The UAE is building one of the liveliest economic realities and most promising for foreign investment. Many international economic operators, especially, have set up a business in one of the many Free Trade Zones (FTZs), which offers these benefits:
- – 100% foreign ownership and return of capital and profits
- – Zero personal or corporate income taxes, customs duties, import/export taxes
- – No bureaucratic red-tape, provisions relating to Commercial Companies Law,; each zone does have its own authority and its own rules for business permits and licenses, as well as for employee visa and business requirements with no need of any local sponsors. Often, once a new agency receives approval for their business, the quicker the office can be set up, the sooner a representative can open for commerce and begin advertising its trade.
In short, there’s much business freedom in the UAE Free zones. Establishing businesses here is a smart move for both individual and corporate investors to engage in international trade (local U.A.E. trade is possible only through a local distributor).
Setting up a business service in Abu Dhabi with free zone options, therefore, has many advantages. The major free zone options in Abu Dhabi are
- Abu Dhabi Airport Free zone
- Higher Corporation for Specialized Economic Zones (HCSEZ), also called Zones Corp
- Khalifa Industrial Zone Abu Dhabi (KIZAD)
- The Abu Dhabi Media Free Zone which is also called Twofour54
Business in Abu Dhabi in or out of free zones, has proved attractive for many investors. “It is no surprise that more than 1,000 American firms have established a presence in this country, including some of America’s hottest young startups,” tells the U.S. Embassy in Abu Dhabi. In fact, “many entrepreneurs and companies from the United States [are] realizing the vast potential of doing business in the Gulf.” Consequently, the UAE has been the largest U.S. export market in the region, the Embassy states.
Since 2009, in fact, U.S. exports to the UAE have increased by 111 percent; as for the UAE imports of the US goods, it has increased more than five-fold, from $2.29bn to $11.64bn from 2000 to 2010, as told at abudhabi.usembassy.gov. “Due to the high level of interest in doing business here, [North American] overall trade relationship is thriving.”
In particular, according to former U.S. Secretary of Commerce, Penny Pritzker, in 201, American companies were particularly interested in partnership in infrastructures and transportation projects. And while American businesses are actively exploring these opportunities to partner with the UAE an increasing number of U.S. firms are building operational centers there within the seven United Arab Emirates, including Abu Dhabi – the capital with a powerful regional and global hub for commerce, she said.
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