What is The Meydan Free Zone?
The Meydan Free Zone (MFZ), established in 2009, is a commerce jurisdiction located in Dubai’s business epicenter. For investors seeking lucrative entrepreneurial opportunities, this free zone offers several advantages over competing business sectors, including a prestigious address, convenient placement to Dubai International Airport, and more.
Developed initially around Dubai’s prestigious racetrack, the Meydan Free Zone is strategically aimed at connecting the world and the surrounding Emirates. It has since grown to include many commercial development projects, including sports centers, entertainment facilities, business parks, hospitals, business towers, waterfront developments, retail shopping sectors, and much more. With these advantages, it’s easy to see why so many investors flock to the region yearly.
Meydan Free Zone: Connecting the World to Dubai
1. Heart of Dubai
The Meydan Free zone is strategically positioned a mere 15 minutes from Dubai International Airport and only 12 to Dubai’s downtown, making it convenient for investors in terms of travel, logistics, and recreation.
2. A Vibrant Trade-Friendly Community
Investors operating in the Meydan Free Zone enjoy a positive business environment that offers incentives to promote and empower new businesses for success. These incentives include 100% foreign ownership, no personal, corporate, or income taxes, and affordable business setup costs. This has made the region a massive draw for entrepreneurs and investors alike, all seeking to capitalize on these incentives and Dubai’s unique economic position.
The Meydan Free Zone offers cost-effective business setup solutions with thousands of different activities to choose from. Additionally, investors can use these advantages to quickly form their business and streamline their finances for maximum profits.
3. Empowering Businesses
The Meydan Free Zone is designed with a forward-thinking, future-oriented business strategy that is focused on empowering investors and entrepreneurs to find success.
This Free Zone also provides a considerable variety of incorporation options, state-of-the-art facilities, relaxed immigration regulations, support services, banking, and an abundance of office spaces.
4. A Platform for Innovation
New investors forming businesses in Meydan will have access to a purpose-built digital platform that offers streamlined business licensing, immigration services, support, and more. This allows entrepreneurs to form and arrange their businesses, seek the proper permits and licenses, apply for visas, and more with the touch of a button.
5. Going Paperless
Meydan Free Zone has introduced a convenient licensing application kit that provides new business owners with a suite of tools to streamline their business. It includes easy-to-use documents and forms that work to significantly reduce the time and effort spent conducting business. It combines licensing, renewals, permits, and a straightforward payment system into one easy-to-use, paperless experience.
The Benefits of Starting a Business in the Meydan Free Zone
The Meydan Free Zone offers many lucrative incentives for investors and an expansive selection of business opportunities. But beyond the diverse, business-friendly atmosphere, this sector provides numerous real-world benefits that give new companies the power to succeed. These benefits include:
• Easy Business Setup
The UAE government officials have designed their business setup process to be as easy, streamlined, and cost-efficient as possible. With a simplified approach, investors can now seamlessly apply for licensing, seek visas, secure workspaces, and more online.
• Flexi-Desk Work Spaces
Unlike some jurisdictions, the Meydan Free Zone offers Flexi-desks, a unique online workspace that gives companies the power to conduct business efficiently without needing a physical workspace.
• 100% Repatriation of Capital, Assets, and Profits
The Meydan Free Zone allows foreign investors to return the entirety of their profits, startup capital, and assets to their nation of origin. This allows multi-national businesses to maximize their market potential.
• Convenient Location
Aside from its prestigious address, the Meydan Free Zone is in convenient proximity to Dubai’s downtown area, the Dubai International Airport, and more. But more importantly, this jurisdiction is a mere 2-hour flight away for nearly 2.5 billion people, making it highly convenient for investors to regularly travel to and from the area.
Steps for Forming a Business in the Meydan Free Zone
The process for Meydan Free Zone company formation is engineered to be simple, easy-to-use, and complication-free. However, any investor will need to thoroughly research their potential market, the regulations surrounding it, and the business application process. This will include gathering all the required documents before submitting your application. To help you make sense of it all, we’ve organized the business formation steps into an easy-to-digest checklist.
1. Decide on activity and legal structure
Before submitting your application, the first step will be to decide exactly what business you intend to conduct. This should be accompanied by extensive market research to ensure that your endeavor is financially successful.
Additionally, you will need to decide the structure of your organization. In the case of the Meydan Free Zone, your business will most likely be formed as a Limited Liability Company or LLC. This legal structure will dictate how your organization conducts day-to-day business and how you handle your assets, profits, and losses.
2. Submit your documentation, application, and pay the processing fee
At this point, you’ll want to submit the required documents along with your application to the Department of Economic Development (DED). You will also be responsible for paying the necessary processing fees.
The application process and the types of documentation you’ll require will vary depending on whether you’re applying as an individual or as a larger company. Below, we’ve compiled a list of the necessary documentation for each:
• A color copy of passports and visas for the owner
• An original reference letter from your banking institution with statements reaching back at least half a year
• A three-year business plan
• Proof of address (in the form of a utility bill)
• A copy of any existing UAE trade license (if applicable)
• A copy of your Emirates ID
• A copy of the name confirmation
• A three-year business plan
• A copy of Emirate IDs for all managers, shareholders, and directors
• Signed registration and application forms
• Board resolution appointing a manager, or director
• A notarized power of attorney for all necessary shareholders
• Colored copy of passports and visas for managers and director
• A copy of the name confirmation
3. Registration of a Trade Name
Before you can receive your business license, you’ll need to choose a trade name. This name must be approved by the DED and may not include characters that involve profanity or that are already claimed.
4. Preliminary Approval
At this stage, as long as your business application is not contested, you’ll receive your preliminary approval while the governing authorities process your application.
5. Pay the final registration fee and receive license
After your application has been processed, you’ll need to pay your registration fee. At this point, you’ll receive your submitted documents along with your final business license.
Important Information Regarding Meydan Free Zone Setup
The Meydan Free Zone has several features that make it stand out from other business jurisdictions in the UAE.
• Proposed Activities
There are many possible activities to choose from in the Meydan Free Zone, including retail, marketing, news corporations, law firms, and more.
• Licenses Available
1. Commercial Licenses
A commercial license gives you the legal authority to operate retail stores, import and export goods, purchase and sell real estate, and more!
2. Consultancy Licenses
A consultancy license allows holders to sell their services as a product. Holders of consultancy licenses include medical professionals, doctors, and business consultancies.
3. Media Licenses
Media licenses allow holders to form and operate media-based businesses, including marketing, communication-based industries, and advertising firms.
• Estimated Processing Time
When applying for your business license, it will take roughly 2-3 weeks to fully process your application and registration.
• Minimum Share Capital
In the Meydan Free Zone, you will need a minimum of AED 100,000 in share capital to form your business.
Meydan Free Zone Business Setup Cost
With the Meydan Free Zone business setup, there are a number of costs involved in the startup process. These include:
1. Application form: AED 520
2. Registration fee: AED 10,020
3. License fee: AED 10,020
4. Additional activities: AED 5,020
5. Establishment Card: AED 10,000
MSZ Consultancy is Your Solution for Success
The Meydan Free Zone is a conveniently situated jurisdiction that has found enormous popularity due to its prestigious location, proximity to the downtown area and the Dubai International Airport, and the wide variety of lucrative business incentives they offer. This sector is focused on providing a rich, diverse business environment with a heavy focus on market innovation. And with the enormous amount of business opportunities to be found in the Meydan Free Zone, it’s no surprise why so many investors have brought their businesses to the region.
MSZ Consultancy wants to help you find your next business opportunity! With a team of dedicated business experts, we have the skill and knowledge to guide you through business formation, visa applications, PRO services, and much more. Our talented team of advisors can help take the stress out of starting a new business and let you concentrate on the aspects that matter.
We have over a decade of experience and have helped over 32,000 happy customers find their stride in the UAE market. Whether you want to form a company in one of Dubai’s many Free Zones, or you need to establish an international outfit in Dubai’s offshore sector, we’re here to assist!
Give us a call today at +971 52 544 1248 and let our team of talented legal and business experts streamline your setup process and supercharge your company for maximum profits!