Jafza Receives Delegations From Thailand, Philippines
by Lorys Charalambous, Lowtax.net, Cyprus
13 April, 2015
The Jebel Ali Free Zone (Jafza) in the United Arab Emirates, on April 9, 2015, welcomed senior trade development officials and business leaders from Thailand and the Philippines.
Welcoming delegations from the two countries, Ibrahim Mohamed Aljanahi, the Deputy CEO of Jafza, invited companies from the countries to set up shop in the free zone. Aljanahi noted that non-oil trade between Jafza and Thailand exceeded USD1bn in 2013, after increasing by 30 percent over the past five years. Jafza firms typically re-export Thai products to different Gulf Cooperation Council (GCC) countries, he said.
In 2013, trade between Dubai and Thailand reached USD4.6bn, of which USD190m involved firms in the zone. Goods traded included construction materials, chemicals, electronics, food and beverages, and jewelry.
Jafza officials also highlighted that the zone is keen to collaborate with national authorities on creating "business incubators" to support small- and medium-sized enterprises to establish operations in the zone. "We have six business incubators operating in the free zone at present. Three more are expected to be operational soon," Aljanahi said.
Jafza offers a number of benefits to companies established in the zone, including 100 percent foreign ownership, zero percent corporate tax guaranteed for 50 years, zero percent import and re-export duties, zero percent personal income tax, and no restrictions on the repatriation of capital and profits.
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