If you’ve done even a little research into starting a business in the UAE, you’ll know about the country’s free zones.
These economic zones offer a range of benefits to the businesses within them, such as zero currency restrictions, 100% customs tax exemption, and profit and capital repatriation. For these reasons and more, free zone business setup in Dubai is incredibly popular.
While all free zones offer the benefits listed above, each also offers a range of other advantages which differ from zone to zone.
The one that we’ll explore today is Meydan Free Zone. Located at the heart of Dubai, it offers a prestigious base to entrepreneurs looking to get a foothold in the Middle East. Want to know more? Keep reading.
Benefits of starting your business in Meydan Free Zone, Dubai
As I’ve already touched upon, one of the major advantages of starting your business at Meydan Free Zone is its strategic location. The free zone is nestled in Dubai’s business district, which itself is at the centre of the Middle East – primed to trade with the vast markets of Europe, Asia and Africa.
Every aspect of Meydan Free Zone has also been designed with the needs of entrepreneurs in mind. Set up here and you’ll instantly benefit from:
- 100% foreign ownership
- Tax-free policies
- Low-cost setup and renewal structures
- Choice of 1,500 business activities
- Dedicated support desk
- Modern communications infrastructure
- No currency restrictions
You’ll also take your place among a vibrant community, offering you an incredible opportunity to network and collaborate.
What’s more, Meydan’s digital framework allows you to get up and running fast. Its purpose built platform makes all manner of processes easy, from licensing to visas and more.
Steps to get your Meydan Free Zone license
If you’re interested in setting up in Meydan Free Zone, the first step is to get in touch with Business Incorporation Zone (BIZ). After a short consultation, your BIZ account manager will guide you through the following steps:
Step 1 – Choosing your business activities
Meydan Free Zone welcomes a wide variety of business activities spanning commercial, industrial and professional fields.
When applying for your license, you’ll need to understand where your chosen activities fall within these categories. You are only allowed to conduct activities that are named on your license. But don’t worry, if you expand or diversify your offering at a later date, you can always add more.
Step 2 – Choosing your company name
Choosing a company name is a hugely important step in establishing a UAE business. There are a few things to keep in mind when making this decision. You must abide by a strict, yet easy to follow, set of naming conventions. Once again, a company setup expert can help you with this step.
In short, you should avoid any offensive or blasphemous language. Avoid names of well-known organisations and avoid abbreviations if naming your company after yourself – i.e., Dave Mann Consulting, rather than D Mann Consulting. You must also check that your chosen name is available to register.
Step 3 – Applying for your trade license
The next step is to apply for your trade license. BIZ can manage this entire process for you, consulting with government bodies and Meydan Free Zone authorities on your behalf.
Meydan Free Zone’s intuitive license process is predominantly digital, helping to reduce time and effort during the application process. The platform brings licensing together will all manner of compliance and regulation, including UBO, ESR and AML.
As part of this process, you will usually be required to submit the following documents:
- Passport copy
- Passport size photo (digital)
- Residence visa Copy (if applicable)
- Emirates ID copy (if applicable)
Step 4 – Applying for your visa
As well as a license, you will also need a residency visa to work in the UAE. The visa application process consists of several steps including biometric scanning, a blood test, medical, and a chest x-ray.
As the holder of UAE trade license, you can also sponsor others for their visas too. This could be a spouse, parent or child, or a domestic worker such as a housekeeper.
Cost of a Meydan Free Zone license
Meydan Free Zone license packages start from just AED 12,500. This package includes up to three license activities and use of the free zone’s facilities.
Package prices increase to AED 14,350 to include eligibility for one visa, and up to AED 23,600 for up to six visas.
Working with BIZ
If you’re armed with the right knowledge, business setup in Dubai doesn’t have to be overly complex – especially when you set up at Meydan Free Zone.
That being said, it does require a level of prior knowledge of the process. What’s more, it is important to note that the application process is only straightforward if your license application is complete at the time of submission, and free from errors.
To help you ensure that this is the case, it’s a good idea to work with a company formation specialist such as Business Incorporation Zone (BIZ) when establishing a new company in the UAE.
We are a team of company registration professionals who are passionate about bringing the dreams of aspiring entrepreneurs and SMEs to life.
As well as handling your license application, BIZ can also assist with the opening of corporate bank accounts and advise on the most appropriate financial institution to suit your specific needs.
We also offer visa and immigration services, and can handle all government formalities, permissions, work permits and visas applications that are required to trade in the UAE.
In short, our experts can establish your company on your behalf, make your license and visa applications, and take care of all the necessary admin – leaving you free to get on with running your business.