The second-largest emirate of the United Arab Emirates, Dubai, is a vibrant, multi-cultural metropolis that leads the way in several industries. The country is moving toward becoming competitive in the automation economy.
The government of the UAE is attempting to make the country tourism, economic, and industrial center. However, when considering the largest industries in global business, the car industry is among the top ones.
Dubai Car and Automotive City Free Zone is one free zone appropriate for the car industry. Read the blog to know more.
Dubai Car and Automotive City Free Zone
The car sector has significantly contributed to the UAE's growth and development. To re-export old automobiles, Dubai Auto Zone (DAZ) was established in 2000 with a focus on the Asian and African markets. Companies were able to conduct international trade operations tax-free because of it.
It is reachable by air and seaport and is situated in the Al Ramool neighborhood of Dubai. It has a robust network as it connects the Middle East, African, and Asian markets. The infrastructure was constructed with entrepreneurs, new connections, and a cutting-edge road system.
Benefits of Company Incorporation in DUCAMZ Free Zone
An enormous risk is involved in starting a business in a foreign market. This is because the government's policies, laws, and regulations vary. Dubai Car and Automotive City Free Zone (DUCAMZ) have taken care of this to attract more international investors for the economy's growth. Services include licensing, administration, customs, and clearance. Learn more about how to get a car dealership off the ground.
- Exemption from import duty taxes
- 100% ownership
- 100% repatriation of profits
- Skilled workforce
- Entry to international markets with a strong network
- High administrative support
- Zero restriction in hiring foreign employees
- Zero regulation in the number of cars imported
- No individual or corporate tax
Available Business Facilities in DUCAMZ
- Offices spaces;
How to Set Up a Company in Dubai Car and Automotive City Free Zone?
Setting up a business organization or registering a company in Dubai Auto-free zone involves the following steps:
1. Submit the Application Form
Fill out the application form and submit it to the governing authority, which is DED.
2. Finalize the Name of the Company
Choose an appropriate name for your business and follow all the business name registration guidelines.
3. Draft the AOA and MOA
Draft the Articles of Association (AOA) which contains why a company is set up and includes all the roles and responsibilities of the company members and internal proceedings of a company and can be drafted by the company registration agents in Dubai.
4. Submit the Documents
Submit the partner’s identification documents, bank details, and residence proof to Dubai Registrar Office. For registering a branch, the partner’s details and AOA of the parent company have to be submitted.
5. Deposit the Capital
Deposit the share capital and sign the lease and the employee sponsorship contract.
Documents Required for Company Setup in DUCAMZ
The following documents need to be submitted for company incorporation:
- A trade name must be authorized and supported by documentation.
- The applicant must first acquire initial permission before beginning business formation operations.
- A Memorandum of Association and Articles of Association must be submitted to corporate shareholders and applicants. The UAE Embassy in the country of origin must notarize this.
- A resolution from the corporate shareholder/board applicant of directors declaring their intention to launch a new company in Dubai.
- Certificates of registration from the Registrar of Companies in the place of origin for the corporate shareholders/applicants
- Copies of the shareholders' passports are required to be provided.
- Managers must submit copies of their passports and resumes.
- Each business stakeholder and applicant must provide their actual address.
- Each shareholder and management must complete a personal information sheet.
The automobile industry is expanding its reach and is expected to grow even faster shortly. This attracts numerous business opportunities that could be carried out in the free trade zone. Establishing a business in a foreign land sets an international mark.
Want to provide an international mark to your company? Yes! The next step is joining hands with a catalyst to help you establish your business.
Business Setup Worldwide is here to assist you in the process. Our senior business experts in different zones help you clear the legal proceedings and build your business foundation. For further proceedings, contact us.
1. What is the number of minimum shareholders?
2. What is the minimum share capital amount?
3. Does anyone need a local partner for company incorporation?
4. Can anyone have multi Shareholder Company in DUCAMZ?