The Dubai Free Zones Council (“DFZ Council”) has initiated “One Free Zone Passport” scheme to attract international companies for investment and business set up. This scheme will enable the entities having any one free zone license to operate in other free zones based in Dubai without any further requirement of new license. Certainly, this will prove to be significantly cost effective for those investors who might wish to have a base in more than one free zone in Dubai. Additionally, there is also a proposal to allow free zone license entities to take up rental contracts from the current 25 years to 50 years.
One of the key advantages of free zones is that they allow 100% foreign ownership. This presents exceptional opportunities to attract SMEs and international companies and empower entrepreneurs to realize their creative ideas.
Furthermore, DFZ Council is also discussing to initiate the “Free Zone 10X” platform, which would put in place a financial market for free zone enterprises to raise funds through IPO listings. To implement this initiative several legislative requirements are being conducted.