Dubai Airport Freezone (DAFZA) is one of the region’s fastest growing Freezones. Established in 1996, DAFZA is home to over 1,450 companies, covering a range of key industry sectors, including aviation, freight & logistics, IT & telecommunications, pharmaceuticals and so forth.
Why set up in this Freezone?
Many of the world’s most recognized brands have positioned their Middle Eastern hubs in DAFZA.
Advantages of setting up in this Freezone
Located next to Dubai International Airport, Dubai Airport Freezone provides access to 24-hour logistics services, outstanding facilities and infrastructure, including high-end IT. You will find easy access to the facilities at Dubai International Airport, with its connectivity to 220 destinations through 130 airlines. By setting up a company in DAFZA, you will be entitled to 100% foreign ownership of the company itself and optional visa facilities. You will not face any customs duty and there is 0% income and corporation tax. There are no restrictions on labor and neither on currency. The Freezone also provides direct access to a number of government services, including Immigration, Customs and the Chamber of Commerce.
How to set up in this Freezone
To set up a company in DAFZA, you will need a business plan, passport copies, bank reference letters and CV/proof of education.
What is the time frame?
This should not take longer than 4 weeks, provided all legal documents and bank account are complete. Subject to submission of the lease agreement to the authorities and depositing the share capital in the bank to obtain the trade license from the Free Zone.
What else can you expect from this Freezone?
This Freezone offers many additional things. As well as being a one stop shop for all administrative services at the DAFZA itself, Tas’heel (E-services) are also offered, and with Tas’heel a wide selection of services are available online for speeding up renewal procedures.
Dubai
The basic requirement for all business activity in Dubai is to receive and maintain a license under one of the following categories: commercial, professional or industrial. These licenses are all issued by the Dubai Economic Department. However, licenses for some categories of business require approval from certain ministries and other authorities too.
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Can I Appeal Against an Arbitration Award?
Arbitration is best described as a cost-effective alternate dispute resolution process, which assists in smoother business relationships without incurring the rigidity of court proceedings. To address many of the pitfalls of the arbitration process and to bring the UAE arbitration process in tune with the best international standards, the UAE enacted Federal Law No. 6 of 2018 on ‘Arbitration’ and its amendments (“Arbitration Law”).
Commercial leasing and breach of contract punishments
In legal terms, a lease agreement can be defined as ‘a contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment’. A ‘commercial lease agreement’ constitutes a written lease agreement whereby a landlord agrees to lease his commercial property to another person or entity for a given business purpose and specified time period.
