ill focus primarily on operating a business under provisions made by Free Trade Zone licensing. As an incentive for businesses to operate inside of the UAE, free trade zones have been established to allow foreign businesses to operate with fewer restrictions. There are seven free trade zones in the UAE under which to operate: Jebel Ali Free Zone, Hamiriyah Free Zone, Ajman Free Zone, Umm Al Quwain Free Zone, Fujairah Free Zone, Ras Al Khaimah Free Zone, and Sharjah Free Zone.The Free Trade Zones in the UAE are well equipped with all the amenities, facilities and communication infrastructure required to set up a business. 100% of foreign ownership is allowed with no recruitment or sponsorship problems. Other benefits include corporate tax and customs duty exemption on imported raw materials and equipment and no levy on exports and imports. When a company is approved for the Free Trade Zone, it is given one of the following licenses by the Free Zone Authority:Trade License Industrial license.National Industrial License *Service License (INS)Companies holding a valid service license from the respective governmentbody in the UAE can offer banking, contracting services etc. but haveto abide by any requirements of the governing body. To open a company in the Free Zone, the following procedure has to be followed:The Free Zone Authority has a questionnaire to assess the company's requirements and whether it can be met. After submitting the questionnaire, one will be given a license application, a list of invoice required for planning, consumer request for electricity and Form B for environmental concerns if applicable. The application is then submitted.Provisional approval is given along with a specimen lease agreement; personnel documents for the License requirement are submitted. After the company representative and the Authority have met and finalized details of the project, actual documents are processed.There are 7 Free Trade Zones (FTZ) ...
