Dubai: Businesses can operate out of multiple free zones in Dubai through a single license under the “one free zone passport” scheme.
What this does is bring out significant cost savings in licensing fees for those businesses wanting to have a base in more than one free zone in the emirate. Meanwhile, there is also a proposal to allow free zone licenses entities to take up rental contracts from the current 25 years to 50 years.
The DFZ Council is also “developing a comprehensive geo-economic map of Dubai that seeks to position the emirate as a leading destination for investment and business set-up”.
“Greater coordination paves the way for sustainable development and presents exceptional opportunities to attract SMEs and international companies and empower entrepreneurs to realise their creative ideas,” said Sheikh Ahmed Bin Saeed Al Maktoum, Chairman of DFZ Council.
This ties in closely with another recent Dubai-wide initiative, whereby free zone based entities could operate freely in “onshore” Dubai as well as offshore. This again did away with multiple licensing requirements for such businesses.