Key Steps to Set Up a Business in Free Zone

Nowadays, we are constantly hearing about how great being your own boss is and more people are becoming independent and choosing to pursue entrepreneurial careers. What this ultimately means for these people is that opportunities related specifically to starting a business (in a free zone) have grown in abundance over the years. This is because a government whose main priority is to attract foreign investments (by keeping their Free Zones attractive) has developed numerous facilitation which keep the process of opening up shop easier than ever before and currently few countries offer such an attractive business environment.

Nevertheless, in this article, we will look at the key steps to set up a company in a free zone in the UAE. So, let’s not waste our precious time & cut to the chase!

Nature of the Business

One of the most prominent steps is to choose which type of Free-zone you would like to incorporate your business as, FZ LLC, FZCo, or FZE. Moreover, specify if your project will be a new venture or a branch for an existing one and establish the nature of your product. Lastly, choose whether you will have 1 shareholder or multiple owners! In all cases, the qualifications and eligibility requirements are virtually the same except where there are special circumstances unique to each case. Make sure that you understand all these details beforehand so that you know what’s required of you once this step comes up. You’ll also want to make sure that if it’s open season on who can register a company in a certain place, then it’s equally easy for them to unregistered too! So, whether you are planning to set up an offshore company or a business in a free zone, deciding the nature of business is vital.

Decide a Trade Name

An applicant should ideally submit three proposed company names with the respective free zone authority. When selecting a Free Zone, it is advisable to consult several options beforehand as they offer different incentives and benefits.

Find a Cost-Effective Office Space

There are two main ways of renting office space, known as Leasing and Buying. Although both have their own positive and negative points, there are a few key differences in terms of what you can expect from each choice. Firstly, if you choose to lease an office space then you will be offered several different types including Flexi/Smart (a mix of chairs and tables) Shared Professional high-quality spaces, and Service Offices. If you choose to buy your own office, however, you get the opportunity to personalize your workspace inside-out without affecting its interior design! The choice is yours! Nevertheless, whatever you decide, keep one thing in your mind that it won’t cost you too much.

Final Words

So, these are some basic steps to consider while setting up a company in the free zone. Moreover, if you need professional assistance to cope with other issues, including the UAE residence visa issue, contact House of Business City.