- May 17, 2021
- Posted by: Aswani
- Category: Blog
The Dubai Airport Free Zone (DAFZA) has announced that its non-oil trade has hit AED 119 billion, in the year 2020. The free zone of DAFZA is accountable for 10% of Dubai’s non-oil foreign trade and 25% of total trade among the free zones in the emirate.
It is said that these huge figures show the free zone’s capability in overcoming the challenges posed by the global pandemic or any other consequence for that matter. A trade surplus of AED 15.8 billion has also been achieved by the free zone in the previous year. During the third and fourth quarters of 2020, DAFZA attained 36.4% and 23% trade growth when compared to 2019.
“The continuous accomplishments reflect Dubai’s role in sustaining economic activities and enhancing trade on a regional and global scale in the face of crises and unprecedented events. DAFZA consistently contributes to the enhancement and continuity of trade activities. The free zone will continue to provide the necessary capabilities to allow the emirate’s economic landscape to flourish and further expand its reach within crucial industries and regions.”, said, Dr Mohammed Al Zarooni, director general of DAFZA.
DAFZA is home to numerous companies, and has secured its title as one of the leading and fastest growing free zones in the country. Benefits offered by DAFZA are in plenty, and with its strategic location and flexible business set up policies, it has been attracting more and more foreign investors over the past years.
Benefits of setting up a company in DAFZA:
100% tax free
100% repatriation of profits and losses
No currency restrictions
Instant cargo clearance
Dedicated logistics centers
The types of companies that can be incorporated in DAFZA are:
Free Zone Company
Branch of an existing company
With the desired industrial sector, one can set up a company in DAFZA with the necessary license. It is mandatory for a business to have a trade license in UAE in order for it to function. The licenses are categorized accordingly based on the type of activity one wish to undertake.
The types of licenses issued in DAFZA are:
General trading license
DAFZA offers a wide variety of business options for investors to choose from. With its business-friendly policies and tax-free environment, DAFZA, remains to be the most preferred location for company incorporation in UAE. With the new set record amidst the global pandemic, the free zone is believed to bring in more foreign direct investments to the country and to maintain its title as the leading free zone in UAE.