Michalaki, Pitsillidou & Co Law Firm has now expanded its relationships with eight (8) more Free Zones in UAE.
Michalaki, Pitsillidou & Co Law Firm through its associates its expanding its services in eight (8) different Free Zones in UAE and this offers the flexibility of choosing the most right one for each case – always targeting the ultimate result, which is to meet the clients’ needs and wants to the best possible extent.
Michalaki, Pitsillidou & Co Law Firm can offer its assistance for the following Free Zones:
1.Ras Al Khaimah (RAK) Free Trade Zone
2.Jebel Ali (JAFZA) Free Zone
3.Fujairah Creative City Free Zone
4.Dubai World Central (DWC) Free Zone
5.Dubai Silicon Oasis Free Zone
6.Dubai Healthcare City Free Zone
7.Dubai Multi Commodities Centre (DMCC) Free Zone
8.Meydan Free Zone
Free Zone registration is currently a very popular onshore option in UAE. The main reason is that it enables 100% foreign ownership and is often more cost effective. The UAE now boasts more than 40 Free Zones including the above mentioned ones, but the majority of those are not used by international clients / investors due to their more complicated and/or demanding characteristics/requirements. The eight (8) Free Zones listed above are among the most well-known.
A Free Zone company will typically operate under one, or more, of four (4) licence categories: Commercial, General Trading, Industrial or Service. Free Zone registrations do not require a local sponsor ( like the onshore LLC option ) but companies that wish to sell goods or services within the UAE must pay 5% duty and appoint a local service agent. Overseas sales are free of any duty. In addition free zone companies offer: 100% repatriation of capital and profits; 100% corporate and personal income tax exemption; and no currency restrictions.
Moreover, please note that it is a legal requirement for all Free Zone companies in the UAE to have a registered office in order to receive a licence. Most free zones satisfy this requirement by providing a business centre facility where a company is allocated a fixed amount of hours per week. Each company must also have a resident individual manager whose name will appear on the trade licence. In the majority of the cases the client him/herself requests to be appointed, but please note that iMPK through its associates can provide this individual where required.
Last but not least, please note thatMichalaki, Pitsillidou & Co Law Firm has prepared very detailed Information Sheets for each of the above Free Zones, which includes its specific characteristics, requirements as well as the costs of the services that need to be provided for the set-up. Case-by-case review will be provided prior to deciding which Free Zone is more suitable for the client.
For more information and guidance get in touch with our lawyers or email iMPK Global Business Law Firm – Cyprus Lawyers – Michalaki, Pitsillidou & Co. LLC, at email@example.com .Tel. +357 99345000 – Fax +357 25 660097.