Abu Dhabi Free Zones.
Abu Dhabi is the largest emirate in UAE by area. The capital city of UAE, also named Abu Dhabi, is present inside the emirate of Abu Dhabi. The largest emirate of UAE is known for large reserves of oil and petroleum. Therefore, Abu Dhabi was relying heavily on its oil exports for economy. But after the fall of petroleum prices in international market, Abu Dhabi has turned its attentions towards business-friendly policies. An important example is the surge of several Abu Dhabi free zones.
Free Zones present in Abu Dhabi
As compared to Dubai, Abu Dhabi was slow to advance towards establishment of free zones. But even then it managed to build largest number of free zones in UAE after Dubai. These free zones provide lucrative advantage to investors and employees. Currently, there are 8 free zones in Abu Dhabi and construction of other free zones is underway. Following are the free zones present in Abu Dhabi.
- Abu Dhabi Airport Free Zone (ADAFZ)
- Masdar City Free Zone
- Twofour54
- Abu Dhabi Global Market Free Zone (ADGMFZ)
- Abu Dhabi Ports Company (ADPC) Free Zone
- Khalifa Industrial Zone Abu Dhabi (KIZAD)
- Industrial City of Abu Dhabi
- Higher Corporation for Specialized Economic Zones (ZonesCorp)
Business structures in Abu Dhabi free zones
Free zones work almost identical everywhere in UAE. Just like other free zones, there are several similarities in working of different Abu Dhabi free zones. Few of the free zones provide facilities to specific business while others host several types of companies. Following are the main types of companies and business structures present in Abu Dhabi free zones.
Free Zone Limited Liability Company
The main business entity in any of the free zones in Abu Dhabi is Free Zone Limited Liability Company (FZ-LLC). Its structure is very much similar to that of LLC in mainland UAE. Both natural persons and corporations can take the role of shareholders of FZ-LLC. The minimum share capital differs according to the type of business activity and policy of specific free zone.
Branch of a Foreign Company
A foreign company can easily expand its business in Abu Dhabi by forming a branch office in any of its free zones. This facility is available in all free zones in Abu Dhabi. Branch of a foreign company generally doesn’t require any share capital. They have to follow the name and business activity of their parent company.
Branch of a Local Company
A UAE-based company, whether in UAE mainland or offshore, can setup its branch in Abu Dhabi free zones. Their benefits and conditions are quite similar to that of branch of a foreign company.
Freelancers
Many Abu Dhabi free zones provide freelance business opportunities for individuals. A freelancer can start his/her business on his/her name after getting a freelance permit.
Business setup procedure in Abu Dhabi Free Zones
All the free zones in Abu Dhabi are very supportive and provide several incentives for investors to setup their business. The process is less time consuming and easily understandable. It is the reason that large numbers of businesses are established in different Abu Dhabi free zones every year. Following are important steps that are needed to undertake for business setup in Abu Dhabi free zones.
- The first step is to select the type of business activity that you want to pursue in free zone of your interest. It is important to know the type of business activities that are allowed in your desired free zone and you need to select accordingly.
- After selecting the permitted business activity, the next step is to select and register trade name of your company. It is important to select a unique name for this purpose. The authority will register one of the three names that you will suggest as your company name.
- In the next step, you will submit all necessary documents, deposit fee and fulfill other requirements of company formation in Abu Dhabi free zones.
- After getting approval of your business structure, the authorities of free zone will issue license for business setup.
Documents required for Abu Dhabi Free Zone Company Setup
There are several documents needed for Abu Dhabi free zone company formation. These documents are either original or attested from relevant authorities. Following are main documents that must be submitted for any Abu Dhabi free zone company setup.
- Completely filled application form
- Photographs of shareholders
- Passport copies of shareholders
- Number of required visas
- Address proof
- Details about business activity
- Bank (or professional) reference letter
- 3 suggested names for new company
- Summary of professional history (only for freelance license)
Benefits of Abu Dhabi Free Zone Company Setup
The growth rate of companies and freelancers is continuously increasing in all free zones of Abu Dhabi. It is mainly due to lucrative and unique advantages available to new business structures. Following are important advantages that are attracting businesses in Abu Dhabi free zones.
- 100% repatriation of capital and profits
- Complete foreign ownership
- Exemption from most taxes along with import and export custom duties
- Presence of similar types of companies in neighborhood thanks to separate zones for specific businesses.
- Registration and company setup process is fast and simple with the provision of one-window operation
- Easily availability of laborers and skilled employees.
- Most of the free zones in Abu Dhabi are functioning properly and provide advanced infrastructure to companies
These are important points regarding free zones in Abu Dhabi. These free zones are considered best in UAE for unique and unparalleled benefits they provide to businesses. The company registration process is also smooth and simple.
Free zones in Dubai provide complete freedom to companies involved. They have all the business environment to deal with and enjoy their tasks without any hassle
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