www.meydanfz.ae 1 Issue 02 / March 2024BE OPERATIONS READY WITH Business License for 1 year *Terms and conditions apply Lease Agreement for 1 year One investor Visa for 2 years VIP Medical & EID assistance Guaranteed Bank Account Opening Corporate Tax Registration Company Stamp Zoho One membership - 45+ Apps Digital Business Card Landline number with extension Website Corporate domain registration with E-mail Get a license with one visa and other services that will set you ready for your entrepreneur journey. Built for Business, Designed for Life. Call 800 FZ1, +971 4 777 7222, +91 120 693 4200 to make it happen meydanFZ.aewww.meydanfz.ae 3 www.meydanfz.ae Phone number: 800 FZ1 (391) Contents March 2024 meydanfreezone MeydanFreezone meydanfreezone IN ASSOCIATION WITH Mohammad Bin Humaidan: Meydan Free Zone's Integral Role in Fostering Entrepreneurship in the UAE Jigar Sagar: Facilitating the Evolution of Dubai's Business Ecosystem Mohamed Al Banna: Pioneering Global Connections in Dubai's Entrepreneurial Ecosystem Hamed Ahli, Head of Meydan Free Zone 16 04 40 36 08 48 39 11 52 Mohammad Bin Humaidan, Director of Free Zone Licensing, is a strategic and result-driven professional with over 15 years of expertise Starting from his early days assisting his father in a retail shop at age 10, Jigar Sagar, Founder, and CEO, Triliv has emerged as a key figure within the UAE's entrepreneurial landscape Rehab Lootah, Deputy Group CEO, National Bonds explains how they work to empower all segments of the society through the programmes and services National Bonds provide Wadih Haddad, Founder and CEO, The Box Self Storage, explains how the company capitalises on the many favourable demographics within Dubai’s industry P. N. C. Menon, Chairman & Founder of Sobha Group explains that their vision is to create spaces that represent an exclusive and refined way of life A serial entrepreneur, advisor, mentor, and Group CEO of Lead Ventures The Complete Guide to Establishing and Launching Your Company in Dubai with Meydan Free Zone Zaid Kidwai, CEO and Co-Founder of STRABL, details how this approach has differentiated STRABL within the e-commerce sector Mona Mohamed Al Ameri, Director of the Esaad Card Centre at Dubai Police, explains how the Esaad card contributes to enhancing their overall quality of life and happiness quotient4 Grow from Dubai – Issue 02 / March 2024 In your extensive experience, what are the primary pain points and challenges that entrepreneurs often encounter when entering the UAE market? Entrepreneurs, both new to the UAE and the entrepreneurial landscape, grap- ple with navigating regulations and obtaining licenses, often complex and time-consuming. Funding is another common hurdle, particularly for early- stage ventures, prompting exploration of alternative fi nancing or facing budget limitations for scaling operations. Dubai actively addresses these chal- lenges by simplifying regulator y processes, supporting funding initiatives, and providing resources to help newcom- ers succeed. Meydan Free Zone, estab- lished under the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice Presi- dent, Prime Minister, and Ruler of Dubai, actively contributes to this supportive environment. Our commit- ment to digitization, exemplifi ed by an award-winning online platform, makes us the UAE's only 24/7 fully digital free zone, enhancing accessibility and effi - ciency for entrepreneurs. This commit- ment enhances accessibility and effi- ciency for entrepreneurs, offering a seamless experience to navigate the busi- ness landscape and further facilitating their journey toward success. How does Meydan Free Zone strategically address the diverse needs of businesses entering the UAE, and what unique attributes set it apart from other free zones in the region? Meydan Free Zone, driven by a mission to cultivate a dynamic and intercon- nected business ecosystem in Dubai, distinguishes itself through innovation and an unwavering commitment to unparalleled support. Uniquely posi- tioned as the only free zone in the UAE to provide a truly paperless environment, our eff orts earned us the esteemed title of Best Digital Free Zone at the Global Business Outlook Awards. Our cutting-edge 360-degree plat- form empowers businesses by simplify- ing license acquisition, banking transac- tions, and access to essential services Mohammad Bin Humaidan: Meydan Free Zone's Integral Role in Fostering Entrepreneurship in the UAE Mohammad Bin Humaidan, Director of Free Zone Licensing, is a strategic and result-driven professional with over 15 years of expertise. Specialising in financial planning, profitable growth, and relationship-building, he excels in infrastructure development, collaboration, audit, fraud risk examination, and risk management. Mohammad's proactive measures ensure optimal operational security, making him a key contributor to Meydan Free Zone's success Mohammad Bin Humaidan, Director of Free Zone Licensing INTER VIEWwww.meydanfz.ae 5 INTER VIEW Meydan Free Zone such as visas, immigration services, and correspondence – all accessible via mobile phone. Our overseas operations extend to India, enhancing our support capabilities, and in collaboration with global brands, we elevate our value- added services, ensuring entrepreneurs are operations-ready upon entering the UAE market. What operational strategies and innovative approaches does Meydan Free Zone employ to ensure that businesses entering the Dubai market are well-prepared and operationally ready? Our commitment to arming entrepre- neurs with the tools to navigate Dubai's complexities is encapsulated in our pay-as-you-go model, making entrepre- neurship accessible and easy with convenient pricing starting at 12,500. Beyond foundational ser vices, Meydan Free Zone facilitates customs code acquisition, customs clearing, and forwarding in collaboration with Dubai Customs. Access to warehousing facil- ities from major logistics players and innovative marketplace options enables businesses to sell online on over 30 local and international e-commerce plat- for ms, expanding their reach and market presence. Our partnerships extend to top-tier digital, local, and fi ntech banking solu- tions, ensuring a guaranteed multi-cur- rency bank account. Collaboration with Wio Banking enables the digital comple- tion of KYC procedures via our customer portal, positioning us as an exclusive jurisdiction off ering businesses a guar- anteed bank account simultaneously with their business license issuance. How does Meydan Free Zone cultivate cross-sector collaboration, particularly championing the cause for entrepreneurs and SMEs to thrive within Dubai's broader business ecosystem? At the core of our strategy lies an expan- sive array of opportunities, with over 2500 business activities to choose from. What distinguishes Meydan Free Zone is the unique advantage afforded to entrepreneurs – the fl exibility to select activities from three distinct groups spanning various categories, all conven- iently bundled under a single license. In strategic alignment with the Grow from Dubai initiative, we forge partnerships that provide access to essential business tools integrating logistics, fi nance, regu- latory compliance, and marketplace infrastr ucture. This collaboration ensures entrepreneurs access to all necessary resources for successful busi- ness development, fostering collabora- tion and growth within Dubai's vibrant business ecosystem. What visionary plans does Meydan Free Zone have for its strategic growth, and in what ways do you anticipate this growth making a distinctive impact on the local and regional economies? Our focus on fostering a conducive b usiness en vironment through forward-thinking policies is geared towards attracting signifi cant Foreign Direct Investment (FDI). This infl ux of investment holds the potential to substantially contribute to sustainable economic growth in the region. We take immense pr ide in our commitment to providing extensive knowledge and dedicated support to businesses within Meydan Free Zone. Envisioning a dynamic and intercon- nected business ecosystem where one's success contributes to the prosperity of many, we strive to create a thriving envi- ronment for sustained growth and development. By actively promoting a culture of collaboration, innovation, and knowl- edge exchange, Meydan Free Zone not only positions itself as a hub for indi- vidual business success but also as a catalyst for the overall economic devel- opment and prosperity of the broader regional landscape. By actively promoting a culture of collaboration, innovation, and knowledge exchange, Meydan Free Zone not only positions itself as a hub for individual business success but also as a catalyst for the overall economic development and prosperity of the broader regional landscape 6Grow from Dubai – Issue 02 / March 2024 Greetings, Exciting news! The eagerly awaited 2024 edition of the “Grow From Dubai” Magazine is fi nally here, and I'm thrilled to share it with you. This edition delves deep into Dubai's entrepreneurial land- scape, providing invaluable insights into business g rowth, innovation, and impending success. Grow From Dubai (GFD) is a dedi- cated platform committed to fostering an entrepreneurial ecosystem that fuels business opportunities within Dubai. Standing as an independent initiative, we focus on empowering entrepreneurs to encapsulate their ambitions and contribute to Dubai's vibrant business landscape. Our mission is crystal clear — to cultivate a feasible environment where innovation thrives and entrepre- neurship fl ourishes. Through strategic alliances with multiple trade authorities, immigration agencies, fi nancial institu- tions, innovation centres and other key stakeholders, we provide comprehensive support to emerging entrepreneurs, facilitating an all-inclusive ecosystem for unparalleled growth. In this edition, our primary focus was on illuminating the entrepreneurial mindset, which defi nes Dubai as a global business hub. ‘Grow From Dubai’ not only provides insight into the excep- tional facilities available at Meydan Free Zone and Dubai as a city, but also acts as a contribution of knowledge and busi- ness acumen for entrepreneurs seeking inspiration and a strategic pathway to elevate their businesses. Dubai, often named 'the city that never sleeps,' boasts world-class infra- structure and leads the charge towards a digital economy. We explore how stra- tegic collaborations and digital infra- structure improve the value chain for businesses by spotlighting opportuni- ties like payment portals, e-commerce, and B2B services for successful busi- ness launches. Our team has worked hard to unravel growth opportunities facilitated by this initiative, giving insights to navigate Dubai's dynamic business landscape. I extend my g ratitude to the esteemed leaders across a variety of industries and nationalities who have shared their experience and expertise about what makes their venture success- ful, allowing this edition of ‘Grow From Dubai’ to be enriched with invaluable perspectives. Through their experiences, we gain profound insights into the diverse facets of entrepreneurship, including the challenges and triumphs inherent in conducting business in Dubai's dynamic landscape. To our valued readers, I invite you to immerse yourselves in the strategic narratives of these visionary business leaders. Drawing inspiration from their innovative strategies for seizing oppor- tunities in the vibrant heart of Dubai, you can explore the myriad strategic possibilities that ‘Grow From Dubai’ presents for aspir ing , novel, and seasoned entrepreneurs alike. Our primary objective with GFD is to culti- v ate a thr iving community of forward-thinkers who are readily poised to seize startup opportunities and shape a conducive environment for businesses to connect, accelerate, and add value in every step of business operations. Join us on this journey as we unlock the full potential of entrepreneurship in Dubai, building a future where every idea has the opportunity to thrive. Let’s grow together! Anisha Sagar Head of Marketing and Communications Meydan Free Zone Note from the EditorPay as you build your business with no amendment fee to upgrade from non visa to visa license Mix and match activities from multiple industries MoFA recognized business license for international trade Open 24/7 for all services Guaranteed business bank account Call 800 FZ1, +971 4 777 7222, +91 120 693 4200 to make it happen meydanFZ.ae Get your Business License today for only AED 12,500 Flexible payment plan with our pay-as-you-go model Discover the real potential of your Trade License from Meydan Free Zone *T&C's apply8 Grow from Dubai – Issue 02 / March 2024 The Complete Guide to Establishing and Launching Your Company in Dubai with Meydan Free Zone Starting a business is a thrilling journey filled with challenges and rewards, and if you have chosen Dubai as your entrepreneurial destination, you've set the stage for a venture that can tap into a wealth of opportunities within a city that thrives on innovation, growth, and a commitment to business excellence The UAE economy is expected to continue growing in 2024, with a projected GDP growth of 4.1%, and initiatives like 100% foreign ownership for certain sectors continue to attract investment and talent. The key to turning your entrepreneurial dreams into reality lies in a well-structured roadmap that guides you through every essential step. Instead of grappling with uncertainty and second- guessing your every move, follow the proven methods of successful entrepreneurs who have navigated this path before. Before You Begin: Laying the Foundation Discover Your Motivation In the words of Simon Sinek, "Always start with why" to understand the motivation behind launching your business. Your driving force can be classifi ed into two categories: a personal motivation fulfi lling a personal need, or a marketplace motivation addressing a broader market need. Distinguishing between these two can shape the scope and potential impact of your business. Your Business Concept While conventional advice encourages mone- tizing what you love, a successful business concept goes beyond mere passion. It must not only align with your interests but also be profi table and capitalise on your skills. For instance, loving music is one thing, but a viable business idea requires profi ciency— whether as a skilled singer, songwriter, or another avenue that leverages your expertise. Existing Opportunities and Market Research Engage in primary research by directly obtain- ing insights from potential customers, and tap into existing sources such as census data for secondary research. You should also conduct a SWOT analysis for a comprehensive view of your product or idea's market potential, helping you make informed decisions. Draft Your Business Plan A well-structured business plan off ers clarity for investors, fi nancial institutions, and inter- nal management. Key sections to include: Executive Summary - The essence of your business goals and proposed methods. Company Description - A detailed overview of your business's purpose and uniqueness. Market Analysis - Examination of your posi- tion relative to competitors and market dynamics. Organization and Structure - Details on business organisation, risk management, and management team. Mission and Goals - A concise mission statement and SMART goals. Products or Services - Operational details, costs, and sourcing strategies. Background Summary - Compilation of relevant data and industry trends. Marketing Plan - Strategies for promotion, budget allocation, and campaign duration. Financial Plan - Projections, budgets, and funding requests if applicable. As your business expands, ensure scala- bility to accommodate additional customers without signifi cant cost increases. You should also develop an exit strategy, which is crucial for long-term planning, outlining how you'll sell or transfer ownership. Setting Up Your Business Get Your Business Fully Up and Running Hamed Ahli, Head of Meydan Free Zonewww.meydanfz.ae 9 BUSINESS SETUP GUIDE MEYDAN FREE Z O NE Once you have a clear understanding of your motivation, a solid business concept, and comprehensive market research, the next crucial step is to structure your business and establish its legal identity within Dubai's Meydan Free Zone. This foundational process involves making strategic decisions that will shape your business's operations, tax implica- tions, and protection of personal assets. Choose Your Business Structure When structuring your business, carefully consider the impact on taxes, daily operations, and the protection of personal assets. Diff er- ent business structures cater to varying needs and circumstances. Meydan Free Zone off ers LLC licenses, which allow you to eff ectively limit personal liability for business debts, shielding the personal assets of members. In the face of financial challenges or legal issues, LLCs protect members’ personal assets such as homes and savings, confi ning their liability to their investment in the company. LLCs also off er fl exibility in both management and profi t distribution. Members can choose between a manager-managed str ucture, where appointed managers oversee daily operations, or a member-managed structure, where all members actively participate in decision-mak- ing. Similarly, profit distribution can be tailored according to the members' agreement, allowing for a high degree of customization. Meydan Free Zone's LLC licenses come with additional benefi ts, such as a guaranteed bank account – a solution to a common hurdle faced by companies in the UAE. Addi- tionally, they allow 100% foreign ownership, and the provision of unlimited visas further streamlines the establishment process with- out incurring unnecessary costs. Select Your Business Activities Meydan Free Zone offers over 2500 commercial and professional business activities to choose from. Browse the updated activity list on their website and choose the activities relevant to your busi- ness. Your license will only cover the spec- ifi ed activities, so choose wisely. However, fl exibility is built into the system at Meydan Free Zone. Business license holders have the unique advantage of selecting activities from three diff erent groups across various categories —all under the convenience of a single license. This streamlined approach not only simplifi es the licensing process but also allows for strategic diversifi cation as your business evolves. Do a Name Check and Register Your Trade License Your business name serves as the face of your enterprise, representing its essence and creat- ing a distinct presence in the competitive market. It's crucial to adhere to the strict naming rules in the United Arab Emirates, and avoid words that may be considered blas- phemous or disrespectful. Meydan Free Zone simplifi es this process by off ering a free name check service to ensure your preferred company name is available and eligible for registration. Upon confi rming the availability of your desired name, Meydan Free Zone allows you to secure it along with your trade license starting at AED 12,500, which includes your Name Certifi cate. For those wanting to secure their busi- ness name promptly, even before applying for a business license, the option to obtain a Name Reservation Certifi cate is available for AED 500. This certifi cate is valid for 30 days, allowing you to secure your chosen domain name and establish a seamless internet pres- ence. It's important to extend the certifi cate's validity every month to maintain exclusive rights to your chosen name. Rules for Selecting a Trade Name The trade name must be followed by the business structure acronym (legal form of the company), LLC. It should not violate the public morals or the public order of the country. The trade name must be compatible with the required type of activity and the legal status of the company or business entity. It should not contain names of any religion, governing authority, or names/logos of any external bodies. The chosen trade name should not have been previously registered. When you're ready to secure your busi- ness license, Meydan Free Zone offers a completely secure digital platform that guar- antees a seamless and hassle-free experience. Use the portal to navigate the application and payment processes, and enjoy the convenience of a consolidated suite of busi- ness setup services, which includes licensing, residency, banking, and third-party govern- ment approvals. The digital licensing process is designed to seamlessly align with compli- ance and regulations, covering essential aspects like UBO, ESR, and AML. Meydan Free Zone offers business licenses starting from AED 12,500, provid- ing an LLC trade license, three business activities, and a lease agreement. As part of the application, a Passport copy is required and you must complete the application and pay the relevant fees. Apply for Your Visa Every company registered with Meydan Free Zone seeking visas for investors, partners, or employees must apply for an Establishment Immigration Card in Dubai. This card, valid for one year, plays a pivotal role in company registration with the General Directorate of Residency and Foreigners Aff airs (GDRFA). It facilitates the employment of foreign staff and streamlines the visa application process for investors, partners, and employees. It's important to note that if your inten- tion is solely to establish a company without applying for visas, the Establishment Immi- gration Card is not required. It is only essen- tial for those seeking visas for investors, busi- ness partners, or employees. Each Meydan Free Zone license permits up to 6 visas without the requirement of a physical offi ce. Should you intend to expand and need additional visas, you can submit your business plan to qualify for an unlimited number of visas. The necessity for a physical offi ce will also be assessed and determined upon approval. The visa application procedure includes the following steps: 1. Obtain an entry permit 2. Initiate a status change if you are inside UAE when applying for a new residency visa 3. Undergo a medical fi tness test and provide your biometrics 4. Get your Emirates ID within 14 days You can conveniently submit visa appli- cations for both your employees and family members concurrently with your visa application. Get Appropriate Permits Operating a business in Dubai involves obtain- ing essential permits and approvals from vari- ous government ministries and agencies to comply with taxation, legal, and economic standards. While not mandatory for every trade license or business activity, businesses requiring third-party approvals can benefi t from Meydan Plus, which off ers entrepre- neurs PRO services to facilitate the acquisi-Next >