Page 414 - Sustainable Cities and Communities Design Handbook

Business Ventures and Financial Sector Chapter j 19 387

To set up a company to engage in certain activities (including financial
institutions), the official approval is required from the appropriate government
ministry or department. After receiving the license, companies are also
required to register with the local Chamber of Commerce. These institutions
are very important and investors should regard them as effective resources of
information (databases, business literature) to establish their projects. More-
over, the Chambers provide an extensive range of basic and more sophisticated
services for entrepreneurs.
Another opportunity for the foreign investor is to set up a company in one
of the FTZs. They are special economic areas established to promote foreign
investment and economic activities within the UAE. FTZs are governed by an
independent Free Zone Authority (FZA) responsible for issuing FTZ operating
licenses and assisting entrepreneurs with establishing their businesses. The
procedures for establishing a business are relatively simple. Entrepreneurs
(investors) can either register a new company in the form of a Free Zone
Establishment (FZE) or simply establish a branch or representative office of
their existing or parent company based within the UAE or abroad. An FZE is a
limited liability company governed by the rules and regulations of FTZ in
which it is established. There are currently 36 FTZs with many more in the
36
pipeline :
1. Masdar City
2. Abu Dhabi Ports Company
3. Abu Dhabi Airport Free Zone
4. Khalifa Industrial Zone
5. ZonesCorp
6. twofour54
7. Dubai Airport Freezone
8. Dubai Silicon Oasis
9. Jebel Ali Free Zone
10. Dubai Multi Commodities Center
11. Dubai Internet City
12. Dubai Media City
13. Dubai Studio City
14. Dubai Academic City
15. Dubai Knowledge Village
16. Dubai Outsource Zone
17. Enpark
18. Intl Media Production Zone

36. http://www.uaefreezones.com.