DAFZA Companies Can Now Operate Across Dubai
by Lorys Charalambous, Lowtax.net, Cyprus
26 September, 2017
The Dubai Airport Freezone Authority (DAFZA) and Dubai's Department of Economic Development (DED) have signed a memorandum of understanding allowing companies registered in the Zone to obtain dual licenses to operate across Dubai.
Under the memorandum, the DED can license a DAFZA-registered company to do business across the emirate. The DED may modify or add any activity related to the licenses of companies.
Mohammed Al Zarooni, Director General of DAFZA, commented: "The memorandum of understanding complements DAFZA's leading role in increasing the flow of foreign direct investment [into Dubai], and is in line with our Strategic Plan for 2017 to 2021 ... We are confident this new licensing agreement will add significant value to the economy of Dubai and the United Arab Emirates in general, as it will help attract international investors and offer a unique business experience serving the best interests of companies operating within the freezone."
The Dubai Airport Freezone was established in 1996. Business incentives offered include exemptions from corporate tax, personal income tax, and import and export duties. Companies established in the Zone may also be 100 percent foreign owned.
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