As the center of economic development in the Middle East, the United Arab Emirates have created numerous opportunities not only for local investors but also for many nationalities as well. With this, the UAE introduced the free zone jurisdiction, wherein millions of investors and job seekers come together to create an ecosystem that is fully developed, innovative, and beneficial for all.
To boost international business, free zones are characterized by the following:
- Allows 100% foreign ownership
- Tax haven: zero corporate and personal tax, exempted from VAT as well as import and export tax
- No currency restrictions
- Company registration in the Free zone is quick and easy with minimal requirements
- International trade; not allowed to have trade activities within the country
- Private and well-protected
Aside from these, free zones are known for its state-of-the-art facilities, all for a small fee! UAE aims to assist investors in creating a good working environment globally.
With 45 free zones within the country (according to Gulf News), we are going to help you narrow down the best free zone to set up your business in the UAE. You’ll not only be looking for the cheapest, but also the best set of packages that will help you start your company in the country.
Here are the five most cost-effective free zones within the UAE:
1. Sharjah Media City Free Zone (SHAMS)
Launched in 2017, Sharjah Media City or SHAMS was designed to become the center of creativity and new media in the UAE. Located at Sharjah, SHAMS is a vibrant community with an affordable setup, empowered by hundreds of innovative startups, MSEs, and enterprises from different sectors. The free zone specializes in offering multiple media, advertising, production, and design licenses with just a small fee. Aside from this, it also offers hundreds of activities on service, consultancy, and trading.
The licenses available in SHAMS are:
- Service License – License given to companies who specializes in service-oriented businesses
- Commercial License – License given to companies who carry out trading of specific goods
- General Trading License – License given to companies who carry out trading of multiple goods
- Professional License – License given to professionals who offer their specialized services and acts as consultants
- Media License – License given to companies who specializes in media, publishing, advertising, production, and events activities.
As per its current promo, zero visa packages in SHAMS starts at AED5750. See details here.
2. Ras Al Khaimah Economic Zone (RAKEZ)
Ras Al Khaimah Economic Zone (RAKEZ) is dedicated to help free zone and non-free zone investors by offering economic solutions and world-class services and facilities, all to help their business thrive and grow across the Middle East, North Africa, Europe, and Asian markets.
Home to over 14,500 companies, RAKEZ is a well-developed authority that puts the needs of its investors and stakeholders first through a competitive system, efficient customer service, and cost-effective packages.
Currently, RAKEZ offers five (5) licenses, namely:
- Commercial License
- Service License
- General Trading License
- Media License
- E-commerce License – License given to individuals or companies who venture on online selling of goods and services
Packages in RAKEZ starts at AED8240. Click here to know more.
3. Umm Al Quwain Free Trade Zone (UAQ FTZ)
Umm Al Quwain Free Trade Zone or UAQ FTZ is the perfect home for ambitious SMEs and micro-business. UAQ FTZ fosters growth and innovation, with its smart packages and business setups and minimal restrictions. Its strategic location makes business easier within the MENA region, Subcontinent, Far East, and European markets, as well as the free zone’s proximity to UAE’s international airports and seaports.
Aside from offering a variety of licenses, UAQ FTZ is also a safe haven for freelancers by offering a cost-effective permit inclusive of facilities and benefits that would help them start on their own.
UAQ FTZ has eight licenses available:
- Commercial License
- Service License
- General Trading License
- Industrial License
- Consultancy License
- Premium Consultancy License – License needed for professionals aiming to provide consultancy services and can accommodate three (3) visas.
- Freelance permit – License given to professionals aiming to provide freelance services.
- Microbusiness License – Best for startups and businesses on a budget
Packages for microbusinesses and freelancers starts at AED11000. Choose the best package for you here.
4. International Free Zone Authority (IFZA)
The International Free Zone Authority (IFZA) offers one of the cheapest free zone company setup in the UAE. It has easy access to all Arabian Gulf Ports, making it easier to do business with nearby countries such as Iran, India, and Pakistan.
In recent news, IFZA is currently venturing on a new outlook for its partners and stakeholders through its partnership with Dubai Silicon Oasis Authority.
With just a minimal fee, investors get to enjoy a complete business setup package with multiple options for visa requirement, a variety of available business packages, and facilities such as flexi-desks and warehouses.
There are six available licenses in IFZA:
- Service License
- Trading License
- General Trading License
- Industrial License
- Consultancy License – License given to professionals aiming to provide consultancy services
- Holding license – License needed for owning assets and shares of other companies
Licenses packages in IFZA starts at AED11500.
5. Khalifa Industrial Zone Abu Dhabi (KIZAD)
The Khalifa Industrial Zone Abu Dhabi (KIZAD) aims to bring Abu Dhabi’s Economic Vision 2030 to life. To sustain their economy and people’s growth, company formation in KIZAD is one of the key features in making their goal possible. The state-of-the-art Freezone gives importance to the manufacturing, logistics, and trading companies, making it easy for these industries to build their empire in the UAE.
Company setup in the UAE is made easier and accessible through KIZAD because of their comparatively low and streamlined administrative process, world-class infrastructure, and convenient one-stop-shop business service system.
Currently, KIZAD offers four licenses:
- Industrial License
- Trading License
- General Trading License
- Service License
You may avail a KIZAD package for as low as AED9450.
How can IBG Consulting help you?
Now that you’ve been briefed about the most cost-effective packages in the free zones in the UAE, the next step is choosing the most appropriate packages for you.
IBG Consulting and its team specializes in guiding our clients. By availing our services, we can help you pick the packages that best suit your current budget, chosen activity, and target market. You can start by checking out our available promos here.
We can also assist you in preparing your documents and finalizing your application with your chosen authority.
We care about you and your investment. Message us and let’s start working on your dream today!
