A 2023 Guide to Setting Up a Business in Meydan Free Zone

The Meydan Free Zone has become a bustling, highly sought-after jurisdiction for businesses across many industries. It has a distinguished address that not only offers a lucrative choice as a company destination, but is also well-known for being home to multiple commercial developments like parks, schools, hospitals, entertainment and sports centers, and more.

Investing in a full-fledged business community like this would be a good step for entrepreneurs that wish to reach a strong local population, while also networking with fellow companies. Read on to find the steps and other details of setting up a business in?Meydan Free Zone.

Benefits of Starting a Company in Meydan Free Zone

1. Access:?Meydan Free Zone?is in a central location that’s just a few minutes away from Downtown Dubai, and the Dubai International Airport. It’s also not far from the Jebel Ali Port & Port Rashid in terms of sea travel. These quick connections to a central city and major ports make Meydan Free Zone businesses key contenders in the import and export space.

The free zone also offers a good way into networking opportunities. Thousands of SMEs and large corporations are now set up there, giving entrepreneurs an instant group that they can connect with or even take as business partners or clients.

2. Ease:?Like the rest of the UAE, the Meydan Free Zone is incredibly business-friendly. Every company that sets up here is given a Limited Liability Company (LLC)?license, granting benefits like full foreign ownership, zero currency exchange requirements, and corporate tax exemptions – unlike the 9% tax rate for mainland companies.

The incorporation process in Meydan Free Zone can even be done remotely via their all-in-one platform, as the jurisdiction encourages a paperless experience for both business setup and operations.

3. Infrastructure:?Meydan Free Zone is a modern oasis with the best infrastructures and facilities to ensure easy business operations and a high quality of life, should entrepreneurs choose to live there as well.

The modern infrastructure extends to office spaces as well, since the free zone offers flexi-desk or dedicated offices, alongside state-of-the-art meeting rooms. These spaces, as well as the rest of the free zone, also boast high-speed internet connections to keep business owners connected to their clients, partners, and customers at all times.

Types of Companies that Can Operate in Meydan Free Zone

Over 1,500 business activities are permitted in Meydan Free Zone, allowing for a wide variety of companies. These typically fall under one of these three license types:

1. Media –?This license is apt for businesses with activities relating to advertising, marketing, web design, printing, and the like.
2. Service & Consultancy –?This covers professional services like business & management consulting, accounting, real estate, human resources, technical services, or other needs that rely on skill and talent.
3. Commercial –?With this license, businesses can engage in general trading, retail, and import and export activities.

Steps to Open a Company in Meydan Free Zone

1. Choose Business Activities:?Because Meydan Free Zone is open to over a thousand activities, it’s very important for entrepreneurs to determine what they’d like their company to focus on – as this guides the license type that will be applied for. Up to three business activities are permitted under a single license.

2. Determine a Company Name:?Trade names must comply with the UAE’s naming laws, which means that they cannot be offensive, vulgar, or be tied to religion and politics. As such, it is best to prepare three options that fit the business and its activities, for back-up purposes.

3. Apply for Trade License:?The next step is to secure a?business license, depending on the chosen activities and license type. Meydan Free Zone offers a fast and efficient application process that can even be done online. It requires the following documents:

Individual Shareholders

• Application forms duly signed by the authorised signatory
• 3-year business plan
• Passport and visa copy of shareholders/directors, and manager
• CV of shareholder (s) / directors/manager
• Stamped original bank reference letter; or 6-month bank statement

Corporate Shareholder

• Application forms duly signed by the authorised signatory
• Audited financial report
• Copy of company profile
• 3-year business plan
• Letter from the shareholding company for the appointment of a manager
• Board resolution calling for the establishment of a Meydan Free Zone company, attachment of specimen signature, passport copy & power of attorney for manager, director & secretary
• Attested certificate of registration/certificate of incorporation/certificate of good standing of the mother company, memorandum & articles of association of the parent company

4. Apply for Visas:?Visas are necessary to work anywhere in the UAE. Like the trade license step,?Creative Zone can handle visa requirements and processes, including any medical exams or fitness tests. That applies even to employees or families.

5. Open a Corporate Bank Account:?The last step is to open a corporate bank account for payment needs. Requirements may differ between GCC and non-GCC residents, but we will provide expert guidance throughout the process and what banks best fit a company’s needs.

This step may need a lot of time and effort, so working with business setup experts like Creative Zone will do a lot to ease the burden. As for costs, these depend on requirements but typical rates start at?AED 12,500.

These five steps will put entrepreneurs closer to owning a company in the Meydan Free Zone, and experiencing the prestigious and illustrious business lifestyle that the jurisdiction has to offer. Getting started will work best with our team at?Creative Zone?as long-term partners, to help start and grow any business. We’ve helped over 55,000 companies achieve their goals already, and are prepared to kickstart many more entrepreneurial journeys. Reach out to one of our business experts and?let’s talk.

Head to the link to set up your business with Meydan Free Zone. https://www.creativezone.ae/business-setup/meydan-free-zone-mfz/