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Company Setup in Meydan Free Zone from the UK in 2024: Process, Benefits & Costs

In this article, we have discuss about the company setup in Meydan Free Zone in 2024. Read the complete article to know more about process, benefits, costs and more.

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    Meydan Free Zone

    Dubai, a global hub of commerce and innovation, aspiring and beckoning entrepreneurs from around the world with its dynamic business landscape and strategic location. Within this vibrant city, the Meydan Free Zone stands out as a beacon of opportunity for aspiring business owners. Established to foster growth and facilitate trade, Dubai’s Meydan Free Zone offers a wealth of advantages for those looking to establish or expand their ventures in the heart of the Middle East. In this article, you will know about the Meydan Free Zone, its incorporation steps, benefits, requirements and more. 

    What is the Dubai Meydan Free Zone?

    The Dubai Meydan Free Zone, often referred to simply as Meydan Free Zone, is a specialized economic zone located within the city of Dubai, United Arab Emirates (UAE). Established in 2015, Meydan Free Zone is strategically situated in close proximity to major transportation hubs, including Dubai International Airport and Jebel Ali Port, making it an ideal location for businesses looking to access global markets.

    Meydan Free Zone is overseen by the Meydan Group, a prominent developer known for its iconic projects such as the Meydan Racecourse and the Meydan One development. The free zone is dedicated to fostering innovation, entrepreneurship, and economic diversification within Dubai’s thriving business landscape.

    One of the key features of Meydan Free Zone is its focus on the sports, entertainment, and technology sectors, offering a specialized platform for businesses operating within these industries to thrive and grow. The free zone provides a range of business setup options, including Free Zone Company (FZCO), Free Zone Establishment (FZE), and branch setups, catering to the diverse needs of entrepreneurs and investors.

    How to Setup a Company in the Meydan Free Zone From the UK?

    1. Choose Your Business Activity and Legal Structure

    • Determine the type of business activity you wish to engage in within the Meydan Free Zone. The free zone caters to various industries, including sports, entertainment, technology, and more.
    • Select the appropriate legal structure for your company, such as Free Zone Company (FZCO), Free Zone Establishment (FZE), or branch of a foreign or local company, based on your business needs and objectives.

    2. Reserve a Trade Name

    • Choose a unique and appropriate name for your company and ensure it complies with the naming conventions set forth by the Meydan Free Zone Authority (MFZA).
    • Submit an application to reserve your desired trade name through the official channels provided by the Meydan Free Zone Authority.

    3. Apply for Initial Approval

    • Prepare and submit the necessary documentation, including passport copies of shareholders and directors, a business plan outlining your proposed activities and objectives, and proof of initial approval from the MFZA.
    • The MFZA will review your application and issue initial approval if all requirements are met, signaling the go-ahead to proceed with the company setup process.

    4. Finalize Legal Documentation

    • Once initial approval is granted, finalize the legal documentation required for company formation, including the Memorandum and Articles of Association (for FZCO), or the Establishment Contract (for FZE).
    • Ensure all legal documents are duly signed and notarized in accordance with the regulations of the Meydan Free Zone.

    5. Obtain Licenses and Permits

    • Apply for the necessary licenses and permits to conduct your business activities within Meydan Free Zone. The specific licenses required will depend on the nature of your business.
    • Work closely with the MFZA and relevant authorities to ensure compliance with all regulatory requirements and obtain the requisite approvals in a timely manner.

    6. Set Up Office Space and Facilities

    • Secure suitable office space and facilities within Meydan Free Zone to serve as your company’s operational base.
    • Take advantage of the modern infrastructure and support services available within the free zone to enhance your business operations and productivity.

    Documents Required to Register a Company in Meydan Free Zone

    • Application Form: Complete the official application form provided by the Meydan Free Zone Authority (MFZA). This form gathers essential information about the company, its shareholders, directors, and proposed business activities.
    • Business Plan: Prepare a detailed business plan outlining the objectives, proposed activities, market analysis, financial projections, and strategic goals of the company. The business plan demonstrates the viability and potential of the business to the MFZA.
    • Passport Copies: Provide passport copies of all shareholders and directors involved in the company. The passport copies should be clear and legible, showing personal details and validity.
    • Proof of Address: Submit proof of address for each shareholder and director, such as a recent utility bill or bank statement. This document verifies the residential address of individuals involved in the company.
    • Memorandum and Articles of Association (for FZCO): Draft and notarize the Memorandum and Articles of Association (M&AA) for Free Zone Company (FZCO) setups. The M&AA define the structure, rights, responsibilities, and operational framework of the company.
    • Establishment Contract (for FZE): Prepare and notarize the Establishment Contract for Free Zone Establishment (FZE) setups. This document outlines the details of the single shareholder who owns the company and specifies the operational parameters.
    • Initial Approval Certificate: Obtain the initial approval certificate from the MFZA after the preliminary review of the company registration application. This certificate signifies the MFZA’s consent to proceed with the company setup process.

    Benefits of Setting up a Company in Meydan Free Zone from the UK

    • Modern Infrastructure: Meydan Free Zone offers state-of-the-art infrastructure, including modern office spaces, advanced telecommunications facilities, and world-class amenities. British businesses benefit from access to premium facilities and services to support their operations and growth.
    • 100% Foreign Ownership: Unlike mainland UAE, where foreign ownership restrictions may apply, setting up a company in Meydan Free Zone allows for 100% foreign ownership. British entrepreneurs can retain full control of their businesses without the need for a local partner or sponsor.
    • Tax Incentives: Companies operating within Meydan Free Zone enjoy favorable tax incentives, including zero corporate and personal income tax for up to 50 years. This tax-free environment enhances profitability and financial stability for British businesses expanding into the region.
    • Regulatory Ease: The business setup process in Meydan Free Zone is streamlined and efficient, with minimal bureaucratic hurdles. The Meydan Free Zone Authority (MFZA) provides guidance and support to navigate the regulatory requirements, ensuring a smooth transition for UK companies.
    • Strategic Location: Meydan Free Zone’s strategic location in Dubai provides access to key markets in the Middle East, Africa, Asia, and beyond. Its proximity to major transportation hubs, including Dubai International Airport and Jebel Ali Port, facilitates easy connectivity for trade and business activities.

    Types of License in Meydan Free Zone

    The different licenses you will get to form a company in Meydan Free Zone includes:

    • Commercial License
    • Service License
    • Industrial License
    • Consultancy License
    • E-commerce License
    • Media Event License 
    • Management License

    Conclusion

    For expatriate entrepreneurs, receiving dependable support to navigate the complexities of business establishment and regulatory compliance in Meydan Free Zone is essential. The authority has established a specific process for company formation, necessitating adherence to outlined policies and obtaining requisite approvals.

    OnDemand International has established itself as a leading business setup service provider in Dubai, UAE, with more than 12+ years of experience. Our dedicated team offers comprehensive assistance throughout the company formation process in Meydan Free Zone and other UAE jurisdictions. From securing the Meydan Free Zone license to acquiring official and commercial premises and ensuring compliance with all necessary formalities, our proficient professionals manage every aspect on behalf of our clients.

    We offer a streamlined service that adheres to a predefined schedule, ensuring each step of the setup process is completed promptly and with clarity. Leveraging our established connections with regulatory authorities, we provide optimal support to our clients.

    Should you require assistance with establishing a company in the Meydan Free Zone, please feel free to reach out to us. We are fully equipped to assist you promptly and effectively.

    FAQs

    There are 50 shareholders who are eligible for a license in Meydan Free Zone, not more than that.

    Ex-patriates in Meydan Free Zone are not obligated to secure a local Emirati sponsor to initiate a business. They have the liberty to own 100% of the company's shares. Moreover, current regulations allow ex-pats to establish businesses in the UAE Mainland jurisdiction without the requirement of a local Emirati sponsor.