New "One Free Zone Passport" Initiative In The Works To Permit Businesses To Use Single License To Operate In All Free Zones In Dubai

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.

learn more about Megha Merani

By Megha Merani

Shutterstock.com

Opinions expressed by Entrepreneur contributors are their own.

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."

Related: Five Things You Need To Do For Your Business To Be Successful In The UAE

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.

Related: A Framework For The Future: Why The UAE's Free Zones Are Due For A Reinvention

Megha Merani

Independent Journalist

Megha Merani is an independent journalist with more than 10 years of newspaper, magazine and web reporting experience in the United Arab Emirates, writing hard news, investigative reports, features and opinion pieces. Her passion for storytelling coupled with a proven instinct for identifying talkgenerating issues has resulted in breaking stories and insightful features that have made local, regional and international headlines. Her work has been published across Thomson Reuters, Zawya, Bloomberg Middle East, Gulf News, former local daily 7DAYS, and government publications.

Related Topics

Thought Leaders

The Collapse of Credit Suisse: A Cautionary Tale of Resistance to Hybrid Work

This cautionary tale serves as a reminder for business leaders to adapt to the changing world of work and prioritize their workforce's needs and preferences.

Growth Strategies

STV Founder And CEO Abdulrahman Tarabzouni Aims To Help Create The Next Digital Giants Of The Middle East

With over US$800 million in capital, STV backs and scales the region's most exciting and disruptive technology companies, primarily focused on growth-stage technology.

Leadership

5 Winning Habits That Will Transform Your Leadership Skills

Ready to take your leadership skills to the next level? Discover the five winning habits that will transform you into an exceptional leader!

Leadership

The Bootstrapped Billionaire: Zoho Corporation Co-Founder And CEO Sridhar Vembu

Sridhar Vembu, co-founder and CEO of the billion-dollar Zoho Corporation, explains how the soul of his company remains grounded despite its growth.

Entrepreneurs

Meet the Most Active Investors In Saudi Arabia

This list has been compiled for (Saudi) startup founders to get familiar with- in case you might approach them in the future, to assess their impact on your cap table.

Business Process

Why Embracing Chaos is Crucial to Your Success and Longevity

Chaos engineering is a popular idea in software engineering, centered around the premise that deliberately breaking a system to gain information will ultimately help improve that system's resiliency. Given the uncertainty of our times, CEOs might want to apply this type of approach in their corporate sustainability strategies.