DUBAI: ONE FREEZONE PASSPORT

Current Context : Dubai Free Zones Council has launched the “One Freezone Passport” to allow businesses to operate across all free zones with a single license.

ABOUT ONE FREEZONE PASSPORT

• Old System: Separate license required for each free zone.
• New System: One license valid across all free zones in Dubai.
• Benefits:
  • Reduced cost and bureaucracy.
  • Easier regulatory compliance.
  • Access to tax exemptions and 100% foreign ownership.
  • Immediate effect for new and existing firms.
• Alignment with D33 Economic Agenda:
  • Goal: Double GDP by 2033, make Dubai one of top three global cities.
  • Boosts global investor confidence.

ABOUT FREEZONE

• Definition : A Freezone (also called Free Trade Zone or Special Economic Zone) is a designated area within a country where businesses enjoy special privileges, such as tax exemptions, simplified customs procedures, and relaxed regulatory rules to encourage trade, investment, and economic activity.
• Key Features:
  • Duty-free import and export of goods.
  • 100% foreign ownership (in most freezones, unlike outside areas where joint ventures may be required).
  • Exemption from income tax, corporate tax (for a fixed period, renewable).
  • Simplified business setup procedures.