The United Arab Emirates (UAE) has fast emerged as a favourite of entrepreneurs from across the world. It can be a result of various factors like strategic location, business-friendly regulations and other related ones. The country which is home to seven Emirates and numerous free zones offering a number of benefits with regard to business setup, there is no denying that business setup in UAE free zones is sought after by entrepreneurs and investors alike. In this article, we take a look at how to go about setting up a UAE free zone company and how Gryffin Capitalist can help you with that. Read on to know more.
What is UAE Free Zone Company Formation?
The process of establishing a business within one of the numerous free zones located in the country is known as UAE free zone company formation. These free zones are specially designated areas offering a number of benefits like tax exemptions, full ownership, and other advantages. These advantages are the cornerstone of attracting entrepreneurs to set up a business.
What are the Steps Involved with Business Setup in UAE Free Zones?
When it comes to Business setup in UAE Free Zone, there are a number of steps which are involved. An overview of the typical steps is mentioned below. Read on to get a gist of the registration process:
Step 1 – Choose Appropriate Free Zone
One of the important things when it comes to UAE free zone company formation is the selection of the right free zone. Proper research in this regard prior to decision making can go a long way in benefiting the business. Careful consideration of factors like location, infrastructure, tax exemptions can offer a good headstart with regard to business setup in a UAE freezone.
Step 2 – Determine Business Activity
The next step involves determining the type of business activity which is to be conducted in the selected free zone. As free zones offer a number of permitted business activities, you must research and finalise one or multiple based on your business goals. Doing this also helps in determining the correct business structure among the ones available in the free zones.
Step 3 – Prepare Documents
Documentation is another important part of business registration be it in a freezone, mainland or offshore jurisdiction. As such, it is important to prepare and arrange all the required documents based on the chosen business activity.
Step 4 – Lease Office Space
As most free zones located in the UAE want the business to have a presence in the country, you must obtain an office space(either physical or virtual). You can lease a flexi-desk, private office or shared desk based on your requirements by signing an agreement with the concerned people.
Step 5 – Submit Application
Once the documents are in order, you must submit the company formation application to the free zone authority along with the documents. The authority reviews the application and upon successful verification, provides its approval for business setup in the chosen UAE free zone.
Step 6 – Obtain Business License
Post registration of the business in the free zone, the relevant licensing authority issues the appropriate business license to ensure hassle-free conduct of business operations in the free zone. You can obtain the license which best serves the purpose based on your business goals and chosen business activity.
Step 7 – Open Corporate Bank Account
The next step involves opening a corporate bank account in the UAE. The opening of the bank account enables you to conduct and maintain all business related financial transactions.
Step 8 – Avail visas
When setting up a business, it is important to obtain an investor visa if you are an expatriate. The visa allows you to reside and work in the UAE so obtaining it can help you minimise undue disturbance as well as enable you to sponsor your family members and employees.
Step 9 – Start Business Operations
Once all the above mentioned steps are completed, you can start conducting business operations in the UAE free zone. However, you must stay updated with the changing regulations and keep track of renewals of important documents like business license and availed visas.
Why Gryffin Capitalist?
Gryffin Capitalist, a management consultancy firm having 7+ years of experience is at the forefront of helping businesses and entrepreneurs set up a company in the UAE and the Middle East. Be it company formation in a UAE free zone or in the mainland or in any offshore jurisdiction, the business setup consultants are well aware of the involved legalities and go beyond conventional consulting norms to ensure that everything is completed in a hassle-free manner.
Our company registration services like availing appropriate license, proper documentation, bank account opening and other related services ensure that everything is taken care of by the experts. It enables you to concentrate on other important things related to UAE free zone company formation. Feel free to reach out to the business consultants of Gryffin Capitalist to learn more about the offered services and get started!