Business setup in the UAE is becoming increasingly popular. Investors are always looking for new locations where to start their companies, and Free Zones are gaining more recognition. If you have been considering an ideal destination for your business, the Meydan Free Zone may be suitable for you.
In this article, you are going to learn everything about the Meydan Free Zone and how you can start your company successfully. By incorporating a company in this area, you can have 100% ownership of your business, no currency restrictions, hire foreign workers, enjoy no taxation, no duty tax on import and export, and high-speed connectivity. Let us observe:
- Advantages of a company formation in the Meydan Free Zone
- Types of licenses available in this Free Zone
- Documents required for business setup
- What is the cost of a Dubai Freezone company setup?
- What is the cost of a Dubai Freezone license?
- How can Connect Group assist your Meydan Free Zone company formation?
1. Advantages of a company formation in the Meydan Free Zone
The Meydan Free Zone is located in the Meydan Stadium, and it is one of the Dubai free zones that are part of the government’s strategies to boost the economy. The Dubai Authority aims to connect the Emirate to the world by encouraging foreign investment. Also, this stadium hosts international horse racing events.
As part of the Meydan Project, there are also several commercial developments, hotels, entertainment facilities, state-of-the-art hospitals, schools, and parks. In addition, many outstanding residential facilities are highly attractive to foreigners that want to reside in the place.
But, when it comes to office locations, you may not find many options to rent since there are no solutions like a private office or a shared office space, but only Flexi Desks.
However, this may be even better for businesses that are looking to explore new markets and diversify their economies. And, when it comes to visas, you will be eligible for two types of visas.
Nevertheless, the best advantage of setting up your business in Meydan is that you do not have to look for corporate sponsorship. You can start your business without sharing your company. Thus, you will be the sole owner.
These are some advantages of obtaining a Meydan Free Zone license.
1.1 Benefits of a Meydan Free Zone business setup
By carrying a business formation in Meydan, you can enjoy the following benefits:
- Straightforward setup process
- Investors can run their businesses through a Flexi Desk
- It is a privileged location for businesses looking to reach international markets
- Full repatriation of profits and capital
- 100% ownership of your business whether you are an individual or a corporate entity
- Possibility to work in a secure business environment
- Premium location for new businesses entering the UAE
- Cost-effective business licensing
- Proximity to strategic places like Mohammed Bin Rashid Al Makhtoum City and Dubai Logistics Corridor
- Investor-friendly business regulations
- Easy and fast company registration
2. Types of licenses available in this Free Zone
Once you understand all the benefits of starting a company in the Meydan Free Zone, you have to know the process of how to get started. Keep in mind that licenses may not be the same as in Dubai Mainland, for this reason, you need to know which activities you can perform.
One of the advantages of obtaining a license in this free zone is that you have the possibility to combine trading and professional activities in one license.
There are three types of business licenses available:
2.1 Consulting license
With this license, you can carry out business consultancy services, such as an HR consultancy, and offer other professional services. This is the perfect license for entrepreneurs that want to carry out an activity using their knowledge mainly.
The best part is that service companies are highly demanded in Dubai. You can rest assured that you will always have clients. As Meydan is located near Dubai Downtown, you can offer your services to multiple clients.
2.2 Commercial license
The commercial license allows businesses to engage in several activities such as import/export, distribution, and trading of several types of goods. However, it is worth noting that there is no warehouse space available in this Free Zone.
You need to know how to distribute and sell your goods while managing to do it without any storage. It may be difficult, but it is worth it as you can reach a wider market.
2.3 Media license
In the UAE, several Free Zones welcome media sectors, just like some Abu Dhabi Free Zones. In this regard, in Meydan, businesses can carry out media-related activities.
It is the perfect solution for freelancers, start-ups, and small businesses that want to work on their media projects near Dubai downtown. For this reason, many artists, and musicians look to this free zone to start their operations as it is not necessary to rent an office, but only a Flexi-desk.
2.4 What type of business activities can you perform in the Meydan Free Zone?
Since there are three types of licenses, it is important to determine which activities you can perform under each one. This will help you better identify the best licenses, so as not to make any mistakes.
Moreover, you need to know if the activity you want to carry out is permitted. These are some business activities allowed from each sector:
- Media: printing, publishing, motion picture, video production, music production, recordings, broadcasting, web hosting services, etc.
- Services and consultancy: repair and maintenance, construction, demolition, site preparation, electrical installation, land transport, restaurant, cafeterias, take-out eating places, etc.
- Wholesale and retail: vehicle sales, sale of parts and accessories, wholesale of food and live animals, etc.
3. Documents required for a business setup
To establish a company in the Meydan Free Zone, you must learn what types of entities you can incorporate.
The legal entities permitted in Meydan Free Zone are the following:
- Sole Establishment
- Limited Liability Company
- Branch of a Foreign or Local Company
You will need at least one shareholder to establish a company in this free zone. When it comes to capital, new companies and subsidiaries must have at least AED 100,000 worth of capital. Branches are exempted from this requirement.
Taking these factors into account, these are the documents you need to submit to incorporate a business depending on the type of shareholder:
3.1 Individual shareholder
Individual or natural shareholders must submit the following documentation for a Free Zone company setup:
- Passport copy for each shareholder and manager
- Visa copy for each shareholder and manager
- CV of shareholders/directors/manager
- Duly signed application
- 3-year business plan
- Original bank reference letter or 6-month bank statement
3.2 Corporate shareholder
Corporate shareholders must submit the following documentation:
- Company brochure/profile
- Letter issued by the shareholding company with the appointment of the manager
- Certificate of Incorporation/Registration
- Board Resolution
- Audited financial report
- Duly signed application
- 3-year business plan
On Connect Group, we understand how complex it can be to handle the paperwork and carry out this application process. For this reason, we offer you our PRO services to relieve this burden and guarantee successful results.
3.3 Documents to establish a branch company
International companies and businesses located across the UAE, such as companies in the Sharjah Mainland or Ajman Offshore can expand their operations to this privileged Free Zone by establishing a branch company.
To do this, they must submit the following documents:
- Board resolution for the establishment of a branch in the Free Zone and where it states full financial commitment
- Attested Certificate of Incorporation/Registration
- Company brochure/profile
- Duly signed application form
- Letter issued by the parent company with the appointment of the manager
- 3-Year business plan
3.4 What documents will you get after incorporating a company?
Once you have established your entity in Meydan, you have to receive the statutory documents for your new company.
- Certificate of Formation
- Share Registry
- Share certificate per shareholder
- Business License
- Lease agreement
- Memorandum of Association
4. What is the cost of a Dubai Freezone company setup?
The Meydan Free Zone offers outstanding advantages to business owners that want to establish their presence in this outstanding location. One of the best benefits is that it offers cost-effective company setup costs. Thus, you will not exceed your budget in the Meydan Free Zone in Dubai.
When it comes to evaluating the cost of incorporating your company in Meydan, there are some factors you must take into consideration:
- Company registration charges: you will pay a fee for obtaining all the documentation related to your new company.
- License fee: you will first pay a license fee and, after a year, you will pay a renewal fee.
- Business name reservation: you must select a name for your business and pay a small fee for it.
- Flexi-desk: since there are no options for renting a coworking space in Meydan, you will need to pay the rent for a Flexi desk. You must rent at least 1 desk. In this location, the annual fee for leasing starts from AED 6,000. Also, since the desk is shared, you can only use it for 4 hours a week.
- Establishment card: you must get this document for your new company. It will cost AED 520.
- Additional activities: if you want to carry out more than 3 business activities, you will pay AED 1,000 for each additional one.
- Dependent visa: if you want to bring your relatives to Dubai, you will pay a fee for dependents’ visas.
5. What is the cost of a Dubai Freezone license?
When it comes to licensing, the Meydan Free Zone offers several options for companies looking to perform activities legally.
Overall, the Meydan Free Zone cost may depend on the number of activities you choose and the duration of the license.
You can select up to three business activities in your license for free, but if you want to add more, you will need to pay a fee. In addition, you can determine if you want your license to be for 3, 5, or even more years. Remember that, the more years, the more expensive the license will be.
6. How can Connect Group assist your Meydan Free Zone company formation?
Located in the heart of Dubai, near downtown, Meydan Free Zone offers a cost-effective business for investors and entrepreneurs looking to enter this solid market. Thus, it is a place that welcomes business owners from around the world thanks to its incentives.
On Connect Group, we want to assist you to start your company in the Meydan Free Zone. We have a team of business specialists that will ensure your incorporation goes smoothly.
Our team of experts will help you with the following:
- Applying for the business license
- Selecting the proper legal entity for your corporation
- Obtaining all the documentation and doing the process for shareholders
- Selection of a proper company name without restrictions
- Determining the best share structure
- Assistance with visa matters
- Driving license issuance and more services
Moreover, we offer a wide range of services to support your new establishment, such as:
- Employer of Record (EOR) and PEO.
- Staff outsourcing.
- IT outsourcing.
- Payroll outsourcing.
- HR outsourcing.
- Remote workers hire.
- Real estate services.
- Banking services.
- Hosting solutions.
- Cybersecurity.
- Public Relations Officer.
Do you want to get the best assistance for your UAE company formation? Contact us now at +971 43 316 688 or send us an email at contact@connectgroup.co. We are ready and waiting for you! Our exper team will gladly provide you with the answers you need.
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