World free zone Expo is a step forward
The World Free Zone Expo (WFZE) Pavilion, a first-of-its-kind special eventthey host in Abu Dhabi, will put together free zones under one roof to participate onshore and offshore businesses and company start-ups to promote potential strategic alliances and collaborations and highlight promising investment possibilities.
The Expo is a component of a sequence of collocated interactive networking activities to be conducted in association with the 11th edition of the International Real Estate and Investment Show (IREIS), which will take place from 30 October 2019 to 1 November 2019 at the Abu Dhabi National Exhibition Centre.
The advantages
Free zone gives many advantages and exemptions to companies and businesses that choose to work outside them. For example, the advantages of setting up a business in a free area in the UAE include 100% import and export tax exemptions; 100% repatriation of assets and revenues; exemption from corporate tax, private revenue tax; comparatively simple start-up and licensing processes; and minimum documentation, among many others.
Currently, the UAE is home to more than 45 free zones, distributed across the seven emirates. Several variables assist to increase the supply and popularity of free zones over the short to medium term between current and new business entrants, which can be ascribed to the relaxation of legislation, (FDI) projects, the drying of public charges, economic stimulus packages such as’ Ghadan 21,’ the implementation of dual-licensing systems in free zones and main aid systems.
How important it is
Research undertaken by IREIS has shown that profits in UAE free areas are probable to increase by 15% by the end of 2020 due to important occurrences and activities such as EXPO 2020 that are expected to take place in the nation.
In view of this expected growth, the first World Free Zone Expo is set to become an effective platform for the creation of many advantages and opportunities within free zones not only in the UAE but also from around the world.
More choices
Building on the achievement of past exhibitions, IREIS 2019–arranged by Dome Exhibitions–will present a broad range of true estate innovations alongside a broad range of appealing investment choices and consultation and funding possibilities provided by national and global true estate companies, brokers and retailers from the Middle East, Europe and Asia Pacific.
IREIS, a specific real estate exhibition in Abu Dhabi aimed at buyers and customers rather than business tourists, offers customers from around the globe with perfect investment choices and perspectives into present market trends.
Business should thrive due to free zones
The main proponents of IREIS 2019 are the Abu Dhabi Chamber of Commerce and Industry and the Department of Urban Planning and Municipalities.
Antoine Georges, Managing Director of Dome Exhibitions, said: The function of the UAE’s free zones in bringing foreign investment to the nation and boosting the domestic economy is enormous.
Recognizing this, some Emirates have implemented tailored permits and other incentives for businesses working in these areas.
In addition, it enables partners to engage in free trade operations with Abu Dhabi public institutions.
It also gives free zone enterprises the liberty to grow their activities outside their free zone without a local partner.
Improvements
Free areas undoubtedly improve trade by attracting significant investment to generate world-class infrastructure and thus add to the economic growth of the country. Despite changes in market circumstances and regardless of global and internal company climates, they show powerful efficiency and can become important catalysts that enable international business.
Against this background, the ’World Free Zone Expo’–the first of its kind the authorities host in Abu Dhabi–will serve as an optimal location for free areas to take part onshore and offshore businesses and company start-ups to investigate potential strategic partnerships and collaboration.
Source: Construction Business News
