Dubai Airport Free Zone (DAFZA) has reduced business setup costs by up to 65 per cent to improve its regional competitiveness.
The announcement follows similar cuts by Dubai free zones in recent months under a government drive to boost foreign investment.
DAFZ Authority said registration fees had been reduced by 65 per cent, licence fees by 33 per cent and staff visa fees by 20 per cent.
Card issuance fees have also been cut by 17 per cent and board resolution and MOA issuance costs have been waived.
In addition, the zone is waiving licence expiry fines, allowing the restoration of legal records and licences and halving its capital requirement to set up a business from Dhs1m ($272,242) to Dhs500,000 ($136,121).
Businesses in DAFZ can also now be structured as limited liability free zone companies to allow more flexible operations
The authority is introducing a new licence structure in the third quarter and said more incentive would follow including facilitation of no objection certificates and investment processes.
“This new approach falls in line with the directions of His Highness Sheikh Mohammed bin Rashid Al Maktoum to boost Dubai’s economic competitiveness,” said DAFZA director general Dr Mohammed Al Zarooni
“This is being done through a number of initiatives and incentives that aim to attract and promote FDI into the emirate, ensuring sustainable growth across all economic sectors and strengthening Dubai’s status on the world economic stage.”
Dubai’s ruler has urged the government bodies to make the economy more competitive by reducing business costs and paperwork.
Dubai World Trade Centre announced similar cuts to licensing fees for businesses last month.
Other fee reductions have been announced in the hospitality, education, aviation and real estate sectors.