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free zone company formation

Dubai Airport Free Zone (DAFZA)
Blogs

Your Ultimate Free Zone Guide: Dubai Airport Free Zone Authority (DAFZA)

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Your Ultimate Free Zone Guide: Dubai Airport Free Zone Authority (DAFZA) Established in 1996, Dubai Airport Free Zone is strategically located in the heart of global trade. With direct connectivity to the world’s busiest airport, this freezone is the ideal choice for electronics, engineering, logistics & cargo, aviation and pharmaceutical firms. This free zone houses more than 2300 businesses across many verticals such as aviation, logistics, pharmaceuticals, IT, engineering, and more. It also houses many prominent Fortune 500 companies such as Airbus, General Electric, Rolls Royce, Roche, Boeing, and Chanel. Benefits Of Setting Up Your Company in Dubai Airport Free Zone Business-centric regulatory. Swift company formation and licensing processes. Low operational costs. No currency restrictions. Full repatriation of profits. No minimum capital investment. 100% foreign ownership without the presence of a local service agent. No personal income tax. Exemption from corporate tax for a period of 50 years. Investors can open domestic bank accounts and international bank accounts. No export and import custom duties. DAFZA has an onsite customs clearance facility, which facilitating quick and efficient cargo and goods clearance process.. Liberty to hire foreign employees. Readily available offices, warehouses, factories, convention centers and residential complexes.. Highly-equipped infrastructure and ancillary services including healthcare support, 24-hour security; housekeeping, building maintenance, etc. Dubai Airport Free Zone Business Setup Process Setting up a business in Dubai Airport Free Zone is as simple and it involves the following steps: STEP 1: Choose your Company Name and Structure Select a suitable company name and obtain approval from authority for the same. DAFZA offers mainly two company structure options, these are: 1. Free Zone Limited Liability Company (FZ-LLC) A Free Zone LLC is incorporated as a separate legal entity, with shareholders as individuals and Corporates. It can have up to 50 shareholders. 2. Branch of a Company Any foreign company can open its branch office in Dubai Airport Free Zone (DAFZ), this company does not require any minimum capital requirement. STEP 2: Select Your License There are basically 3 types of licenses that are offered by Dubai Airport Free Zone Authority (DAFZA), which are: 1. Trading License This license provides permission for import raw materials, export, distribute, and store items specified to any country. 2. Service License By obtaining this license, a business can offer services such as legal advisory, accountancy, and business consultancy specified in the license within the free zone. The selected service/business activities should match the parent company’s license, issued by the Dubai Economic Department or Free Zones or any other jurisdictions outside UAE for incorporation as a branch of local company or branch of foreign company. 3. Industrial License If the company is planning to perform light manufacturing industrial activities, packaging and assembling, then you can go for an industrial license. 4. General Trading License By obtaining a general trading license, the company can perform general trading activities such as import, export, storage, and distribution. STEP 3: Choose your Space The final step is to choose a suitable space for your company. DAFZA provides multiple options such as business centers, offices, light industrial units and co-working spaces. STEP 4: Submit all documents Submit all necessary documents and make payments, then you will receive your issued license so that you can start operating your business. Documents Required for Company Formation in DAFZA with Individual ownership Application form. Letter of Intent. Shareholder’s 6-month bank statement (not applicable for new registration). Copy of the manager’s passport and CV. Copy of shareholder(s)’ passport and CV. Original bank reference letter for each shareholder. No-Objection Letter by the current sponsor for the manager. Initial approval(s) from the third-party authorities if required Documents Required for Company Formation in DAFZA with Corporate ownership Application form. Letter of Intent. Certificate of registration/ Incorporation Certificate of the parent company -duly attested and notarized by the UAE embassy in the country of origin and Ministry of foreign Affairs, UAE. Memorandum of association and Article of Association of the parent company -duly attested and notarized by the UAE embassy in the country of origin and Ministry of foreign Affairs, UAE. Certificate of Good standing/ Incumbency certificate of the parent company -duly attested and notarized by the UAE embassy in the country of origin and Ministry of foreign Affairs, UAE. Board of Resolution of the parent company (template shall be provided) – duly attested and notarized by the UAE embassy in the country of origin and Ministry of foreign Affairs, UAE. Power of Attorney (template shall be provided) – duly attested and notarized by the UAE embassy in the country of origin and Ministry of foreign Affairs, UAE List of UBOs (ultimate beneficial owners of the parent company). Copy of the manager’s passport and CV. Copy of shareholder(s)’ passport and CV. Original bank reference letter for each shareholder. No-Objection Letter by the current sponsor for the manager. Initial approval(s) from the third-party authorities if required.   If you require any guidance regarding company incorporation in Dubai Airport Free Zone Authority (DAFZA), we at CORPIN can guide you. With our years of experience in business setup, we can ensure you a smooth journey in obtaining the necessary licenses, permits and setting up your company in DAFZA as soon as possible. Get in touch with us to know more.

company setup in UAE, corpin business setup consultants
Business Consultancy

How To Find The Ideal Free Zone For Your Company Setup In UAE?

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How to Find the Ideal Free Zone for Your Company Setup in UAE?  Establishing a business in a free zone is an ideal option for foreign investors to have full control over their business and receive considerable tax exemptions. However, there are around 50 free zones in UAE and selecting one is a cumbersome task. Through this article, we would like to clear things for you so you can choose the best one for your business. Determine the type of business activity for your business Every free zone has its own set of specific activities that are allowed to be performed within the jurisdiction. The more activities you choose, the more your license will cost. One way to avoid this is by choosing several activities within one activity group and from the same license type, so you don’t have to pay any additional fees. Select the facility type your business may require A business will have many facility requirements depending upon its business activities. If your business requires meeting with clients regularly or you are planning to hire employees, it is better to opt for an office. Take into consideration the availability of these facilities as some free zones don’t offer them. Also, make note that a company registered within the free zone is only allowed to have a facility within the UAE Free Zone where it is registered. Select a free zone depending on the amount of capital you wish to invest For registering a company in the UAE, you are supposed to deposit a share capital amount which varies in each free zone. Free zone Company registration cost is another key aspect to consider. Check the licensing requirements Every free zone in the UAE has its own type of business licenses. There are three license types available in free zones such as trading license, professional license and service license. Some free zones also offer additional licenses based on the activities of the company. Check the exact requirements before selecting a free zone. Check the reputation of free zones with local banks It is better to seek the guidance of a business setup expert who can assist you in opening a corporate account in an established bank in the UAE. Every free zone has different procedures, requirements and licensing costs. Considering the complexities involved, it would be wise to seek the advice of company formation experts for a smooth process. We at Corpin Consultants have a successful track record of handling the company formation process in free zones. Contact us today to know more.[/vc_column_text][/vc_column][/vc_row]

free zone business setup, Mainland business setup, Corpin business setup consultant
Business Setup

Free Zone Business Setup or Mainland Business Setup- Which One You Should Opt?

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Free Zone Business Setup or Mainland Business Setup – Which one you should opt? Are you an aspiring entrepreneur planning to set up your dream business in the UAE? While performing research, you may often come across these two terms, mainland business setup and free zone business setup. These are two different business jurisdictions with their advantages and disadvantages. You need to choose one depending on the nature of your business. This article will help you understand the major differences between a mainland company and a free zone company in the UAE. Ownership Structure : Foreign investors who wish to set up a business in the UAE mainland should mandatorily have a local partner or a national service agent. Out of 100% shares, 51% of shares must be held by the local partner and only 49% of shares will be allotted to the expat partner. However, for service businesses such as consultancy, an expat partner will receive 100 % ownership. A local sponsor will act like an agent but does not own any shares of the company. For a free zone business setup in the UAE, there is no such restriction. A foreign investor can get 100% ownership regardless of the type of activity, commercial or professional. Scope of doing business in Dubai : A mainland company is allowed to perform business activities throughout the UAE market as well as outside the UAE. A free zone registered company can do business only within the respective free zone and outside the UAE. Office Space : All mainland companies must have at least 200 sq. ft of physical office space. (can be even leased out on an annual basis). A free zone company does not require a physical workspace. It may or may not have offices depending on the nature of work. Nowadays, there are even flexi desk and virtual office facility for free zone companies. Visa Facility : Mainland companies do not have any limitations for the issuance of visas for their employees. Ministry of Labor issues an E-quota to each mainland company that shows their eligibility for visa acquisition. It can be enhanced further if more employees need to be recruited. The eligibility of visa majorly depends upon the office space and the nature of the business activity. The more space you have, the more visas you can apply for. However, outdoor sales staff, PRO’s and drivers are not eligible for this facility. For free zone companies, only two to three visas are offered under the smart office package. In case if you require more visas, you need to lease out a bigger office space. Government Approvals : A mainland company needs approvals from standard government authorities such as DED (Department of Economic Development), DM (Dubai Municipality), Ministry of Labor (MOL), Department of Naturalization and Residency affairs of Ministry of interiors or Immigration (MOI). Also for medical or food license requirements, approval is required from Dubai Health Authority and Food Department of Municipality respectively. Free zone companies generally do not require any government approvals unless there is a specific activity that requires approval. When you seek advice from a trusted business setup consultant, your company formation becomes less tedious and fast. Corpin Consultants is one of the most sought-after company formation consultants in Dubai with a team of experienced professionals who will guide you in every step of the process. If you wish to set up your business in the mainland or free zones in the UAE, feel free to contact us at +971 55 843 2911 or info@corpinconsultants.com.

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