The Meydan Free Zone (MFZ), established by Ruler’s Decree No. 5 in 2009, is situated in Nad Al Sheba. With its strategic location near key financial and commercial hubs, it offers a highly advantageous environment for various business activities. Here are some benefits of operating a business in MFZ:
- 100% Repatriation of Capital
- 100% Foreign Ownership
- Low Corporate Tax
- No Deposit Requirement
- No Currency Restrictions
- Zero Personal or Income tax.
- Convenient and Skilled Labor Pool
- Flexible Facilities
At YUGA Accounting & Tax Consultancy, we bring years of experience in guiding investors through the business setup process. With our expertise, we can help you achieve your objectives, from securing the required licenses to managing the visa application process. We’re here to support you every step of the way, ensuring a smooth transition from start to finish.
Types of Business Licenses, Activities, and Entities Permitted in Meydan Free Zone
When applying for a business license in the MFZ, it’s essential to have a well-researched business plan that addresses several key elements of your proposed company, such as the business activities you intend to conduct and the legal structure you wish to establish. We’ll discuss these aspects in detail below:
01) Media License
A media license grants to individuals who are willing to conduct business in the media, marketing, advertising, and communication-based companies.
Activities
The Meydan Free Zone offers a wide range of business activities, including:
Consultancies:
Businesses that sell their consultative services are a popular option in MFZ.
Communications:
News companies, radio, and more fall under the banner of this business activity.
Retail:
Retail establishments make up a huge portion of the UAE economy.
Advertising:
Media-based activities like advertising and marketing operate under this activity.
02) Commercial License
Commercial licenses grant you the ability to run retail stores, engage in import and export activities, buy and sell real estate, and more.
03) Consultancy License
A consultancy license is intended for businesses that offer products or services, including lawyers, consultants, and medical professionals.
The Documents Required to Start Your Business in the MFZ
When setting up your business in the MFZ, it’s crucial to collect all the required documents for your application. The necessary documentation may differ based on whether you’re applying as an individual or as a larger company with multiple shareholders. The documents include:
For Companies
- Signed registration and application forms
- A notarized power of attorney for all shareholders
- A Memorandum of Association and Articles of Association of the parent company
- An original bank reference letter and bank statements for six months
- A three-year business plan
- 3 trade names of the proposed company
- Colored copy of passport and visa for manager or director
- Board of resolution appointing a manager or director
For Individuals
- Signed registration and application forms
- 3 trade names of the proposed company
- Business plan
- A notarized power of attorney, if a legal representative or agent is appointed
- A copy of passports and visas of the owner or manager
- A CV of the owner or manager
- An original bank reference letter and bank statements for 6 months
- Color copy of passport
- Proof of address (This can be in the form of a utility bill)
Business Activities
The Meydan Free Zone offers a wide range of business activities, including:
01) Consultancies
Businesses that sell their consultative services are a popular option in MFZ.
02) Communications
News companies, radio, and more fall under the banner of this business activity.
03) Retail
Retail establishments make up a huge portion of the UAE economy.
04) Advertising
Media-based activities like advertising and marketing operate under this activity.
Business Entities
Choosing the legal form for your company is a crucial step in the business formation process. It will determine how your enterprise manages its legal matters, including profits, losses, and assets. The entities you might consider include, but are not limited to:
01) Branch Office:
A branch Office is an extension of a larger established corporation. All responsibilities for a branch Will fall under the legal structure of the parent branch.
2) Sole Establishments:
A Sole establishments is a legal entity operated by A single individual that controls all operations and bears responsibility for all profits and losses.
3) Limited Liability Company (LLC):
A Limited liability Company , or LLC, is a popular business form often recommended for companies aiming to sell goods within a particular jurisdiction. in the event of bankruptcy, an LLC limits the owner’s responsibility for debts accrued during the business.
Types of Business Licenses, Permitted Activities, and Entities in Meydan Free Zone
When applying for a business license in the MFZ, it’s important to have a carefully researched business plan that covers several aspects of your proposed company, including the business activity you’d like to conduct and the legal form you’d like your company to take. We’ll cover these aspects below:
01) Consultancy license:
Consultancy license is dedicated to businesses that sell their products or services. This Includes lawyers, Consultancies, and medical Professionals.
02) Media License:
A media license grands to individuals who are willing to conduct business in the media, marketing, advertising , and Communication-based Companies.
03) Commercial License:
Commercial Licenses give you the authority to operate retail stores, import and export goods, purchase and sell real estate, and much more.