The Government of Dubai established Jumeirah to set up a commodities market on Sheikh Zayed Road, and JLT Fee Zone offers commercial properties for sale as well. The attractive infrastructure surrounded by several other Free Zone markets makes it an excellent investment opportunity that will offer returns long term.
Jumeirah Lake Towers (JLT) is a large development in Dubai, the United Arab Emirates which consists of 79 skyscrapers. It is located on the edge of the Jumeirah Islands, near the interchange of Sheikh Zayed Road and Al Khail Road. The total area of JLT is 2 square kilometers.
JLT has a mix of residential and commercial towers, with more than 70% of the development being residential. There are also a number of hotels in JLT, such as the Ritz-Carlton and the Marriott Executive Apartments.
After registering your company in Jumeirah Lakes Towers or after getting your residence visa you can open a bank account. If you’re looking to set up a company in Dubai, the Jumeirah Lakes Towers (JLT) Free Zone is a great option.
In this article, we’ll give you a guide on how to set up your business in JLT. After registering your company in Jumeirah Lakes Towers or after getting your residence visa you can open a bank account.
So, if you’re ready to make the move to Dubai, read on for all the information you need!
Advantages of Jumeirah Lakes Towers Free Zone Company
JLT is a vibrant and modern community that offers a great lifestyle and plenty of amenities for residents and businesses. JLT is also an excellent choice for setting up a business, as there are many advantages to doing so. Here are just a few of the reasons why you should consider setting up your company in JLT:
- Company formation is simple and quick.
- There is no personal or company taxation.
- There are no currency limits.
- There is no capital repatriation.
- Complete control of the company.
- Licenses for a variety of commercial activities.
- One or more shareholders in the company.
- Excellent key business location with international significance.
- Excellent commercial opportunities are made possible by unique collaborations with industry leaders.
- Online networking tools and business networking events.
- Provision of investment instruments, such as Shariah-compliant hedge funds.
- Modern, purpose-built properties for lease or buy.
- The best location in Dubai, with enough parking and two metro stations.
- Global “best practice” to ensure a secure and controlled corporate environment.
- A high degree of client care for license processing and issuance.
- Gaining access to trading platforms.
What Activities Are Allowed and Not Allowed for a JLT Freezone Company?
The JLT Freezone Company Setup is a business entity type that is restricted to carrying out only certain types of activities within the Free Zone. The company cannot engage in any activity that is not approved by the Free Zone authorities and can only operate within the designated Free Zone area.
The DMCC permits a wide range of commercial operations. If your firm will provide marketing services, support services, or be involved in engineering or healthcare, you should consider establishing it there.
The JLT Free Zone Authority permits two categories of business establishments:
1. Limited Liability Company JLT Free Zone
It is possible to start a company with one or more stockholders. The bare minimum of directors is one. The director can be of any country and does not have to be a UAE resident. Corporate directors are allowed.
For established businesses looking to establish a presence in the JLT Free Zone.
Here’s a list of activities that are allowed in the DMCC Free Zone:
- AUTOMOTIVE & TRANSPORTATION
- CONSTRUCTION & ENGINEERING
- PRECIOUS METALS & STONES
- PROFESSIONAL SERVICES
- REAL ESTATE & FACILITY SERVICES
- SHIPPING & LOGISTICS
- SUPPORT SERVICES
- TECHNOLOGY & TELECOM
- FOOD & AGRO
- GENERAL TRADING
- MEDIA & MARKETING
- METALS & MINERALS
- PERSONAL & COMMUNITY SERVICES
- PERSONAL & HOUSEHOLD GOODS
Some activities are not permitted in the DMCC Free Zone. The corporation, for example, can participate in any activity other than banking, insurance, and financial activities (such as currency exchange). It is not permissible to manage funds for third parties.
The process of establishing a new company or a completely owned subsidiary in DMCC is quick and easy. Before we get into the company setup steps, let’s check out the documents you’ll need to provide to start the application process:
- Original, valid passport and proof of residence (Utility bill copy)
- Forms for applications and specimen signatures
- Board Resolution to Form the Company
- NOC from the sponsor if you have a valid UAE visa (not applicable for investor/partner visa holders)
- A Dubai Free Zone registered address (Office space or Flexi Desk at our business centers)
- If applying as a branch or subsidiary, copies of the parent company’s documentation must be legalized.
- Certain commercial tasks necessitate additional steps (e.g. third party approvals from regulating authorities)
Now that you know what documents you’ll need, let’s see how easy it is to set up a company in DMCC:
Step #1: Express your desire to establish a company:
Choose your license type and your company operations. Learn what documents you’ll need and how much they’ll cost.
Following your inquiry, a DMCC representative will create and send you access to your personal portal account, allowing you to begin the online application.
Step #2: Fill out your online application:
Fill out the form, pay the AED 1,035 application fee, and submit your application. DMCC will finish the company name reservation, management approval, and compliance approval.
Step #3: Payment, signing, and submitting your documents:
After that, you must pay the registration and license fees and sign the legal documents. DMCC will provide preliminary permission as well as a bank letter (to open a company bank account). With our totally digital setup process, you may set up your company from anywhere in the world. You may easily create a business in Dubai without needing to visit the DMCC.
Step #4: Choose the best office solution for you:
Finally, sign and return the necessary paperwork for your new office space. DMCC will issue your E-Licence, allowing you to conduct business in DMCC. The average time to establish a firm is about 10 working days.
If you’re looking to set up a business in the JLT Free Zone, there are a few different licensing options available to you. The type of license you’ll need will depend on the nature of your business and what activities you’ll be carrying out.
While the license will be particular to the activity chosen, a corporation can alternatively apply for numerous licenses or a generic trade license.
General Trading License – This license allows you to import, export, distribute, combine, and store nearly any goods (except for a few types of products).
Commercial/Trading License – This license permits you to import, export, distribute, consolidate, and store the products listed on the license.
Service License – It allows you to carry out the defined service or consultancy activity.
Once you’ve decided which type of license you need, you can start the application process. You can find more information on the JLT Free Zone website.
1. Company Registration Fee
The first cost you’ll need to consider when setting up a company in the JLT Free Zone is the company registration fee. This is a one-time fee that’s payable to the Free Zone authority when you register your company. The cost of setting up a company in the JLT Free Zone starts at AED 9,000 – 10,000.
2. License Fee
It is important to choose the right business license for your needs. The three most popular licenses are trading, services, and industrial sectors with a total annual cost ranging from 10,000 to 50,000 AED per year depending on what you want to be doing in Dubai.
3. Office Fee
Renting office space in Dubai can be one of the first steps you take toward getting your business license. Each Free Zone offers a variety of desk spaces to fit any need, including serviced or smart desks that cost around AED 15,000-20,000 per month (depending on length).
4. Share Capital
Finally, you’ll need to consider the cost of share capital when setting up a company in the JLT Free Zone. The minimum share capital required to set up a company in the JLT Free Zone is AED 1,000 up to 1,000,000.
JLT Free Zone is one of the most popular Free Zones in Dubai, and it is home to a large number of businesses from all over the world. The list of companies in JLT Free Zone includes some of the biggest names in the UAE, as well as a number of smaller businesses.
Some of the big names on the list of companies in JLT Free Zone include:
- Emirates National Oil Company
- Deutsche Bank
- Al Hilal Bank
- DAMAC Properties
- Emaar Properties
- Jumeirah Group
- Dubai Islamic Bank
- Abu Dhabi Commercial Bank
Other Best Free Zones to Set up your Business in UAE
- SHAMS Free Zone
- HFZ Hamriyah Free Zone
- Ajman Free Zone
- UAQ Free Zone
- SAIF Zone
- RAKEZ Free Zone
- Masdar Free Zone
- KIZAD Free Zone
- JAFZA Free Zone
- IFZA Free Zone
- Dubai South Free Zone
- DTEC Dubai Free Zone
- DMCC Free Zone
- Dubai Airport Free Zone
- Dubai Silicon Oasis Free Zone
JLT provides ample opportunities for businesses to get a foothold in the UAE market. The Free Zone has a wide range of business activities that companies can take advantage of, and its location makes it an ideal base for doing business in Dubai. If you’re thinking of setting up a company in JLT, this guide should give you a good idea of what’s involved.
If you want information regarding other Free Zones, we suggest you check out our archive page. If you want to learn more about how to set up a business in Dubai, we have an in-depth guide for that too.