During a recent conference with the Dubai Chamber Interview series, His Excellency Khalfan Juma Belhoul, Chief Executive Officer of the Dubai Future Foundation (DFF), discussed how his organization establishes a startup community with the future in mind. The mission of this agency is "To Collectively Imagine, Inspire, and Design Dubai's Future, with the Vision of Making Dubai a Leading City of the Future."
The primary goal was to expand the industrial sector in the United Arab Emirates. Dubai's industrial city will soon be the largest manufacturing and logistics destination in the Middle East.
Dubai Industrial City was established to attract foreign investors in the small and medium manufacturing industries, particularly in food and beverage, transportation, machinery, and other sectors. This hub also has retail showrooms and commercial office space.
Dubai Industrial City is close to Jebel Ali Port and Ali Maktoum Airport, making international travel simple.
Over the past four decades, Dubai has become a global business hub as the UAE's leading city. According to the World Bank's ease of doing business report, the UAE ranked 16th out of 198 global economies in the comfort of doing business and 25th in starting a business.
The following facilities are available to investors in Dubai's industrial city:
Fire and security
Mechanical, electrical, and plumbing systems
Specific prayer areas
With over 700 companies, 5000+ employees, and 320 factories operating within the Dubai Industrial City, it is one of the largest freezones in Dubai. Manufacturing industries are divided into the following zones:
Zone 1: Food and Beverages
Zone 2: Transportation equipment and spare parts
Zone 3: consists of machinery and equipment.
Zone 4: Mineral products
Zone 5:: Healthcare
Zone 6: Medications
Three million square feet of additional storage space is provided for automobiles and other equipment.
These are the notable points for Setting up a Business in Dubai:-
Dubai shares borders with Abu Dhabi to the south, Sharjah to the northeast, and the Sultanate of Oman to the southeast. The city's unique geographical location provides it with a strategic position that connects it to all local Gulf States, East Africa, and South Asia.
The ability to connect commodities from the East and West demonstrates why Dubai is a top-ranked business hub. Summits, conferences, and expos held in the city continuously bring together business leaders from all over the world.
The government consistently spends money on infrastructure, digital transformation, and innovation. They welcome change and are willing to invest in optimizing operations for a better outcome.
Dubai's government has announced an AED 1.5 billion economic stimulus package for the next three months to help companies and the business sector in the city-state. The package aims to increase liquidity and mitigate the effects of the current global economic situation. This Economic Stimulus Package will consist of 15 initiatives centered on retail, external trade, tourism, and the energy sector.
Essentially, free zones or free trade zones in Dubai are business zones where companies operating in them are exempt from taxation such as VAT, Income Tax, Corporate Tax, and Customs. Business owners in Dubai's free-zone areas have complete control over their operations.
Dubai Free Zones collaborate to emphasize their strategic role and social responsibility in supporting Dubai's economy in the current exceptional circumstances. The Dubai Free Zones Council announced an economic stimulus package to supplement the Dubai Government's efforts to address the current situation. This initiative increases a recent package announced to reduce business costs and improve financial liquidity for companies operating in free zones.
The Dubai Free Zones Council's package helps strengthen and support Dubai's businesses by mitigating the effects of the current economic situation. It consists of five key elements: a six-month delay in rent payments; payment facilitation; refunding security deposits and guarantees; cancellation of fines for both companies and individuals; and allowing temporary contracts that will enable free movement of labor between companies operating in free zones for the rest of the year.
Dubai Free Zones play an essential role in promoting long-term economic growth, attracting investments, and supporting Dubai's vision of becoming the world's preferred investment destination and the ideal place to live, work, and visit. Their contributions to Dubai's Gross Domestic Product (GDP) reached 33%. They serve as a home for 44,985 businesses and employ 389,336 people.
The Dubai Multi Commodities Center (DMCC) invited businesses worldwide to set up a branch office in Dubai for no upfront fee to explore the Dubai market Ecosystem without making any initial investments.
In addition, Dubai's mission is to revolutionize and drive research and innovation in three core sectors:
Dubai foreign direct investment provides critical information and invaluable assistance to foreign companies looking to invest in Dubai. Dubai FDI guides, advises, and assists with business decisions and management, from determining the best legal structures to identifying the appropriate business activities. The UAE allows 100% foreign ownership of businesses, which provides a slew of advantages to foreign investors. For one thing, it may eliminate the need for foreign investors to collaborate with local sponsors.
The most important thing to do is get a license from the Department of Economic Development. The next step is to reserve a company name based on availability and obtain a trade license from the Dubai Chamber of Commerce and Industry.
The following documents must be submitted to obtain the registration certificate:
Memorandum of Association
ID Proof of the owner and shareholders
Materials approved by the company's name
To summarize, it provides all of the necessary components for establishing an industry. It serves as a platform for small and medium-sized businesses to expand and grow.Dubai International City is one of Dubai's most well-known free zones, attracting many foreign investors.
Do you have what it takes to launch a company in Dubai? Are you aware of all the rules and regulations that must be followed to incorporate a company in Dubai?
We at Dhanguard, with our team of experts, are here to help you in any way we can to make your journey more pleasurable.
Dhanguard is a forerunner to business establishments in Dubai. We've been in business for three years. We assist clients in establishing Business in the UAE and building their businesses from the ground up to where they are today along with Bank Account Opening Services.
Don't hesitate to contact us today if you have any questions about starting a business in Dubai Industrial City
Dhanguard provides the business setup and company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free company setup in Mainland and Freezone in UAE.
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