News

DAFZA reduced its business setup cost by 65%

05 August, 2018

Dubai Airport Free Zone Authority (DAFZA) is an economical driven free zone in Dubai. In order to increase regional competitiveness and attract a different sector to raise Foreign Director Investment(FDI), and also to support Dubai’s efforts to become an ideal location for investment, DAFZA on 29th of July 2018 released a media statement that they will reduce the business setup cost.

DAFZA provides brilliant infrastructure and friendly environment so that their members can engage and take the advantage of the business surroundings.  By the release of this announcement of fee reduction, entrepreneurs can take the leap to start their business.

General Director of DAFZA, Dr. Mohammed Al Zarooni, said, “This new approach falls in line with the directions of His Highness Sheikh Mohammed bin Rashid Al-Maktoum to boost Dubai’s economic competitiveness. This is being done through a number of initiatives and incentives that aim to attract and promote FDI into the emirate, ensuring sustainable growth across all economic sectors and strengthening Dubai’s status on the world economic stage.”

Further, he added, “These incentives were agreed upon following comprehensive studies and polls evaluating the free zone’s initiatives, services, and business environment. This has allowed us to ensure flexibility at DAFZA in meeting the requirements of new foreign investors and current customers. We are offering unique services that take into account the global economic climate and allow customers to increase earnings and operational profits as well as achieve business growth and prosperity. The ultimate goal is to drive local economic development and support the sustainability of direct FDI, accelerating and increasing its contribution to Dubai’s GDP.”

 

Reduction of fees

DAFZA fees will be revised and reduced by 65% in registration cost, by 33% in licensing fees, by 20% on staff visa and by 17% on issue of establishment card. While, board resolution and MOA cost will be 100% waived.

Now, the authority will also be providing general trading license, this opens up doors for numerous investors. The share capital requirement of this license will be form AED 1 million to AED 500,000.

The media release also updated that DAFZA will be providing relaxation by waving off the license expiry fines and will allow the restoration of legal records and license to the client for license renewal without paying late fees or penalties.

 

Restructuring of license

The authority will be allowing its member companies to structure as Free Zone Limited Liability company (FZ- LLC), so that they are able to provide more options and flexibility.

This new structuring will be introduced in the third quarter of 2018, which will be in line of ISIC Rev 4, UN benchmark for classification of activities.

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