Dubai Consolidates 3 free zones into 1 Super Free Zone Authority
His Highness Sheikh Mohammed bin Rashid Al Maktoum, issued law No. (16) of 2021. This law will birth the Dubai Integrated Economic Zones (DIEZ) Authority, which is a legal entity with the financial and administrative autonomy.
DIEZ will be the authority responsible for overlooking operations in Dubai Airport Free Zone, Dubai Silicon Oasis and Dubai Commerce City.
With effect from January 1, 2022, Sheikh Ahmed bin Saeed Al Maktoum will head the chair of the DIEZ and Dr. Mohammed Ahmed Al Zarouni will serve as the executive chairman of the organization.
DIEZ will encapsulate over 5,000 international firms spanning over 20 key economic sectors. Over 30,000 employees will work under DIEZ. Economic activities that the DIEZ carries out is purported to generate over 5% of Dubai’s GDP.
Entrepreneurs, companies, and businesses acting within the legal purview of the DIEZ will enjoy zero tax benefits, and will be exempted from taxes of all kinds for at least 50 years. This exemption period is renewable and subject to the decision made by the ruler of Dubai.
All subsidiaries, companies and individuals of the DIEZ will not only enjoy exemption from taxes, but also are exempted from restrictions on repatriation of capital, salaries, and profits in any currency. This exemption is also renewable and valid for 50 years. Also, the funds of companies and businesses under the DIEZ will not be subject to restricted ownership or nationalization.
The companies under the DIEZ and their operations will not be touched by the Dubai Municipality or Dubai Economy but only in the case of regulations related to security, safety, and food control.
.@HHShkMohd issues law creating Dubai Integrated Economic Zones Authority.@DAFZAOfficial, @dsoafz & @DubaiCommercity will operate under its supervision. @HHAhmedBinSaeed will chair DIEZ and Dr. Mohammed Al Zarouni will serve as Executive chairman. https://t.co/WKRYcvV7MA pic.twitter.com/znBFGN1Mi5
— Dubai Media Office (@DXBMediaOffice) September 20, 2021
All subsidiaries, companies and individuals of the DIEZ will not only enjoy exemption from taxes, but also are exempted from restrictions on repatriation of capital, salaries, and profits in any currency. This exemption is also renewable and valid for 50 years. Also, the funds of companies and businesses under the DIEZ will not be subject to restricted ownership or nationalization.
The companies under the DIEZ and their operations will not be touched by the Dubai Municipality or Dubai Economy but only in the case of regulations related to security, safety, and food control.
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