Foreign Businesses In The UAE And Free Zones: Neil Petch

The UAE (United Arab Emirates) is one of the most powerful economies in the world today. This is a country that consists of seven distinct emirates or principalities which are Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. The unique location of the UAE on the globe puts it in an excellent spot for business with its easy accessibility to the European and Asian Markets. With this, it boasts of excellent foreign business policies making it a prime location for expanding business overseas.
The country possesses an extensive network of specialists that aid in company formation who are focused on working with foreign businesses who wish to expand into the UAE, and one of these is Virtuzone by Neil Petch. Businesses that are looking to expand into the UAE will find that there are two different ways for them to set up their company. One of which is within Free Trade Zones and the other, outside of these zones. The difference between the two is that within Free Trade Zones businesses are permitted to have full ownership, and businesses outside the Free Trade Zones will need do make an agreement with a local company or business man who will be then given fifty one percent ownership of the business.
The setting up of a business in Free Trade Zones is very beneficial to company owners as they have full control over business decisions with regards to their company as these zones are designated places in a country where foreign businesses are not governed by the local trade laws but instead is governed by the World Federation of Free Zones. Within these free zones the local government will of course still have rules and guidelines put in place but will not be as strict compared to the businesses outside of the free zones. This also means that businesses within the free zones are not tied down by the local trade barriers, tariffs, quotas, and business will not have to pay local corporate or personal taxes for business owners for the duration of fifty years upon the start of the agreement.
These Free Trade Zones, according to Neil Petch, are put in place by governments to attract foreign businesses into the country which then helps with their economy. And with all of these great benefits that allows a business to operate in great freedom to make their own business decisions, not only is it good for large corporations but very ideal for growing or fledgling businesses to make their mark in the global market.

Management Consulting Company UAE 

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