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Free Zones Of UAE
- Abu Dhabi Airport Free Zone (ADAFZ)
- Abu Dhabi Ports Company (ADPC)
- Khalifa Industrial Zone Abu Dhabi (Kizad)
- Masdar City
- twofour54
- ZonesCorp
- Dubai Airport Freezone (DAFZ)
- Dubai Auto Zone (DAZ)
- Dubai Biotechnology & Research Park (DuBiotech)
- Dubai Cars & Automotive Zone (DUCAMZ)
- Dubai Flower Centre (DFC)
- Dubai Gold and Diamond Park (DGDP)
- Dubai Healthcare City (DHCC)
- Dubai International Academic City (DIAC)
- Dubai International Financial Centre (DIFC)
- Dubai Internet City (DIC)
- Dubai Knowledge Village (DKV)
- Dubai Logistics City (DLC)
- Dubai Maritime City (DMC)
- Dubai Media City (DMC)
- Dubai Multi Commodity Centre (DMCC)
- Dubai Outsource Zone (DOZ)
- Dubai Silicon Oasis (DSO)
- Dubai Studio City (DSC)
- ENPARK
- International Media Production Zone (IMPZ)
- Intl. Humanitarian City (IHC)
- Jebel Ali Free Zone (JAFZA)
- TechnoPark (TP)
- Hamriyah Free Zone (HFZ)
- Sharjah Airport International Free Zone (SAIF-Zone)
- RAK Free Trade Zone Authority (RAKFTZ)
- RAK Investment Authority (RAKIA)
- RAK Maritime City (RAKMC)
- Fujairah Free Zone (FFZ)
- Ahmed Bin Rashid FZ (ABRFZ)
- Ajman Free Zone (AFZ)
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UAE Freezones Biz News Updates
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Setting up offshore firm in UAE is more economical
There are four offshore jurisdictions in the UAE, viz. Jebel Ali Free Zone,
RAK Free Trade zone, RAKIA and Ajman Free Zone.
Q: I am a GCC country national. I have been in touch with some parties in
Europe who want to buy different kinds of items. Such items will be mostly
sourced from China and directly shipped to the customer and goods will not
touch UAE. I am interested in a company setup with minimum costs whereby I
can open a bank account in UAE. As I shall be mostly travelling and do not
intend to employ anybody at the moment, office and residence visas are also
not required. Kindly let me know your views. AB, Bahrain
A: I gather from your query that you do not require a physical office or
visa in the UAE. As you do not intend to do any business in the UAE perhaps
a UAE offshore company would be an option as it is more economical and you
can open a bank account in the UAE. There are four offshore jurisdictions in
the UAE, viz. Jebel Ali Free Zone, RAK Free Trade zone, RAKIA and Ajman Free
Zone. Costs and requirements will differ based on the jurisdiction you
choose. Bear in mind that business is not permitted in the UAE for such
offshore companies and they need to be renewed every year. Offshore
companies are suitable for international business and even ownership of
property in the UAE and overseas.
Q: I am a person employed by a company in UAE though would like to engage in
trading of building materials. I have been informed that UAE free zones
allow 100 per cent foreign ownership. Most of my potential customers would
be outside the free zone area. Will a free zone company suit me? SJ, Dubai
A: Free zones in UAE do allow 100 per cent foreign ownership. As you are on
employed in a UAE company most free zones would need a no objection letter
from your sponsor to be an owner in the free zone company. Some free zones
also insist that the manager of the said company should hold the free zone
visa. As a free zone entity you can import and export the trading items you
are licensed for though UAE free zones stipulate that sales in the UAE
mainland can be done through an appointed agent after payment of the
relevant import duties in the UAE. You can have more than one agent in the
mainland to sell your goods. There are several free zones in the Emirates;
costs, procedures and facilities differ from free zone to free zone. You may
choose the free zone as per your requirements and budget.
Q: I have a small trading business in Dubai and I have employed four persons
to assist me in the company. Business has grown over the years. During the
last four years I have been unable to take a leave or vacation as I am the
sole authorised signatory of my company and am not sure if my employees are
trustworthy. I need to find a solution, please guide. SV, Dubai
A: Delegation and proper internal controls are the keys to your predicament.
As the business grows it is beyond the means of one person to handle all
aspects of the same. The fundamental of internal control within any small,
medium or large organisation is that that each task should involve more than
one person to complete whereby work of one is overlooked/supervised by the
other. As more than one person will be required to conclude a task the
chances of fraud and error are reduced substantially. To start with, make a
proper authorisation system for major tasks like sales, purchases, cash, etc
for your staff which will bring relief to you as an owner and you may
utilize your skills in the growth of the business. You may seek professional
help to design an internal control system if desired.
Jan 5, 2016 |
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Courtesy Khaleej Times
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