What are some advantages of starting a business in the Freezone?
Establishing a business in the freezone allows 100 per cent foreign national ownership and there is no need of a local sponsor or local service agent.
Waiver of corporate taxes (time-bound and renewable for further periods)
Freezone companies are exempted from personal taxes and import & export taxes. Import- Export duty of 5% on the invoice is payable if you want the goods to be taken out from the free zone. If the goods are re-exported from the Free Zone, then no duty needs to be paid.
Freezone companies can have 100 per cent repatriation of revenue and profits.
Foreign investors can benefit from freezone company registration and the documentation needed to form a company in the freezone is significantly less.
For investors, setting up a company in freezone is highly advantageous as freezones provide long-term leasing options (up to 25 years)
Legal, housing, immigration, labour and other facilities are easily available for companies established in the freezones
Company incorporation is much easier and swift when compared with companies outside the free zones