Twenty years ago Patrick Crosbie established his first SME business in London. The process took a couple of days and cost £60 ($92.50), which he recalls being significant for the small tech start-up he established. By the end of a week he had the company confirmed, a bank account opened and a VAT number from the tax office. Being Irish he didn’t need a UK visa, and there was no requirement for an office. Like many start-up companies he planned global domination from a spare room.
He reflects on this experience because following relocation to the UAE eight years ago he set up his first free zone licence at the RAK Free Zone, and then a couple of years later moved the business onshore to set up a DED (Dubai Economic Department) trade licence with an office in Dubai Investments Park. Establishing both businesses gave a contrasting experience of creating a legal entity with the paperwork and costs being very different to that first company back in London. A further four years working at one of the country’s best known company formation businesses gave him the view from the other side of the desk, gaining first-hand experience of how the free zone model (and required procedures) operates in the Middle East.
Finding a business setup consultant for free zones
The process of setting up a free zone business has become more streamlined in recent years, but it still requires a high degree of know-how to get the paperwork in order, and to know where to start the process. Some of the free zones (such as DMCC) have invested heavily in Salesforce CRM to make the paperwork processing run smoother, and prospective clients can even use their website to apply online and upload the required documents.
If someone prefers to speak to a consulting firm rather than going directly to a specific free zone, there are many, many vendors in the market that specialise in business set up. However, it is advisable to seek experienced businesses who have been operating for a while as some of these businesses come and go and offer varying levels of expertise.
Businesses such as Synergy Group or Virtuzone have stood the test of time, and have the experience of setting up thousands of trade licences and visas. In many cases, handing over the free zone set up process to an external consultant can save you from running around in circles and even from selecting the incorrect type of trade licence for your type of business.
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