Foreign investors have consistently been looking to develop their business in the UAE, especially in the free zones. UAE free zone companies offer ease of business setup complimented by 100% foreign ownership. Moreover, opening a company here would make you eligible to apply for a UAE free zone visa.
Free zones are known for their highly efficient infrastructure and in addition, their services promote a specific business activity which facilitates a smooth workflow process. Also, every free zone is characterised by its own set of laws and employees working there are subject to the rules and regulations of the specific free zone authority.
There are numerous benefits that come with holding a free zone visa in Dubai. Here is a complete breakdown.
UAE free zone visa: Benefits
Free zones allow investors and entrepreneurs to successfully operate their business in the UAE while also allowing residency and operational leeway. Foreign companies can avail the following benefits if they go through the visa process.
1. Tax Exemption
A free zone visa exempts you from paying any form of import, export or personal taxes. Organisations are also exempt from paying corporate taxes for a specific period and can renew it at a later date.
2. 100% Business Ownership
In 2018, UAE passed a law which allows foreign investors and entrepreneurs to gain 100% ownership of their company without requiring an Emirati shareholder. As a result, foreign investors would be able to retain full control of the business.
3. Efficient Financial Access
Having a UAE residence visa immediately makes you eligible to open a bank account, transfer funds and engage in any financial services one can require.
4. Lease Corporate Premises
You can lease office space and other premises based upon your needs. There is a benefit of opting for long-term leasing options which can last up to 25 years.
5. Access to Healthcare
With a UAE free zone visa, residents will be eligible to apply for an Emirates ID and can access the same healthcare services rendered to a UAE resident. This also includes opting for an affordable health insurance policy.
Free zone visa: Important information
- The General Directorate of Residency and Foreign Affairs (GDRFA) is the body that issues UAE free zone visas.
- The validity of the residency and/or employment visa is up to 3 years. After that, you have to renew it.
- Holders of the free zone visa are only eligible to work within their chosen free zones and not outside of it.
How to get a free zone residency visa in the UAE?
To get a free zone visa, one needs to be sponsored by their respective free zones. Company formation consultancies such as Shuraa Business Setup easily handle the applications and registrations which are part of the visa process.
1. Registration
The first step towards applying for your visa is registering your company. After you incorporate your business, you can apply for a company establishment card. This will allow you to apply for an entry permit.
2. Entry Permit
The entry permit is generally issued within 15 days and is valid for a further 60 days. Changing your residency status while within the UAE or passport stamping upon arrival also activates the entry permit.
3. Medical Testing
Applicants have to undergo a basic medical fitness test at centers across the country, consisting of a blood test and chest scan. Also, you can receive the results of the test within a day.
4. Identity Card
The final step is getting your biometrics processed to obtain your Emirates ID. If you have a UAE free zone visa, you can apply for an Emirates ID which allows you access to the same healthcare services as a UAE resident.
The visa in stamped in the passport after the Emirates ID is in your possession. The residence visa stamping is the final act of the process.
Get your Free Zone visa with Shuraa Business Setup
Are you looking to make your presence felt in the UAE? Shuraa Business Setup will help you establish your company with minimum hassle. Our expert corporate advisors handle the A to Z of company formation.
Expedite your entry into the UAE free zones today! To know how to acquire a free zone visa, call us at +97144081900 or send a WhatsApp message on +971507775554. You can also drop in an email at [email protected] and get the answers to all your queries.
