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The Jumeirah Lake Towers (JLT) Free Zone was the first free zone in Dubai to open its doors in 2002. It is the only free zone in Dubai to provide essential services for commodities marketplaces registration in the United Arab Emirates. In order to assure the efficiency of businesses that have chosen to set up shop there, the Jumeirah Lake Towers Free Zone is equipped with cutting-edge infrastructure as well as trade networking tools.
Approximately seven thousand businesses call Jumeriah Lake Towers their home at the moment. The JLT Free Zone continues to be attractive to international investors, not just in the commodities sector but also in the banking sector, the logistics industry, and the insurance industry.
Tips for Setting Up Business in Jumeirah Lake Tower
The Dubai Multi Commodity Center Authority in the Jumeirah Lake Towers Free Zone enables foreign investors to establish any one of the following kinds of companies:
- limited liability businesses that have one or more shareholders
- limited liability companies that are wholly owned subsidiaries of foreign firms
- branch offices of companies based overseas are all examples of types of limited liability companies.
It is necessary for every kind of business to submit an application for a commercial license with the DMCC Authority. Companies that are already registered in Jumeirah Lake Towers have the option of applying for a trade license, a service license, or an industrial license, depending on the activities that they want to engage in.
The following documents need to be presented for Company Formation in JLT before the Dubai Companies Register in order for the firm to be registered with them:
- a photostat of the owner’s passport
- evidence that they live at the address shown in the company plan, and so forth.
There are certain actions that will need extra requirements or approvals from other authorities in addition to those already required. In addition to this, the firm will be required to have its registered office located inside the Jumeirah Lake Towers Free Zone.
Different Licenses Available for the Jumeirah Lake Tower
The various types of licenses available for the Jumeirah Lake Tower are as follows:
General Trading Licence: Enables the distributing, consolidating, importing, exporting, and storing of nearly any sort of goods, opening up new prospects for company owners and entrepreneurs.
Industrial Licence: Authorizes the conduct of light production operations that are outlined in the license.
Service Licence: Authorizes the holder to engage in service or consulting activities that are outlined in the license.
Commodities Trading License: a kind of license that enables businesses to engage in the trading of certain approved items. These goods are listed in the license.
Benefits of Setting up Business in the Jumeirah Lake Tower
The JLT Freezone, which can be found on Sheikh Zayed Road, is convenient both in terms of access and transportation thanks to its location inside Dubai and its proximity to two metro stations. It is linked to both Dubai and Abu Dubai and is also located in close proximity to the Jebel Ali Free Zone, ports, and the Al Maktoum International Airport.
The Freezone features a modern infrastructure, trade networking platforms, free-hold property, and industry, including purpose-built storage facilities and secure vaults. These features, in addition to the possibility of having 100% foreign ownership of the company itself and optional visa facilities, are all very beneficial. You won’t have to pay customs duty, and both individual taxpayers and businesses won’t be subject to taxation.
Conclusion
The Jumeirah Lakes Free Trade Zone is without a doubt one of the most prosperous commercial areas in all of Dubai, as it is home to more than 7000 different businesses.
JLT’s goal is to facilitate both business and community life by providing opportunities for all three. Today, the JLT free zone is home to approximately 6,500 firms, ranging from global corporations and key regional industry players to small and medium-sized businesses and new ventures just getting themselves started in the business world.
You will be able to establish a bank account either after you have obtained your resident visa or after you have registered your business in Jumeirah Lakes Towers. If you are interested in establishing a business in Dubai, the JLT (Jumeirah Lakes Towers) Free Zone is an excellent choice to consider.
