The Setup Of Business in Free Zone Is Easy
The setup for an international business in the free zone is quite an easy and straightforward one. The whole process of setting up would depend on what your business activity would be and also the free zone you have chosen as regulations might differ. There is some basic documentation that one has to provide.
You would require a passport size photo alongside the business paperwork and any authentication you would be requiring for specific business-related issues. There are virtual packages alongside Flexi desks available as well which helps you facilitate the whole process. Therefore, as more international businesses are showing interest, the economy is rising too.
There are Lots Of Advantages To Enjoy In Terms of Tax And Duty
One of the most compelling reasons why one would want to go for a free zone would be this. The tax regime is pretty flexible as one would have to pay no or 0% corporate and personal tax when the business is in a free zone.
Your business will also be exempted from any kind of VAT. Also, with no import and export tax in the free zone, these are the advantages no one would want to miss out on. There are no currency restrictions.
Foreign Ownership Is Flexible In Free Zone
This is another benefit to be well aware of. Most of the foreign entrepreneurs or big corporations are bound to work with a local partner to do their business. But this is so not the case when it comes to Free zone business setup. You will be given 100% ownership in these areas.
Trading With The UAE Is No More A Headache
The businesses in free zones are not permitted to trade locally. But one could easily overcome this by working with a local distributor without any hassle. They would put your products in the market for a minimal fee depending on the kind of business. Though you could open your business in a free zone and then open a branch outside it to undertake the local market which helps with the growth of your market.
Support And Assistance One Gets Is Enormous
Whether setup or beyond that, the authority is always there to help one. And, therefore, the effect of this is that businesses could easily open their place which not only ultimately helps the growth of the business but helps in the economy as well.
The manifold benefits have a huge effect on the overall way free zone is so much popular among international entrepreneurs and businesses looking for growth and potential. The networking and the connection offer benefit too. If you are privacy conscious, then free zone offers that too and any kind of business could open their office there no matter what the requirements are.
Hence, not just growth of the economy but increase in the employment rate for the locals and the people and diversity are some of the major effects that free zones business setup brings with it.
