Jafza Seeks To Attract More Turkish Companies
by Lorys Charalambous, Lowtax.net, Cyprus
15 October, 2014
Dubai's Jebel Ali Free Zone has organized a seminar in Turkey to highlight the advantages Turkish companies can gain by establishing operations in the Zone.
There are currently more than 90 Turkish companies operating in Jafza, and the Free Zone is looking to increase that number and enhance its trade ties with Turkey.
Jafza offers a number of incentives 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.
Trade between the United Arab Emirates (UAE) and Turkey is expected to reach USD15bn by next year. Only three years ago, trade flows were about USD5bn annually.
Jafza's total trade volume with Turkey stands at around USD734m, after experiencing growth of 22 percent over a ten-year period concluding in 2013.
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