Tuesday, 9 October 2012

Free Trade Zones-UAE

Free trade zones have been set up in the Emirates of Abu Dhabi, Dubai, Sharjah, Fujairah, Ajman, Umm Al Quwain and Ras Al Khaimah. Incentives for investment in free trade zones comprise:

• One-hundred per cent foreign ownership;

• No corporate taxes for 15 years, renewable for an additional 15-year period;

• One-hundred per cent repatriation of capital and profits;

• No personal income taxes; and

• No currency restrictions.

Jebel Ali Free Zone (Dubai) The Free Zone Authority in Jebel Ali Port issues four types of licenses categorized by nature of the activity, explicitly:

• The trading license permits its holder to import, export, sell, distribute, and store all items specified on the license. However, sales of the company’s products in the UAE may be carried on only through an mediator or distributor.

• The industrial license permits its holder to import raw materials and manufacture and export the finished product to any country. The manufactured product may be sold in the UAE through a distributor or agent.

• The holder of a service license must be licensed in one of the Emirates to render the same services intended for its free trade zone operations.

The national industrial license is issued to companies meeting the requirements for a National Production Certificate, Ie, 40 per cent value added and 51 per cent Arabian Gulf Cooperation Council (AGCC) ownership` (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE). Companies holding this type of license qualify for customs duty exemption on their products imported into any of the above countries.

The Jebel Ali Free Zone Authority offers factory and warehousing services on lease to tenants. Buildings to lessee’s specifications can be constructed under a long-term land leads. Under Act Number 9 October 1992, a free zone establishment may be incorporated in the Jebel Ali Free Zone. It is a one-person or more company with a legal identity where the owner’s liability is limited to the paid-in capital. The owner may be an individual or a company. The capital may not be less than Dhs 1 mill0on paid into a bank account in the fame of the proprietor at the time of incorporation. The capital may be divided into shares of equal value.

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