They are designed to encourage foreign investment with easier start-up processes, labour and immigration procedures, 100 per cent ownership for all nationalities and other legal services. Each free zone has its own authority and its own rules, which are applicable to investors looking to set up firm in those zones.
Advantages
1. Allows 100 per cent foreign national ownership of firm with
no requirement of local sponsor or local service agent.
2. Waiver of corporate taxes (time-bound and renewable for
further periods).
3. Exemption from personal taxes as well as import and
export taxes.
4. 100 per cent repatriation of revenue and profits.
5. Documentation is less and more suited to foreign
investors.
6. Long-term leasing options (up to 25 years) available at
great terms to investors.
7. Recruitment and workforce processes are simplified, faster
and cheaper.
8. Easy availability of legal, housing, immigration, labour and
other facilities.
9. Incorporation is faster than when done outside free zones.
and cheaper.
10. 100 per cent free transfer of funds.
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