Let us quickly have a look at the advantages of setting up a business in any of the Dubai’s free trade zones. Total or 100% foreign ownership of a company is allowed, a company can repatriate 100% profits and capital, no personal income tax, no corporate tax for 50 years, 100% exemption on import and export tax. All companies have the permission to operate 24 hours a day, the infrastructure and amenities are world class.
Dubai has plenty of free trade zone business setup space to accommodate hundreds of companies, some of the major free trade zones are Dubai airport free zone, Internet city, Media city, Silicon oasis, Jumeirah lake towers, Jebel Ali free zone, Knowledge village, Dubai international financial centre, Gold & Diamond Park and Dubai maritime city.
The advantages and ease of doing business in Dubai free zones makes it a lucrative destination for investors. Another advantage Dubai has is its location; it is centrally located from Europe, Asia and Africa, which makes it attractive for foreign multinational companies.
Business license renewal in Dubai
The department of economic development (DED) in Dubai is responsible for renewing business licenses in Dubai. An application for the renewal of a business license can be submitted online, with authorized legal firms or authorized service providers. In case one opts for the online channel, an account of the company needs to be opened with the DED. It is mandatory for the owners of the company to submit their personal documents for opening an online account with the DED.
Keep in mind, at the time of applying for business license renewal the tenancy contract of the company should be in force. It is always a good idea to renew the license before it gets expired in order to avoid penalties.
