New "One Free Zone Passport" Initiative In The Works To Permit Businesses To Use Single License To Operate In All Free Zones In Dubai
Grow Your Business, Not Your Inbox
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.
The Dubai Free Zones (DFZ) Council plans to launch a new initiative that would allow companies licensed at a single free zone in Dubai to also operate in other free zones in the Emirate, without the need for a second license.
UAE national news agency WAM said in a statement that the council reached a preliminary agreement on the "One Free Zone Passport" during its 12th meeting headed by H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman, Chief Executive of Emirates Airline and Group, and DFZ Council Chairman.
The council members also agreed to meet with representatives of the Dubai Land Department and the Supreme Legislation Committee to discuss the possibility of exempting free zone companies from registering leased property.
Commenting on the new initiative, H.H. Sheikh Ahmed bin Saeed said in a statement: “The DFZ Council aspires to position Dubai as a regional driver of sustainable economic growth, as well as a reference point for forecasting the future in various fields, including education and innovation, while reflecting the outcomes of the Fourth Industrial Revolution.”
He added that the council works tirelessly to build on its pioneering experience in implementing successful initiatives through leveraging promising opportunities that emerge as an outcome of new economic systems, such as the sharing economy, the green economy, and the digital economy.
Meanwhile, in line with the DFZ Council’s sustained efforts to improve ease of doing business across the free zones in Dubai, the members endorsed a recommendation to implement the requirement of an insurance policy instead of a bank guarantee for free zone-based companies. In addition to safeguarding employee rights, the move is devised to help boost liquidity for companies and attract greater investment capital.
H.H. Sheikh Ahmed bin Saeed added that the DFZ Council aims to continue exploring new horizons and examine new operational frameworks for a sustainable economy as it develops a comprehensive geo-economic map of Dubai, in line with the Emirate’s Fifty-Year Charter issued by H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, which aims to position Dubai as a leading destination for investment and business set-up.
This article was originally published on Dubai Startup Hub and has been reposted on Entrepreneur Middle East based on a mutual agreement between the websites.