Dubai’s one-free zone passport initiative allows single license use for multiple zones. Dubai Free Zone (DFZ) Council’s members have reached a preliminary agreement. Whereby companies can operate their business in multiple free zones without the need for a second license. With this one free zone passport initiative, companies will be able to start their business within Dubai’s free zones more easily and economically. This notion will promote Dubai as the regional driver of sustainable economic growth. But also enforce companies to stay competitive and efficient.
“At the Council’s 12th meeting headed by Sheikh Ahmed bin Saeed Al Maktoum. The Council’s members agreed to the One Free Zone Initiative where they agreed. To allow firms to operate in multiple free zones on a single license.”- Khaleej Times
Since the announcement of UAE last year, they are allowing 100% ownership. Analysts and other legal experts believe that the idea of a free zone shows a huge attraction in foreign companies. Giving tough competition in the global market.
Sheikh Ahmed said that “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. Following the directives of the UAE’s visionary leaders, we have completed a study on our e-commerce initiative. Looking forward to constructive feedback from the Executive Council of Dubai.”
Recently, the council of Dubai said that they will discuss exempting free zone companies from registering the leased property with the Dubai Land Department. Also, the council of free zone enhances the performance of businesses operating under free zones with the coordination of the Federal Tax Authority.
The council of the free zone also recommended that they will conduct market research on optimal ways to support the halal industry and its development. Recently, In a study of Dubai’s free zones and sharing best practices in establishing free zones internationally. A detailed assessment of industry-focused free zones.