One Free Zone Passport Initiative – Dubai Free Zones
The Dubai Free Zones Council (“the Council”) held its 12th meeting this week to discuss the latest developments across industry and to complete and submit certain initiatives for implementation.
One such initiative discussed at the meeting was that of the ‘One Free Zone Passport’ which would theoretically enable a company licensed in a single free zone to operate across other Dubai free zones without a further license being required.
The Council are said to have reached preliminary agreement regarding this initiative however the full details of when and on what terms same may be permitted are yet to be clarified.
Dubai is home to approximately 45 free zones accommodating numerous sectors, each with their own separate laws and regulations. Presently, one may incorporate within a free zone in order to carry out operations pursuant to the activities permitted within that jurisdiction. Where an entity intends to carry out business across other free zones however further licenses or permissions are required from the relevant authorities.
The ‘One Free Zone Passport Initiative’ would ensure the appeal, and promote the accessibility, of free zones versus Dubai mainland which is thought to be of particular importance in light of the developments surrounding 100% foreign company ownership of onshore entities last year.
This initiative is an exciting development that we are keenly pursuing. To learn more about recent developments and the opportunities available to you and your business in the UAE please do not hesitate to contact us.
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