To increase competitiveness in UAE, the Dubai Airport Freezone Authority (DAFZA) has decided to slash up to 65% of costs on all business setup services. This is also an initiative to develop new companies and set up growing businesses in the country. Through this decision, many companies may consider expanding their business overseas. With this cost reduction, people will be tempted to open a new branch in Dubai. This may lead to foreign investors taking an interest in capitalising additional money into this freezone.
Dr. Mohammad Al Zarooni, the Director General of DAFZA believes that this initiative could be a good opportunity to ensure that there is a steady, sustainable growth across all sectors which will help in strengthening Dubai’s reputation in accordance to international standards.
In terms of slashing prices, DAFZA is reducing company registration expenses, staff visa costs, and licensing by 65%, 20%, and 33% respectively. Furthermore, DAFZA has taken this opportunity to structure a proper limited liability system that will help in allowing numerous flexibility operations.
Recently, in June 2018, Dubai World Trade Centre had announced a reduction in prices on business setup services. In a similar manner, DAFZA has decided to go one step further by announcing a new license structure to be implemented in the third quarter and will be followed by more incentives such as providing more facilities in investment processes and No Objection Certificate (NOC).
Indeed, this can be a great help for entrepreneurs and business owners to start or develop their firm in another country. This could entice several potential investors who would be interested in investing in a company setup in Dubai.
To add to the joy, DAFZA has also decided to remove the license expiry fines. In this way, it allows businesses to renew their license without the worry of incurring further fines. All these initiatives and removal of fines demonstrate an effort from DAFZA to support the country’s growth and development. DAFZA is constantly showing tremendous sustenance to encourage entrepreneurs to develop their own companies. This could also help in growing a healthy competitive zone as DAFZA shows great commitment towards people and allows them to grow.
Hence, this could be a great time to set up your business or start your very own firm. If you are planning to do so, we at Creation Business Consultants will provide you with the best company formation services that will help you with all the formalities and documentation required to form an official company in Dubai. Additionally, we also provide business management consulting in Dubai which includes creating business strategies, long-term goals and managing the legal activity as you work on boosting your business.
Creation ensures clients receive a seamless, cost effective and proficient entry to the GCC market. We provide clients with the foundations and best practices empowering them to build and control a successful business.
We continuously strive to exceed client’s expectations whilst making certain they are protected from undue risk at all times. Creation Business Consultants is the preferred and truly trusted business partners for the GCC.