Comparison of different uAE freezones

Which bank is the easiest to open a corporate account for freezone company in UAE.

There are a lot of factors when deciding which bank is the best to open an account for your UAE freezone company.

Banks have their preferred clientele, and this selection varies bank by bank.

All banks consider their clients based on the factors of:

• Business activity
• Business Model
• Countries where the UAE. For his own property, conducts business to and from.
• Minimum balance to be maintained by the company.
  • For certain business activities, owner nationality or business profile, banks may request a high minimum balance. Companies that do not want to maintain a high account balance can instead purchase an investment product or life/medical insurance policy.
• Owner Nationality

From these points, banks then determine which companies to accept.

There is a common misunderstanding that it is not possible to open a bank account in UAE for a free zone company, Which is a misunderstanding because. UAE has over 100,000 companies spread across all of the country’s freezones.

The thought of 100,000 companies to unable to open a bank account would be wildly inaccurate.

Certain business owners who currently, or used to own a freezone company, may suggest that it is impossible to open a business account for a freezone company and it is better to register Mainland company instead, usually failed to meet the combination of requirements listed by the banks.

Which bank is the best to open a business account in UAE for a free zone company?

Certain banks accept Freezone and mainland companies, while others may only accept mainland companies.

It is important to note that banks in UAE would consider all business profiles that are within its appetite. Certain backs are comfortable on boarding high risk business activities, while others only accept low risk businesses.

For banks that accept business registered in Freezone and Mainland, it does not matter whether the company is incorporated in Mainland or a Freezone, as long as the business model is accepted by the bank, it is possible to open a business corporate bank account.

The ideal customer varies bank to bank, Some banks welcome, small companies while others only accept large enterprises.

The best banks in UAE to open a business account are:

• Abu Dhabi Commercial Bank (ADCB)
• Abu Dhabi Islamic Bank (ADIB)
• Ajman Bank
• Al Maryah Community Bank (mBank)
• Al Masraf Arab Bank
• Arab Bank
• Bank of Sharjah
• Banque Misr UAE
• Commercial Bank International (CBI)
• Commercial Bank of Dubai (CBD)
• Dubai Islamic Bank (DIB)
• Emirates Development Bank (EDB)
• Emirates Islamic
• Emirates NBD (ENBD or NBD as commonly referred to)
• First Abu Dhabi Bank (FAB)
• Habib Bank Zurich
• Investbank
• Mashreq
• National Bank of Fujairah (NBF)
• National Bank of Umm Al-Qaiwain
• Ras Al Khaimah Bank (RAK Bank)
• Sharjah Islamic Bank (SIB)
• United Arab Bank (UAB)
• United Bank Limited (UBL)
• Wio Bank
• Zand Bank

The best freezone in UAE to setup a company

While most Freezones offers the same business activities for the most part, some unique activities can only be found in certain Freezone such as:

• Gold Trading
• Oil Trading
• Virtual Asset, Digital Asset and Cryptocurrencies
• Financial institutions
• Manufacturing and warehousing

Here is a breakdown of the measles in each emirate and the benefits of each freezone

Abu Dhabi

• Abu Dhabi Airport Free Zone (ADAFZ)
  • Known for access to airport, ideal for logistic and trading companies or businesses that needs frequent port access
• Abu Dhabi Global Market (ADGM)
  • Best Freezone in Abu Dhabi for financial activities.
• Khalifa Industrial Zone Abu Dhabi (KIZAD)
  • As the name suggests, this free zone is best for industrial activities such as manufacturing and packaging companies
• Masdar City Free Zone
  • An all in one free sort of Abu Dhabi that has the most business activities outside of regulated businesses, such as financial companies.
• twofour54 Abu Dhabi
  • Freelancers providing services as an individual such as personal trainer, life coaching, technicians and businesses involved in media will want to consider setting up a company in twofour54.

Ajman

• Ajman Free Zone (AFZ)
  • Ajman’s all in one freezone that has almost all business activities possible in Ajman
• Ajman Media City Free Zone
  • As the name implies, this freezone is ideal for media related businesses.

Dubai

• Dubai Airport Free Zone (DAFZA)
  • One of the two free zones in Dubai whose business activities is primarily for logistics and transportation activities.
• Dubai Auto Zone
  • Companies that specialize in new and used Automobile trading will want to set up a company in this Freezone in Dubai.
• Dubai Design District (d3)
  • Dubai’s best Freezone for companies involved in design and related business activities.
• Dubai Gold and Diamond Park
  • One of Dubai’s best reasons for companies involved in gold and diamond trading. This Freezone is ideal for retail and business to business wholesale and trading of gold and diamond.
• Dubai Healthcare City (DHCC)
  • The primary industry that this freezone welcomes are those from the health care industry, such as hospitals, clinics, rehabilitation centers and similar activities.
• Dubai Industrial City
  • This reason is known for companies involved in activities such as manufacturing.
• Dubai International Academic City (DIAC)
  • The only companies that are eligible to incorporate here in this reason are those that are involved in. Academics. Most businesses are universities and colleges. And supporting businesses that serves the education sector.
• Dubai International Financial Centre (DIFC)
  • Companies involved in the financial sector and other high profile companies will want to consider setting up a company in this free zone in Dubai.
• Dubai Internet City (DIC)
  • Fortune 500 IT companies from around the globe calls the this freezone their regional headquarter and is ideal for company’s involved in the information technology (IT) sector.
• Dubai Knowledge Park (DKP)
  • Ideal for companies involved in the education sector and is not exclusive for universities and colleges, although many education institutions refer to set up a regional base in this Freezone.
• Dubai South (Previously known as Dubai Logistics District or Dubai World Central)
  • The Freezone’s proximity to Dubai’s main airport – DWC (Al Maktoum International Airport), attracts many logistics companies that require constant access to the airport, as well as businesses that are involved in trading.
• Dubai Maritime City (DMC)
  • Dubai’s only Freezone dedicated to the Maritime industry and is suitable mainly for companies involved in trading and repairing of various ships such as yachts, recreational boats and more.
• Dubai Media City (DMC)
  • Media companies such as Public Relations, Social Media management companies. Broadcasting companies. Their related businesses will want to choose Divide Media City as their home.
• Dubai Multi Commodities Centre (DMCC)
  • Dubai’s best Freezone for trading any type of commodity.
• Dubai Outsource City
  • Companies involved in business process outsourcing, manpower, HR recruiting and staffing solutions will find this freezone providing opportunities to find new customers, as well as partners to collaborate with.
• Dubai Production City (formerly known as International Media Production Zone or IMPZ)
  • Businesses involved in media production, printing, publishing and packaging materials. Will want to set up a base in Dubai Production City.
• Dubai Science Park (DSP)
  • Innovative companies that requires access to the newest technologies and gadgets will want to choose this Freezone as their base of operation.
• Dubai Silicon Oasis (DSO) in partnership with International Free Zone Authority (IFZA)
  • An all in one Freezone that offers most type of businesses that foreign owners would consider incorporating a company in Dubai for.
• Meydan Free Zone
  • Another Freezone that offers the most business activities, combined with the ability to hire as many employees as a company wishes without renting an office (which most Freezones requires you to do so, after hiring three employees)
• Dubai Studio City
  • A Freezone that specializes in providing companies that require recording studio and other professional setups for media production such as podcast, film and TV production operations that requires professional recording facilities and equipment.
• National Industries Park (Previously Dubai Techno Park)
  • This free zone focuses on companies whose main activity is the production of self defense and other similar equipment.
• Dubai Textile City
  • Focuses on textile production and trading companies. It is necessary to rent a warehouse in order to registered company in this Freezone, which currently has a lengthy waiting period due to shortage in warehouses available.
• International Free Zone Authority(IFZA)
  • Not a Freezone but is often considered one. Collaborates with Dubai Silicon Oasis to issue company licenses in Dubai.
• International Humanitarian City (IHC)
  • Only companies involved in humanitarian work are able to register a company in this Freezone and should have existing presence in other countries.
• Jebel Ali Free Zone (JAFZA)
  • Dubai’s very first freezone participating in trading, manufacturing and logistic industries.

Fujairah

• Fujairah Free Zone (FFZ)
  • One of the Fujairah’s two Freezones, suitable for all types of activities.
• Fujairah Creative City
  • A media related Freezone that also offers many other desirable activities

Ras Al Khaimah

• Ras Al Khaimah Economic Zone (RAKEZ)
  • One of the most popular Freezone offering all types of business activities in the Northern Emirate of Ras Al Khaimah.
• RAK Maritime City Free Zone
  • One of the country’s few maritime based Freezone suitable for those involving trading of boats, as repair services and maintenance.
• RAK International Corporate Centre (RAK ICC), formerly known as RAK Investment Authority (RAKIA) Free Zone
  • Only companies that are conducting businesses outside of UAE can incorporate a company in this Freezone that offers all types of business activities, it is not possible to conduct business inside UAE with a license issued by RAKICC, nor is it possible to obtain a residency visa.

Sharjah

• Sharjah Airport International Free Zone (SAIF Zone)
  • Mostly companies interested in logistics will want to incorporate their company in this Freezone in Sharjah with airport access.
• Sharjah Healthcare City (SHCC)
  • The best Freezone in Sharjah and argubly in the Northern Emirates and the entire UAE that offers state-of-the-art medical facilities and research opportunities as well as equipment for companies involved in the healthcare industry.
• Sharjah Media City (Shams)
  • Although the name may suggest that it is a media related Freezone, SHAMS offer business licenses for all types of business activities from service, trading and media.
• Sharjah Publishing City (SPC)
• Sharjah Research, Technology, and Innovation Park (SRTIP)
• Sharjah Technology and Innovation Park (STIP)

Umm Al Quwain

• Umm Al Quwain Free Trade Zone (UAQFTZ)
  • As this Northern Emirate only has one free zone, UAQFTZ offers all types of business activities that can be conducted from UAQ.