Meydan Freezone Business setup: A Complete Guide on Costs, Process, and Required Documents
Starting a business in Dubai offers immense opportunities, and one of the best ways to leverage these opportunities is by setting up a company in one of the emirate’s free zones. Meydan Freezone is one such thriving destination, offering world-class infrastructure, strategic location, and a favorable business environment. In this guide, we will take you through the process of starting a business in Meydan Freezone, detailing the costs, necessary documents, and steps involved.
What is Meydan Freezone?
Meydan Freezone is part of the larger Meydan City development, strategically located in Dubai, UAE. Known for its state-of-the-art facilities, the Freezone caters to a variety of industries, including technology, e-commerce, consultancy, and media. The location is easily accessible from Dubai International Airport and key business hubs, making it an ideal choice for entrepreneurs and companies looking to establish a regional presence.
One of the biggest draws of Meydan Freezone is its business-friendly regulations. As a free zone, businesses set up here can benefit from full foreign ownership, 100% tax exemptions, and the ability to repatriate profits and capital.
Why Choose Meydan Freezone?
Before we dive into the process, it’s important to understand why you might want to choose Meydan Freezone for your business setup:
Strategic Location: With its proximity to Dubai’s major business hubs and the Dubai International Airport, you’ll have quick access to international markets.
Flexible Office Options: Meydan offers a range of office solutions from flexi-desks to office spaces tailored to your company’s needs.
No Personal or Corporate Tax: Meydan Freezone offers a tax-free environment, with no personal or corporate tax for up to 50 years.
Full Ownership: As a foreign investor, you can have 100% ownership of your business in the freezone.
Business Support Services: The zone provides a comprehensive range of support services, including legal, accounting, and visa assistance.
Steps to Start a Business in Meydan Freezone
Starting a business in Meydan Freezone can be a streamlined and efficient process. Here are the steps involved:
1. Choose Your Business Activity
The first step in starting a business in Meydan Freezone is to determine the type of business activity you wish to engage in. The freezone caters to a variety of industries such as e-commerce, IT services, consulting, logistics, and media. You will need to select the correct activity as this will determine the license type you require.
2. Choose a Legal Structure
Next, you’ll need to decide on the legal structure of your business. The options typically available in Meydan Freezone include:
Freezone Company (FZCO): Ideal for small and medium-sized businesses, with shareholders limited to three.
Freezone Establishment (FZE): A single-shareholder entity ideal for entrepreneurs who want to set up a business individually.
Branch of a Foreign Company: If you already have a business outside of the UAE, you can establish a branch within the Freezone.
3. Apply for the Business License
Once your business activity and legal structure are chosen, you can proceed with the application for your business license. In Meydan Freezone, the licensing process is relatively simple. You can choose from three main types of licenses:
Commercial License: For trading or business-related activities.
Service License: For businesses providing professional services like consulting or marketing.
Industrial License: For businesses involved in manufacturing or production.
4. Secure Office Space
You will need to secure an office within the Meydan Freezone. The Freezone offers a variety of office spaces, from flexible desk options to fully furnished office setups, depending on the size and requirements of your business. You can also opt for a virtual office or shared workspace if you're just starting out.
5. Complete the Registration Process
To complete the registration process, you’ll need to submit all required documents, including a business plan, proof of identity, and any other legal documents. Once the registration is complete, you’ll receive your business license, allowing you to legally operate within the freezone.
Required Documents for Starting a Business in Meydan Freezone
The document requirements may vary slightly depending on your business activity and legal structure. However, here are the general documents required to set up a business in Meydan Freezone:
Passport Copy: A clear copy of the passport for all company shareholders and directors.
Proof of Address: A utility bill or similar document as proof of your residential address.
Business Plan: A detailed business plan outlining your business objectives, target market, and operational strategy.
No Objection Certificate (NOC): If you are a resident of the UAE, you may need an NOC from your current sponsor (employer).
Visa Copy: For applicants requiring a UAE residence visa, a copy of your visa or entry permit will be required.
Memorandum of Association (MOA): A document outlining the company’s purpose and structure.
Shareholder Details: The names and contact details of all shareholders and directors.
Office Lease Agreement: Proof of office space, including a lease agreement or rental contract for your office location within the freezone. ( currently for new business setup Meydan freezone providing free flexi desk so no need to pay extra for office space or flexi desk its all included in your license fee)
Costs Involved in Starting a Business in Meydan Freezone
The cost of setting up a business in Meydan Freezone can vary based on the type of business activity, legal structure, office space, and the number of visas you require. Here’s a breakdown of the main costs involved:
License Fee: The fee for a business license typically ranges from AED 12,500 per year, depending on the type of license you choose.
Office Space: The cost of office space in Meydan Freezone can vary depending on the size and type of office you need. Prices typically start around AED 10,000 for shared office spaces or flexi-desks, and can go higher for larger, dedicated offices.
Visa Costs: The cost of a UAE visa for your employees or yourself typically ranges from AED 3,000 to AED 7,000, depending on the type of visa and its duration.
Other Fees: There may be additional fees for services such as document attestation, registration, and the application for other permits.
Advantages of Setting Up a Business in Meydan Freezone
Tax Exemptions: 100% tax exemptions on income, corporate tax, and import/export duties.
Full Foreign Ownership: No requirement for a local sponsor, allowing complete ownership for foreign investors.
Access to Global Markets: With its strategic location, businesses in Meydan Freezone can easily access markets in the Middle East, Europe, and Asia.
Efficient Setup Process: The setup process is streamlined, ensuring that you can begin operations quickly.
Conclusion
Starting a business in Meydan Freezone offers entrepreneurs a unique opportunity to thrive in a world-class, tax-free environment. With a straightforward setup process, minimal bureaucracy, and strategic location, the freezone makes it easier than ever to launch and grow your business in Dubai.
By understanding the steps, costs, and required documents, you can ensure that your business setup in Meydan Freezone is smooth and efficient. Whether you're an entrepreneur, a consultant, or a manufacturer, Meydan Freezone provides the ideal platform to take your business to the next level in the UAE.
If you're ready to start your business journey in Meydan Freezone, contact a business setup consultant to guide you through the process and ensure a seamless transition from idea to reality.
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