Everything that you need to know about a Free-zone Companyby Nionica Starc My assignment help
Summary: Before setting up a company in the DAF zone, one must be aware of all the details. In this article, you will find answers to some of the FAQs about establishing a Freezone company in Dubai.
The Emirates has vast resources and very flexible rules which makes it a favorite for businesspersons all over the world. The best thing, however, has got to be the option of a Freezone company set up in Dubai. But very few business persons understand the concept of a Freezone company and have a lot of queries regarding the legal structure of such a business.
Here are some of the most commonly asked questions answered for an entrepreneur who is getting ready for a Freezone business setup in Dubai.
Ø What are the onshore entities that a DAF zone company must register with?
For residential purposes, an entrepreneur must first get registered under the UAE General Directorate of Resident and Foreign Affairs. There are certain federal ministries that an entrepreneur may have to deal with for getting legal documents and resident visas notarised. Since this is going to be a tedious process, entrepreneurs can hire an expert who can comply with all the formalities.
Ø What are the features of establishing a Freezone company in Dubai?
The features of a Freezone company you set up in Dubai are:
· 100% ownership and privacy
· No interference of the UAE government
· Easy access to several banks
Ø What is the process of a Freezone company setup in Dubai?
Establishing a company in the DAF zone includes four simple steps. They are:
An entrepreneur first needs to select a company type after determining which kind of company can be the most beneficial for his/her business idea. One can consult an expert for the procedure of the Freezone business setup Dubai and the cost involved.
The next step is to select the type of license that the business person wants for the business start-up. One can seek the following types of license in the DAF zone:
1. Trade license;
2. Service license;
3. Industrial license;
4. General trade license.
After the legal structure has been decided on and the trade license has been obtained, an entrepreneur must look for an office space to use as the business premise.
In the last step, a businessperson must fill in the application with the required information and submit it along with the listed documents to the DAF zone authorities and wait for the initial approval.
When it comes to a Freezone company, there is no corporate and income tax applied either thus making it all the more a profitable option for entrepreneurs.
Author Bio:Nionica Starc is a company secretariat who is associated with Uaevatexpert.ae through which he assists help to entrepreneurs for the Freezone company setup. He loves to spend time with his family and travel around the world.
Created on Feb 27th 2020 01:33. Viewed 421 times.