How to Start a Business in Meydan Free Zone
Setting up a business in the UAE presents good prospects for entrepreneurs as well as startups and for medium and large-sized firms. Among these many business zones, the Meydan Free Zone is an excellent choice. Moreover, setting up a business here would be a sagacious decision on your part.
This article will describe the process of setting up a business in Meydan Free Zone, and briefly consider some related topics.
What is the Meydan Free Zone?
Meydan Free Zone is one of the prime locations in Dubai. The part of the Meydan City project consists of luxury hotels and residential communities. Also, it contains business centers. Meydan offers a host of perks through 100% business ownership, tax exemption, and also easy access to world-class infrastructure. Thus, Meydan Free Zone is at the moment among the hot destinations for business setup in Dubai.
Why choose Meydan Free Zone?
There are some of the benefits of establishing your business in the Meydan Free Zone. Firstly, 100% foreign ownership means you outright own your firm and do not have a local partner. Neither personal nor corporate tax is paid here, making it an excellent place for startups and small businesses. In addition, flexible office solutions with co-working and private offices are available in this Free Zone.
Acquisition of the license in the Meydan Zone is not complicated. The procedure may be clear to even those who are not experienced in the UAE market. You can use modern infrastructure, high connectivity with other parts of Dubai City, as well as support services such as PRO Services Dubai to launch your business quite easily and quickly.
How to Start a Business in Meydan Free Zone
However, starting a business in Meydan is a little more complicated. We’ll explain this step-by-step, so you’ll know precisely what to expect.
1. Choose Your Business Activity
First, decide your business activity. The nature of the business activity selected will determine the Meydan Free Zone license type you’ll require. This Free Zone has offered several options, which include trading, consulting, and service licenses. However, make sure you select the activity relevant to your business goals.
2. Company Name
Your company name should adhere to some regulations imposed by the UAE government. The name should not carry any profane words, and it should not be as similar as possible to an existing company’s name.
Moreover, if you are naming your business after a person, then that person should be a shareholder of the company. After determining a suitable name for your company, you can reserve it.
3. Obtain a license for the Meydan Free Zone
Having selected your business activity and company name. So, the next step will be applying for a Meydan Zone license. License is something you will need to lawfully operate within the Meydan Free Zone, depending on the activity undertaken by your business.
Getting your license in this Free Zone is very easy and quick, which should take a couple of working days.
4. Choose Office Space
Meydan Free Zone provides all types and sizes of office space. Whether or not your business needs co-working space or a private office, they offer everything you might need for your business.
The type of license also may define your choice of office space due to the reason that some licenses require a real office address.
5. Submit Your Documents
You are now proceeding with your business setup. You will need to submit documents, which may vary but usually include copies of your passport, visa, and business plan, among other required paperwork. Upon acceptance and approval of these documents, you can proceed to the next step.
6. Payment of the Requisite Fees
Other fees that are essential to initiate a business in this Free Zone include the Meydan Free Zone license and other registration fees. Remember to pay all fees that are essential to complete the registration.
7. Meydan Free Zone License
After your application is processed and cleared with all fees paid, you will be granted your Meydan Zone license. This license gives you the legal clearance to begin operations at Meydan.
Advantages of Open a Business Entity in Meydan Free Zone
The notable advantages are as follows:
- 100% Foreign Ownership: You own the company without requiring a local sponsor.
- Tex Exemption: There is no personal and corporate income tax, so more of your profits are left in your pocket.
- Strategic Location: Meydan is close to the primary highways and has sound access to the other parts of Dubai.
- PRO Services in Dubai: It offers professional services to help with paperwork and visa processing, among other legal requirements.
- Flexible office options: The co-working spaces offer a huge spread of options, it could be a private office or a shared desk.
- Rapid Setup: It does not take much time to set up a business and can be done in a few days or so.
Meydan Free Zone vs Sharjah Free Zone License
Meydan Free Zone is generally a good option to open a company. You would probably also consider another alternative: for instance, obtaining a Sharjah Free Zone license. Apart from liberal 100% ownership or no taxation issues in each of them. There are slight differences between the free zones.
For example, the Dubai Free Zone has a Meydan that can be better catered to in terms of location for businesses that require an address of high class. The Sharjah Free Zone license might probably become better value for money for those startups that do not necessarily require to have an address in Dubai. Just consider the disadvantages or advantages of each and make the choice accordingly.
Role of PRO Services in Dubai
While opening a business in the UAE involves paperwork and legal procedures as well as government laws, PRO services in Dubai present the perfect solution for you. They can help with documentation, visa applications, and other legal requirements.
It simplifies the process as they would do everything on your behalf. They can help you acquire a license for working in the Meydan Free Zone, renew licenses, process visas, and more. With PRO services, especially if you are a new immigrant to the UAE, you save a lot of time and hassle.
Types of Licenses Available in Meydan Free Zone
To initiate the license registration process in the Meydan Free Zone, you’ll choose one of several license types based on the type of business activity. So, Here are some of them:
- Trading License: These licenses are for trading activities to be carried out.
- Service License: These are services by consultants freelancers and service providers.
- Commercial License: This license is suitable for businesses engaged in trading and selling goods.
- Industrial License: For companies involved in manufacturing or other industrial operations.
Selection of license is pretty vital since it defines within which realm one is authorized to carry out most works in the Meydan.
How to Choose the Right License
Proceeding to choose the correct license at Meydan Free Zone would depend upon the kind of business you’re involved in. If a consultant or freelancer, then a service license would work best. Import/export businesses can be perfectly suited for a trading license, but in other areas, people might have questions regarding it.
For such scenarios, experts providing PRO services in Dubai can clarify which license is appropriate for the specific business model the person is running.
Comparing the Meydan Free Zone License With UAE Business License
The Meydan Free Zone license allows you to perform activities in this Free Zone. However, it is mandatory to obtain a UAE business license if one wants to carry out businesses outside of the free zone.
If your target market cuts across all the customers in Dubai and other emirates, then you may decide to get a UAE business license in addition to your Meydan Free Zone. This will ensure you operate freely throughout the entire UAE without legal restrictions.
Common Obstacles and How to Tackle Them
Starting a business in the Meydan Free Zone is not so complicated, but you may still have some problems. Here are a few common ones and some tips on how to overcome them:
- Understand Legal Requirements: Legal procedures can be very complicated. PRO Services Dubai can help you work out the requirements.
- Choose the Right Office Space: Any business may have a small or large size. Along with that, the size comes with a budget. You could choose a co-working space initially and grow as well as upgrade with the expansion of the business.
- Manage Costs: Know all fees, including Meydan Zone license fees. Suitable budget management would avoid financial surprises.
Professional Expertise Made Important
If you are considering setting up your business in UAE, then it will be best that you engage professional help. The experts offering PRO services in Dubai will be able to help you go through the process safely, ranging from making the right choice for your Meydan Free license to the right office space. They will also support you with other legal requirements such as visa processing. The whole process goes smoothly and creates minimal stress.
Conclusion
Meydan Free Zone is one of the ideal business options for entrepreneurs and startups. Moreover, it is for every type scale of business. All these firms and enterprises can enjoy numerous benefits, such as having 100% ownership, tax exemption, and flexible office solutions.
Follow all of the steps that this guide has told you to do. Your business setup will be arranged very speedily, and get onto the road to success in the UAE. This is not to forget to use the PRO services in Dubai to simplify and complete tasks correctly.
