interests is crucial. Research is essential because every Free Zone has a unique set of amenities and support services.
B. REGISTRATION
You can now proceed with registering your company within the selected Free Zone. While also keeping your intended business activity in mind. Choosing a good company name, determining the legal structure, and filing the required incorporation paperwork and fees are all part of this process.
C. VISA APPLICATION
You can easily apply for entry permits (for more info Click Here). Free zone visas come in several forms. However, the most popular one is dependent on employment with a business that operates in a free zone. The authorities of the Free Zone will assist you in obtaining a visa. They will also make sure you fulfill any requirements for that particular Free Zone.
Types of Dubai Free Zone Visas
- Investor Visa
- Employment Visa
- Student Visa
- Dependent Visa
- Partner/Investor Visa (with Business Visit Visa)
To make things easier, the majority of free zones have an online visa application process through an e-channel. You must register on this portal with the assistance of the free zone authority or your company. Basically, the goal is to streamline the application process and eliminate the time-consuming and tedious paperwork.
To begin the registration procedure, an AED 2,500 or around 680 USD obligatory registration fee must be paid. Visa fees for the Dubai Freezone depend on the package you opt for.
You will be required to provide several documents to support your visa application. These documents include financial statements, a business plan, business registration documents and your passport. Including any other documentation the Free Zone could ask for. If you’re a Freelancer, then you need to submit fewer documents.
Processing of your visa application will begin as soon as it is submitted. Although the Free Zone and other variables may affect the procedure, authorities normally process applications quickly.
A medical fitness exam must be performed at a specific medical facility. This has been authorized by the free zone authorities. A chest X-ray and blood test are required for this. You can apply for an Emirates ID, an obligatory national identity card for UAE citizens, using the findings of the medical test.
You will receive a notification to pick up your Free Zone Visa upon approval. This completes the process of becoming a resident in Dubai and enables you to operate as a Free Zone company.
BENEFITS OF A FREE ZONE VISA
This is probably the easiest and best option you could opt for if you plan on starting a venture in Dubai:
- 100% Ownership – Usually, when you start a venture in the UAE, you need a UAE local (citizen) as a partner or sponsor for the business. But with a Free Zone Visa, Expats and foreign investors are given full ownership of their businesses; no local sponsor or partner is required.
- Literal Tax-Free Zone – The best part about starting a business in the free zone is There are large tax exemptions associated with Free Zone Visas. You won’t have to worry about import or export duties, and you’ll enjoy $0 income and corporation taxes. For your company, this means significant cost savings and increased profitability.
- Exemptions from Customs Duty- Companies operating in Free Zones frequently enjoy advantages related to customs duty exemptions while importing and exporting goods.
- Streamlined Procedure – The creation of a business and the granting of trade licenses and permissions are all part of the quicker company formation procedure in free zones. With a free zone visa sponsorship, obtaining visas for dependents and employees is made simpler. This enables you to effectively shift your personnel and assemble a great team!
(For more details, please check out the government websites)
Dubai is growing and changing as you are reading this very article. It’s an emerging global hub for investments. It is also one of the most creative cities at the moment. So, are you ready to take on the challenge as an entrepreneur? Feel free to drop your suggestions in the comments and share your Girl Boss stories. Wishing you the best in your fruitful ventures!
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