(MENAFN- ForPressRelease) 25 Today, the UAE is one of the world's tourist and financial centers. The creation of free zones on the territory of the Emirates attracted thousands of foreign companies that are rushing to invest in the economy of the UAE. On the territory of the state, there are several dozens of such zones, the majority of which is concentrated in Dubai.
A free zone is a dedicated zone of a country that has a special legal and economic status, as well as privileges, both for local companies and for enterprises with foreign capital. The country's leadership decided that it would be reasonable to organize free zones with different specializations and, as the time showed, such a decision was strategically correct.
Company formation in Dubaifree zones is an excellent opportunity to do business in a country with a stable political situation and excellent technical equipment. The Emirates have created suitable labor and housing conditions to increase the flow of investment into their economy. Foreign businessmen that are registering their companies here very quickly realize their benefits and opportunities for capital increase.
The most popular free zones in Dubai
One of the main advantages of the UAE free zones is the ability of foreigners to own 100% of the shares of the company, while outside them 51% should belong to a local entrepreneur who will receive at least 20% of annual income.
Today, the most popularDubai free zonesfor foreign investors are:
• Jebel Ali Free Zone (JAFZA) - the oldest economic zone of the Emirates. JAFZA has a strategic location. It is located in close proximity to one of the largest port in the world, which receives 15 million containers annually and serves more than 170 shipping lines.
• Dubai Airport Free Zone (DAFZA) - located in close proximity to the Dubai International Airport, which serves more than 150 airlines and connects more than 220 destinations on 6 continents. There are more than 1,600 companies registered in this free zone.
• Dubai Internet City (DIC) - a zone which activity is entirely concentrated around information technology. DIC has become home to Fortune 500 companies, the world's 500 largest companies. Among such companies Facebook and LinkedIn are, as well as a number of the most dynamically developing start-ups.
• Dubai Multi Commodities Center (DMCC) - today it is the fastest growing and most modern economic zone of Dubai and the United Arab Emirates in general. In early 2015, the DMCC celebrated the opening of 10,000th company. Almost all services of this zone are available online, which greatly accelerated the processing of documents and requests. DMCC is deservedly considered one of the most prestigious free zones for starting a business. This is due not only to its geographical location, but also to the opportunities offered by this free zone.
• DWC Dubai (Dubai South Free Zone) – this project is a city inside the city, and its area covers an area of 145 square km. In 2020, Dubai South will become the venue for a world scale exhibition Expo2020.
• Dubai International Financial Centre (DIFC) - first in the UAE financial economic zone. The peculiarity of this zone lies in its legal system, which is based on English common law, and not on the civil and commercial law of the UAE. The main currency of the free zone is the US dollar, therefore all DIFC management fees are in this currency.
There are also some other less popular zones in Dubai and many free zones throughout the country. Registration in each of them has its advantages and features, and for more information you should contact the consulting agency operating in the UAE.
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