Each free zone in Dubai has its own set of capital rules. For example, Jebel Ali Free Zone has no minimum capital requirement. However, the company must have sufficient capital to secure funding for the licensed activities. The minimum capital requirement in Dubai Airport Free Zone is AED 1,000.
Similarly, DMCC requires a minimum capital of AED 50,000 per company and AED 10,000 per shareholder. Therefore, the funds required to start a business in Dubai free zones depend on the area and field chosen.
Dubai Airport Freezone Authority (DAFZA) has announced a reduction in business establishment fees by up to 65% to enhance DAFZA’s regional competitiveness and stimulate various vital sectors by attracting and attracting foreign direct investment, and to consolidate the stability of the operational processes of the free zone’s companies; with the aim of sustaining investments and supporting their growth, confirming the Emirate of Dubai’s efforts to become an ideal destination for investment and prosperity.
According to the Emirates Today website, Director General of DAFZA, Dr. Mohammed Al Zarooni, stated that “these facilities came in line with the directives of Sheikh Mohammed bin Rashid Al Maktoum to enhance the economic competitiveness of the Emirate of Dubai through a set of initiatives and incentives that aim to attract and enhance foreign direct investment to the emirate, to ensure the sustainability of economic growth in various sectors, and to consolidate the emirate’s position on the global economic map, as DAFZA reviewed the registration, licensing and visa fees for new investors, reducing registration fees by 65%, licensing fees by 33%, employee visa fees by 20%, and facility card issuance fees by 17%, in addition to exempting the fees for issuing the articles of association and ratifying the decision to form the board of directors and authorization.”
The new incentives include facilitating the process for new investors to obtain a general trading license by reducing the capital from AED 1 million to AED 500,000. DAFZA has also allowed free zone companies to take the form of a “Free Zone Company – Limited Liability” to provide greater flexibility in licensing and establishing businesses and ease of starting their operations.
The Authority also exempted companies from fines and facilitated the procedures for renewing their licenses, which reduces the financial burden on holders of expired licenses and corrects the status of records and licenses from a legal perspective. This reflects its continuous support for the growth of business sectors and the removal of all obstacles facing them to develop the economy and create a competitive environment that stimulates investment.
DAFZA has begun restructuring free zone licenses and associated fees so that companies wishing to launch their businesses in the free zone can enjoy greater flexibility in choosing the commercial and service activities that suit the nature of their work, which will contribute to enhancing the experience of investors when establishing companies and conducting their business.
The new licensing structure includes increasing the number of economic activities to more than 2,000, distributed across 18 main sectors in line with the International Standard Industrial Classification of Economic Activities (ISIC 4), the United Nations system for classifying economic activities and the internationally recognized reference for economic activities worldwide. The new licensing structure will be offered to new investors and existing clients by the end of the third quarter of this year.
It is noteworthy that DAFZA is working on preparing a set of other initiatives and incentives to be launched during the coming period, which include facilities in the No Objection Certificates to facilitate the investment process and others in order to provide the best investment environment that attracts foreign direct investment.
The new facilities aim to achieve the strategic objectives of the free zone in contributing to strengthening the country’s economy by providing integrated solutions that play a fundamental role in enhancing investment activity and motivating investors to establish their businesses and seek to expand their investments, in line with efforts to achieve the “Dubai Plan 2021” and other government plans that aim to move to the post-oil phase by supporting economic diversification policies.
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