The UAE is one of the top global destinations for international entrepreneurs. Setting up a business in the UAE has become popular over recent years due to the abundance of free trade zones. These areas attract business people with a number of undeniable benefits, such as the absence of taxes, complete foreign ownership and many more. One of the most prestigious areas is the Dubai International Financial Centre. This free zone is designed for companies operating in the financial sector.
The Key Advantages of the UAE Free Economy Areas
There are various free trade zones located in Dubai alone. Some of them offer additional benefits for companies working in specific fields. There are zones suited for businesses in information technologies, logistics, education, production, and others. For some owners, DMCC business setup would be preferable, as this FTZ allows different types of licenses.
There are numerous advantages of starting a company in any of these zones. The most significant benefits are:
- The possibility to create a business completely based on foreign capital;
- There is no need to divide shares between foreign and local representatives;
- It is possible to acquire residential visas for company owners, workers, and their relatives;
- Operating a business is tax-free.
Setting up a Business in the DIFC Area
The perfect location for companies specializing in finance and banking is the DIFC. Currently, more than two thousand financial corporations have their offices in this centre. Top international banks are included in this number.
The main distinctive feature of this trade is its independent legal framework. It is based on English general law. In addition, the key currency here is the US dollar. All the business deals involve dollars instead of AED.
The prestige of the DIFC comes with strict regulations. However, local agents will guide you through the process of registration quickly and effortlessly. The transparency of the whole process makes it easy for international business people.