The administration of the Dubai Airport Free Zone (DAFZA) decided to reduce the cost of registration of companies by 65%.
DAFZA announced a reduction in the cost of registration, which is one of the steps of increasing the competitiveness of the free zone at the regional level and attracting foreign direct investment.
The administration of DAFZA conducted complex studies and surveys, which made it possible to assess the feasibility of their initiatives, services and the overall business environment in free zone. In accordance with the results of the research, it was decided to establish new tariffs for registration. These services will allow the clients of DAFZA to increase their incomes and operating profit, and also achieve good results in their activities. The key objective of the free zone is to ensure the economic development of the region, as well as to maintain a steady flow of foreign direct investment, which in turn will contribute to increasing the contribution of the free zone to the GDP of Dubai.
Reduction of the cost of services
DAFZA has reduced the cost of registration, licensing and issuing visas for employees of new investors by 65%, 33% and 20% respectively. The cost of obtaining an immigration card (Establishmentcard) was reduced by 17%, while charging commission for execution of the Council’s decision and the memorandum of association was completely canceled. Among the new incentive measures is the simplification of the process of obtaining general trade licenses for new investors. Now the minimum capital requirement is set at 500,000 dirhams, although previously the minimum required capital was twice as much as 1 million dirhams.
Also now, DAFZA residents can choose such a legal form as the “Company-resident of a free zone with limited liability” (FZ-LLC). This will allow companies to enjoy greater freedom in matters of registration, licensing and conduct of business. In addition, in order to relax the conditions for renewal of licenses DAFZA cancels fines for late extension. This decision will allow investors to renew licenses with expired term of validity without payment of fines.