Abu Dhabi Free Zone Targets Clean Tech Firms
by Lorys Charalambous, Lowtax.net, Cyprus
20 October, 2016
Abu Dhabi's Masdar Free Zone recently announced that will offer a broader range of licenses to encourage clean-tech entrepreneurs to set up within Masdar City.
Masdar City, which is next to Abu Dhabi International Airport, allows 100 percent foreign ownership, and offers exemption from corporate and personal income taxes and 0 percent import tariffs. It also facilitates access to research and development partnerships through the Masdar Institute of Science and Technology.
"Masdar City is nurturing the region's first dedicated clean-tech cluster anchored by a research institute specializing in advanced energy and sustainable technologies," said Mohammed Al Fardan, Director of the Masdar City Free Zone. "These additional business benefits will further incentivize local start-ups and encourage more UAE national entrepreneurs to enter the private sector, while at the same time supporting the City's overall mandate to connect education with R&D and business with investment."
For clean-tech entrepreneurs starting up in Masdar, minimum share capital requirements will be waived; they will be subject to lower free zone registration charges and lower charges to lease single-desk office space; and the standard requirement to provide a bank or employee guarantee when issuing a UAE residence visa will be waived.
Al Fardan said: "As both a free zone and an investment zone, Masdar City offers flexibility and scalability to prospective tenants and investors, catering to micro businesses and large-scale corporations alike ... Our latest initiative further strengthens Masdar City's appeal to future clean energy entrepreneurs, and to the growing cadré of business-minded UAE nationals graduating from the Masdar Institute."
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