The landscape of business setup in Dubai free zones is set for a new era on account of progressive reforms announced by the government. The creation of a new free zone authority in Dubai is proof that foreign investors will benefit from more streamlined and business-friendly regulations. Dubai government has created the Dubai Integrated Economic Zone (DIEZ) to provide a more effective and organised business environment for entrepreneurs.
In January 2022, the government announced a new leadership structure for DIEZ to create a robust regulatory structure for three free zones in Dubai. Investors wishing to set up a business in Dubai free zones must understand the structure, features and regulations set out by relevant free zone authorities. Business setup consultants in Dubai can offer you valuable information regarding the free zone authority. In the meantime, you can read this article for further information on DIEZ.
Free Zones under Dubai Integrated Economic Zone
Three free zones in Dubai will now come under the supervision of DIEZ. The licenses will be issued by DIEZ for company formation in Dubai free zones listed below:
Dubai Silicon Oasis
Dubai Silicon Oasis or DSO is an integrated technology-free zone perfect for foreign investors to live, work and do business. The free zone is conceived as a tech park that hosts modern tech-based industries and an urban community located in a strategic location. DSO provides state-of-the-art infrastructure, a wide range of activities and offers the best one-stop solution for business setup services in Dubai.
Dubai International Airport Free Zone
The role of the Dubai International Airport Free Zone (DAFZA) in enhancing the environment of business setup in Dubai can’t be undermined. Established in 1996, DAFZA is a dynamic free zone located at the heart of global trade. Foreign investors setting up a company in DAFZA can benefit from the world’s busiest international airport and offers the perfect gateway to the Middle East. The free zone also offers excellent connectivity to Europe, the Indian Subcontinent and the Far East. The free zone is home to more than 1,800 registered businesses from over 20 sectors.
Dubai CommerCity is the region’s first free zone exclusively catering to the e-commerce sector. The free zone offers a stimulating environment for e-commerce businesses to grow and thrive in the investor-friendly environment of Dubai. The free zone provides innovative business setup services in Dubai under one roof along with a modern infrastructure, excellent networking opportunities, special e-commerce licenses, and pre-negotiated partnerships. Business setup consultants in Dubai can help you start an e-commerce company in the free zone quickly.
Key Responsibilities of Dubai Integrated Economic Zone
The core function of DIEZ is to enable the free zones to achieve their goals and objectives. From licensing to liquidation, DIEZ regulates all the processes and procedures related to company formation in Dubai free zones such as DSO, DAFZA and Dubai CommerCity. The following are the key functions of DIEZ:
- Establish, develop, and manage the infrastructure and administrative services within the three free zones and the areas designated for all industries within the economic zones
- License, regulate, control, and oversee all construction works performed within the three free Zones
- Register and license companies, establishments, and other entities within the three free zones
- Determine and regulate the business and activities permitted within the three free zones
- Set out rules, conditions, requirements, and procedures for licensing business activities permitted within the free zones
- Possess, own, and lease movable and immovable property and sell, lease, or mortgage such properties
Customs Duty Exemptions in Dubai Integrated Economic Zone
Companies operating in DIEZ free zones can enjoy the benefit of custom duty exemption. Goods brought into DIEZ free zones will be exempt from customs duties. Similarly, goods manufactured, produced or developed within the free zones are also exempted from customs duties. Commodities stored and used for any process within the free zone can also enjoy the benefit of customs duties exemption.
How Jitendra Business Consultants can help?
DAFZA, DSO and Dubai CommerCity are among the fastest-growing free zones in Dubai with an impressive record. The government has integrated these premium free zones under a single Authority to streamline the process of business setup in Dubai free zones. Foreign investors who wish to set up a business in these free zones can get the assistance of business setup consultants in Dubai such as Jitendra Business Consultants (JBC).
JBC provides the best business setup services in Dubai such as determining the company structure, selecting the activities, obtaining a trade license, PRO services, and compliance services like Economic Substance Regulations (ESR), Ultimate Beneficial Ownership (UBO) etc. If you’re an investor or entrepreneur planning to enter the lucrative UAE market, get in touch with our highly qualified business setup consultants in Dubai.