Special economic zones in UAE
Special economic zones in UAE
- Conduct a research on the 2 special economic zones namely, 1. Abu Dhabi Global Market 2. Sharjah Media City.
- Put the below items in one excel sheet, and the answers next to each other side by side.
- Answer the question; How and what does the above economic zones contribute to the UAE economy.
Define opportunities and practices in the above 2 special economic zones:
- General description of the zone
- Objectives of the zone
- Vision statement of the zone
- Mission statement of the zone
- Zone establishment year,
- Zone area (emirates and city),
- Location of zone (airport, port etc.),
- Zone area size
- Name of the administration of zone (name of government, name of private entity etc.),
- Key functions of the administrative organization
- Zone is developed by private developers
- Type of zones (eg. xport, service etc.)
- Business licenses types they issue to investors (e.g. industrial, commercial, service etc)
- Types of legal business establishment (Branch , Sole, LLC etc.
- List of business activities and categories (health, renewable energy, construction, gold etc.
- Number of registered companies
- Serving market (domestic, export, re-export)
- Capital requirement for any business to set up in each of the above economic zones(AED)
- Registration cost (AED)
- Business permit fees (AED)
- Service charges (AED)
- Lease type (e.g. land, office etc.)
- Office rental fees per square meter (AED)
- Land rental fees per square meter (AED)
- Number of years for leases (max/ min Years)
- Water fees (AED)
- Electricity fees (AED)
- Tariffs (AED or %)
- Corporate income tax (if no tax holiday) (%)
- Personal income tax on direct and indirect employment (%)
- Import custom duties (AED or %)
- Export custom duties (AED and %)
- Taxes on zone products sold to the domestic customs territory (AED or %)
- Tax exemption period (Year)
- Concession fees for other facilities (port, power plant, and so on) (AED or %)
Analyze specific aspects of establishing a business in selected special economic zones:
- Zone offering processing of visa
- Processing time of visa
- Freelancer visa availability
- Zone is considered as outside domestic customs territory (Yes/No)
- Companies in the zone are eligible for national certificates of origin (Yes/No)
- Companies in the zones are eligible to participate in national trade agreements & arrangements (Yes/No)
- There is No minimum export requirement (Yes/No)
- Foreign companies are eligible to export (Yes/No)
- Local firms in the zones are eligible to export (Yes/No)
- Expansions of existing enterprises is allowed (Yes/No)
- No Limitation on Foreign and Local Ownership (Yes/No)
- Equal treatment on Foreign and Local Ownership (Yes/No)
- Sales to the Domestic Market is Permitted (Yes/No)
- Sales to the Domestic Market is provided on a blanket basis rather than case by case (Yes/No)
- Sales to the Domestic Market is treated as import into domestic market, subject to payment of import duties and taxes (Yes/No)
- Purchases from Domestic Market is treated as exports from domestic market (Yes/No)
- Companies are eligible for indirect exporter benefits (Yes/No)
- Labor Policies is full consistency with international labor organization (ILO) labor standards (Yes/No)
- There is specialized dispute settlement mechanism (Yes/No)
Appraise the different circumstances that encourages entrepreneurs to start up a business in selected special economic zones:
- Special Economic Zone Facilities (Listing)
- Number of Employees (Number)
- Value of Exports (AED)
- Value of Business Transactions (AED)
- Foreign Direct Investment (AED)
- Foreign Exchange Earnings (AED)
Assess the business practice skills that needed to establish businesses in special economic zones:
- Business incubation (Yes/No, Description if yes)
- Business matchmaking is offered to companies (Yes/No, Description if yes)
- Providing information on products and services of established companies in the zones (Yes/No, Description if yes)
- Trainings sessions are offered to companies operating in the zone (Yes/No, Description if yes)
- Funding and financing are available to companies operating in the zones (Yes/No, Description if yes)
- Research activities/facilities available in the zone
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