UAE Free Zone Initiatives - Maximum Solutions News
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UAE Free Zone Initiatives

As a result of the current situation created by the Coronavirus Covid-19 pandemic, the UAE Free Zone Authorities have put in place several measures to assist foreign investors / entrepreneurs with the incorporation and administration of their local entities.

Below is an overview of some of the measures that have introduced.

 

Dubai

 

Dubai Multi Commodity Centre (DMCC)

 

DMCC has initiated a digital process that allows investors / shareholders to setup their company without having to be physically present in the UAE. The below changes, which are with immediate effect and until further notice are:

      • Signature on the incorporation documents such as specimen signature and board resolution can be completed through video conference or via an approved DMCC International Service Provider.
      • The documents of the foreign party can be forwarded by email as scanned copies of the originals as long as they have been notarized and attested at the Ministry of Foreign Affairs and UAE Embassy in the country of origin or an online verification can be completed via a public register, where applicable.
      • Licence application documents can be submitted via email as scan copies of the originals.

 

Abu Dhabi

 

Abu Dhabi Global Markets (ADGM)

 

ADGM have implemented their current Data Protection Regulations and online registry solutions as described below.

      • The Data Protection Regulations don’t prevent a Data Controller from processing personal data in cases of emergency as long as it is fair, lawful and secure, and is adequate, relevant and proportionate to the purpose of why it is being processed.
      • Corporate service requests will be processed online via the ADGM portal. As a result, new incorporations and licence renewals or amendments can be completed without the physical presence of the investors/ shareholders and authorized signatory.

 

TwoFour54

 

TwoFour54 has recently waived all licensing and incorporation fees for two years to all media companies.

To support investors / entrepreneurs with starting a new business,  TwoFour54 have introduced measures to allow for setting up remotely which includes:

      • UAE residency or visit visa in not a mandatory requirement to establish a new company.
      • The application forms can be accepted online / electronically.

 

Fujairah

 

International Free Zone Authority (IFZA)

 

As a result of the travel restrictions, IFZA has introduced an option which allows foreign investors to establish their entity remotely as described below:

      • No requirement to have a UAE residency or visit visa at the time of incorporation.
      • The application forms can be accepted online / electronically.
      • The shareholder / investor is not required to be physically present at any stage of the company incorporation process.

 

Ras Al Khaimah

 

Ras Al Khaimah International Corporate Center (RAKICC)

 

RAKICC have introduced the following procedures:

      • Accepting a scanned copy of the documents, rather than the originals, to complete new service requests.
      • Current companies that have not renewed from 22nd March 2020, will not be automatically removed but will be marked as inactive. However, penalties for not renewing on or prior to the expiry date will apply.
      • The current amnesty period for the restoration of entities will be extended from the 30th April to the 30th June 2020.

 

The above is for general guidance only and subject to change / variance at any time.

This overview has included only a selection of the free zone / offshore options in the UAE but there are many others that are providing a number of initiatives and offers to entrepreneurs/ investors as a result of the worldwide pandemic.

Maximum Solutions is a leading corporate services providers in the Middle East providing market entry, local partnership and government liaison services in Dubai, Abu Dhabi, Saudi Arabia and Kuwait.

 

If you would like more information about setting up a company in one of the UAE free zone please get in touch at info@gccsolutions.com