Dubai has long been a top destination for foreign investors. With its skyrocketing economy, diverse business opportunities, and world-class infrastructure, Dubai offers foreign investors and entrepreneurs exceptional and unparalleled growth opportunities. Whether you invest in real estate, tourism, IT, manufacturing, eCommerce, or other industries, Dubai has remarkable privileges to leverage from.
Jumeirah Lakes Towers Free Zone (also known as JLT Free zone) is one of the top free zone jurisdictions in the UAE. This blog will discuss why Jumeirah Lakes Towers Free Zone is a top pick of foreign investors and the company formation process in JLT. Let’s discuss this in detail.
What is Jumeirah Lakes Towers Free Zone?
Jumeirah Lakes Towers Free Zone is a trade zone located at the heart of Dubai within the premises of the Jumeirah Lakes Towers (JLT). Introduced in 2002, JLT free zone is regulated by the Dubai Multi Commodities Centre Authority (DMCC). Now, Jumeirah Lakes Towers Free Zone houses a variety of businesses, from small and medium-sized businesses to enterprise-scale multinational organizations. It offers a variety of business setup options, including a limited liability company (LLC), a branch office of a foreign company, representative offices, etc.
The Free Zone offers a modern and business-friendly ecosystem and incredible business opportunities. Jumeirah Lakes Towers free zone attracts a significant portion of foreign direct investment to the UAE by adding value to the corporate sector of the UAE with modern technical and legislative support. The entire infrastructure and policy roadmap of the UAE is the prime reason behind the success of the JLT free zone in Dubai.
Benefits of Setting up a Business in JLT Free Zone
By company formation in JLT free zone, you can expect some remarkable opportunities that are nowhere to be found in the entire UAE. Some of the most business-friendly and beneficial features of the JLT free zone include:
- 0% personal and corporate tax
- 0% customs duties on imports and exports
- 100% foreign ownership of a business
- Easily accessible and cost-effective workspaces.
- Quick and seamless access to the modern business infrastructure
- Hassle-free visa process
- Easily accessible local and international talent
- Quick trade license issuance
- UAE’s second-to-none and well-secured banking system supports free zone companies
Facilities available for businesses in JLT Free Zone
You can expect the following set of facilities by company formation in the JLT Free Zone:
- Spacious office spaces – Jumeirah Lakes Towers Free Zone offers a range of furnished and non-furnished office spaces to cater to the needs of businesses of all scales.
- Business Hubs – JLT Free Zone offers a range of business hubs that offer various professional services like consultancy, secretarial, translation, outsourcing, and printing services.
- Virtual offices – Businesses can use virtual office spaces for different departments, such as emails and call forwarding, to ensure a professional presence in the free zone without acquiring additional physical space.
- Modern IT support – JLT Free Zone offers high-speed internet connection and modern telecommunications services to assist businesses in daily digital operations.
- Spacious parking space – Business owners, visitors, and employees can access a dedicated and spacious on-site parking space.
- Leisure and recreational activities – Jumeirah Lakes Towers Free Zone offers a range of leisure and recreational facilities, including indoor gyms, cafeterias, and restaurants.
- Foolproof security – The UAE is known as one of the very few crime countries. On top of that, the JLT free zone is equipped with modern security systems to enforce the safety and security of businesses, investors, and employees.
- Ideal Location – The free zone is located at the heart of Dubai and shares a border with Dubai Marina and Sheikh Zayed Road. The free zone shares quick access to international airports and the world’s largest seaports.
Best Businesses to Start in Jumeirah Lakes Towers Free Zone
Your free zone business in the UAE can leverage the high potential and growing UAE market. The following businesses are considered the most profitable in Jumeirah Lakes Towers Free Zone, with a maximum return over capital investment in the UAE.
- Food and Non-alcoholic beverages
- Recruitment and outsourcing agencies
- Business consultancy services
- Banking & Finance
- Shipping company
- IT business
- Marketing Agency
How to Setup Business in Jumeirah Lakes Towers Free Zone?
If you are gearing up to take the leap and set up your business in the Jumeirah Lake Towers free zone, the steps are mandatory to ensure a smooth and successful process leading to company formation in JLT.
Step 01 – Choose Your Business Activity(s)
The first step in setting up your business in the Jumeirah Lakes Towers free zone is to choose from the list of allowed business activities. This decision will determine your business’s legal form, approvals from various departments, and the type of Free Zone license required. A professional business formation expert can help you navigate this crucial step and select activities that align with your business model and vision.
Step 02 – Register Your Tradename
Once you’ve chosen your business activities, the next step is to check for the availability of your desired tradename or business name in the JLT free zone. Remember that your tradename must comply with the religious, ethical, and moral values of Dubai and the UAE and cannot be linked to religious or political groups or sectors. It should also be unique and not already used by another company in the UAE. You can check for tradename availability on the Dubai Department of Economic Development (DED) online portal and reserve your chosen name before further advancement.
Step 03 – Apply For Your Free Zone Trade License
The documents required for your trade license will depend on the category of business activity you’ve chosen. An experienced business formation service provider can assist with completing the necessary paperwork and obtaining approvals for specific activities. The DMCC is the regulatory body that approves and issues trade licenses for permitted activities in the JLT free zone. Once you get your trade license, you can choose to open a Free Zone Limited Liability Company (FZ-LLC), Free Zone Establishment (FZE), Free Zone Company (FZCo), Public Listed Company, Branch of a Company, etc.
Step 04 – Open a Free Zone Company Bank Account
Opening a bank account for your Free Zone company is mandatory for secure business transactions in the UAE. The process is straightforward but requires the physical presence of business owners and shareholders when applying. You can connect with a professional business formation service provider to guide you and complete the required documentation.
Read more about how to open a Free Zone company bank account to understand the entire account opening process, available options, and the required documents.
Step 05 – Final Approval
Once DMCC issues your business or trade license, you can officially start your business activities in the Free Zone. Take advantage of the remarkable perks and privileges offered by Jumeirah Lakes Towers Free Zone, a leading free zone business avenue in the UAE.
In the next section, you’ll discover all the mandatory approvals and documents required for a company formation in JLT.
JLT Free Zone Business Setup Requirements
To create a business setup in Jumeirah Lakes Towers Free Zone, you must fulfill the mandatory requirement of the following documents and approvals from relevant public entities.
- Initiate a business registration application with the DMCC
- Provide your business’s memorandum of association
- Getting Business License
- Submitting an application for an establishment card to the Ministry of Labor (issued by the UAE Ministry of Foreign Affairs). The documents required with the application include the following:
- Original Emirates ID
- Passport of UAE sponsor/shareholder (in case of shared partnership in Mainland – Shared partnership is not Obligatory after 2020)
- Old Immigration card
- A valid Trade License
- Copy of Passport with valid visa page of all partners for Free Zone Company
- Your employees must be registered with the Ministry of Labor, with the documents required as under:
- UAE’s Residence Visa/Work Visa
- Copy of Passport with valid visa page
- Employment Agreement
- Labor card
- Emirates ID
You can read our comprehensive blog post on how to get a UAE residence visa.
License Options & Cost in Jumeirah Lakes Towers Free Zone
The three most opt-for license categories for Jumeriah Lakes Towers company formation include:
- Trading license
- Professional license
- Industrial License
The license cost in JLT ranges from AED 10,000 to 50,000, depending on your business activities, number of employees visas, and business scale.
Cost to Setup Business in Jumeirah Lakes Towers Free Zone
The cost of business registration in the Jumeirah Lakes Towers free zone is around AED 9,000 to 10,000. The other notable costs include trade license fees, rent of office space, visa processing fees, etc. The approximate cost is subjective to the scale and nature of the free zone company. Consult a professional business formation service like Airzone to get an accurate estimate for the cost of business setup in the JLT free zone.
Business Activities Allowed & Restricted in Jumeirah Lakes Towers Free Zone
Apart from some restricted business activities like trading or selling alcoholic beverages, gambling services, illegal drugs, and sales of firearms, you can choose from a range of business activities. Some of the most profitable and recommended business ideas in the JLT free zone include:
- Food and Non-alcoholic beverages
- Recruitment and outsourcing agencies
- Business consultancy services
- Banking & Finance
- Shipping company
- IT business
- Marketing Agency, etc.
Alternatives UAE Free Zone for Starting a Business in UAE
- DMCC Free Zone
- DAFZA Free Zone
- IFZA Free Zone
- JAFZA Free Zone
- RAKEZ Free Zone
- DPC Free Zone
- DSP Free Zone
- DAZ Free Zone
- DKP Free Zone
- DIC Free Zone
- DSOA Free Zone
- Masdar Free Zone
How Airzone can help you set up business in JLT Free Zone?
Starting a business in Jumeirah Lake Towers Free Zone can be daunting, with various documents, approvals, and steps that must be navigated smartly. But don’t let that discourage you! Airzone is here to help make the process as seamless as possible. Our team of experienced and professional business formation experts is dedicated to guiding you through every step of the process, from selecting suitable business activities to obtaining all necessary approvals and licenses.
With our assistance, you’ll have access to a network of trusted partners with a wealth of experience setting up businesses in the JLT free zone and other Free Zones and mainland jurisdictions throughout the UAE. Whether a small start-up or an enterprise-scale multinational corporation, we’ll work with you to find a business formation service provider that meets your specific needs and budget.
Our services go beyond just setting up your business. Airzone can also assist with
- Selecting the suitable business activities
- Tradename registration
- Trade license issuance
- Free Zone bank account opening process
- Emirates ID and Establishment Card issuance
- Residence or work visa issuance for your employees
Don’t let the complexities of launching a business setup in Dubai and the UAE overwhelm you. With Airzone by your side, you’ll have a trusted partner to guide you every step of the way. Connect with us today and see how we can help make your transition to the UAE’s fast-growing economy as smooth and seamless as possible.
FAQs about Business Setup in JLT Free Zone
Do I need a Local Partner to Start My Company in JLT Free Zone?
Jumeirah Lakes Towers free zone is a designated Free Zone that offers a unique advantage to foreign investors, allowing them to set up their business with 100% foreign ownership. This means you don’t need a local sponsor or shareholder to set up your overseas company in the JLT free zone. This makes business setup in JLT an attractive opportunity for those looking to expand their business operations in the UAE and gain access to the broader Middle Eastern market.
How many days would it take to get my license for my business in Jumeirah Lakes Towers?
DMCC regulates the Jumeriah Lakes Towers Free Zone. The DMCC approves your application and issues the trade license in 2 to 3 working days. Once you get your trade license, you can start your business activities in the UAE without further delay.
Can I Transfer my Company from One Free Zone to another in UAE?
While it is not possible to transfer your business setup in JLT to another Free Zone or mainland jurisdiction, there are still options available for you to grow your presence in the region.
One way is to set up a branch of your business in another Free Zone or mainland business hub. This allows you to expand your operations while maintaining your original business in the JLT free zone. Alternatively, if you want to relocate your business entirely, you can abandon your trade license in the JLT free zone and apply for a new one in the Free Zone or mainland jurisdiction of your choice.
While this process may require additional steps and approvals, it is possible to establish your business in a new location. At Airzone, our team of experienced and professional business formation experts can guide you in expanding or relocating your business across the UAE and help you meet the necessary regulations and requirements.
Conclusion
The UAE has been experiencing significant economic growth in recent years due to its business-friendly infrastructure, geostrategic location, and investor-centric policies.
This has made the country, specifically Dubai, a top destination for foreign investors and entrepreneurs looking to establish a presence in the region. One particular area that is particularly attractive to businesses is the Jumeirah Lakes Towers Free Zone.
The free zone offers unparalleled growth opportunities for companies looking to tap into the high-potential markets of the Middle East and Europe. With such a wealth of benefits on offer, it’s no wonder that more and more investors are choosing to set up their businesses in the UAE. Rather than asking why they should establish a presence in the country, many are now asking when and how soon they can secure a corporate presence in the UAE.
Don’t let the complexities of starting a business in Dubai overwhelm you. With Airzone by your side, you’ll have a trusted partner to guide you every step of the way.