meydan free zone review mfz free zone in 2024

The Meydan Free Zone (MFZ) is grounded and developed around the prestigious Racecourse in Dubai. It is also a cost-effective destination for all startups and businesses. The Meydan Free Zone is grounded in Downtown Dubai, and due to its amazing development, it has led to widespread commercial spacing, including hotels, entertainment facilities, sports avenues, residential communities, and commercial properties. 

• The main aim of the MFZ Free Zone is basically to encourage all the entrepreneurs who have a low-cost startup but are struggling to establish one.
• This main aim of the MFZ makes it an effective place for an integral part of foreign investment in the equestrian scene and international horse racing in the Middle East.
• MFZ is completely equipped with varied office spaces, and it also provides you with the perfect blend of productivity and performance.
• It helps you achieve your goals and fruitful targets.
• It has a lot to offer and surprises you with its location, excellent connectivity, superb environment, and stunning quipped architecture. 

Types of licences in the Meydan Free Zone (MFZ):

1. Commercial Licence:

It allows you to do import, trade, and export services. The warehousing services are also there but have not yet started.

2. Consultancy Licence:

It allows all the professionals to perform the process of consulting and resourcing.

3. Media Licence:

It allows you to perform media operations like marketing, communication, and advertisement. 

The business activities that are allowed in the Meydan Free Zone (MFZ) are:

1. Importing and exporting goods.
2. Trading
3. Advertising
4. Marketing and Communication
5. Professional and consulting services.

The business entities that are allowed in the Meydan Free Zone (MFZ) are:

• Limited Liability Company (LLC-FZ)
• Branch/Representative Office
• Sole Establishment (FZ)

What are the benefits of setting up your business in the Meydan Free Zone (MFZ)?

• Flexible options for the facilities.
• There is no requirement of capital deposits. 
• 100% return on capital and profits
• 100% of foreign ownership.
• It is best for SME's and startups.
• You can easily hire foreign labourers and employees conventionally.
• Exemption from corporate and personal income tax.

How to set up your business in the Meydan Free Zone (MFZ) in 2024?

• First, you need to fill the particular application form, and then you need to submit the essential documents which are required to submit. 
• You can either apply online or through emails.
• Then you have to pay the processing fees as allotted by the Meydan FreeZone Authorities.
• Then after the payment of the processing fees, you need to get your Trade Name registered at the registrar.
•  After the submission of all the documents and the payments ahead, you’ll be given an appointment with the MFZ. This appointment would be for the registration of your company in the free zone. 
• For the appointment, it will take around 1-2 weeks.
• Then you have to sign and attest all the major documents like the MOA (Memorandum of Association), the AOA (Article of Association), and the Leasing Agreement by all of the shareholders of the company in front of the MFZ officer appointed.
• Then, after signing and attesting all the legal documents in front of the MFZ Officer, you have to move on to the External Approvals.
• Some of the activities also require the official approvals from the eternal bodies like DIMC, RERA, etc. You have to approve this with the MFZ for your submission.

What are the documents required to set up your Business in the Meydan Free Zone (MFZ)?

Documents for the Individual Person:

• The application form and the registration form. It is available on the MFZ website or the emails. These forms have to be signed by the owner.
• A 3 years business plan.
• The copy of the passport and the visa of the owner or the manager.
• The CV of the owner or the manager.
• The original bank reference letter or the stamped 6 months bank statement.
• Address proof like the Utility Bills or the lease agreement of the owner or the manager.
• A copy of the existing UAE Trade License.
• The copy of the Emirates ID card (if he/she is the resident of the UAE).
• The colored passport copies.
• The particular notarized power of attorney if you have appointed any legal representative/ any other person/ or the agents.
• You also have to reserve the particular 3 name options which you have to fill in the MFZ registration form. 

Documents for the companies:

• The registration and the application form which is available on the MFZ website or the email which the shareholders have to sign.
• The 3 years of the business plan.
• The good standing certificate.
• The original bank reference letter or the 6-month stamped bank statement for the managers.
• The board resolution mentions the manager or director, the relevant POA appointment, and the activities.
• The MOA and the AOA of the Company of the parent company.
• The colored visa and the passport copy of the director/manager.
• The certificate of registration or CV of the manager/director, certificate of incorporation.
• The notarized power of attorney for all the shareholders of your company.
• The three names of reservations for your company, which you have to mention in the form.

What are the fees for the company formation in the Meydan Free Zone (MFZ)?

Meydan Free Zone Cost -

• Application Form: AED 520
• Registration Fee: AED 10,020
• License Fee: AED 10,020
• Establishment Card: 5,020
• Additional Activity: 10,000

So, this was all about what you got to know about the "Meydan Free Zone (MFZ)". Before finalising your business, a venture set up in the MFZ Free Zone, stay updated with our information above and then plan your future actions. Till then, happy and wise planning!