This article will guide you on launching a small business at the twofour54 free zone in Abu Dhabi.
The free zone twofour54 is named after the geographical coordinates of Abu Dhabi (24° N, 54° E). From its humble origins in 2008, it has garnered a lot of investments in the film, tv production, news, and gaming sectors over the years. In addition, considerable global investment in academies to train the next generation of creative talent makes it an attractive destination for UAE youth.
While major corporations are a big part of twofour54, they also aspire to be the free zone of choice for small and medium-sized businesses. They offer business licenses with no minimum capital and even occasionally waive license and registration fees. With minimal start-up costs, the free zone is a very cost-effective destination to incorporate.
The Incorporation Process at twofour54 Free Zone in Abu Dhabi
The free zone has a simple incorporation process. Here is a list of documents and procedures that are required to set up your business in twofour54:
- Reserve your business name with the Media Zone Authority (MZA).
- Provide a business plan and synopsis describing the purpose of your business. Keep in mind that the free zone is primarily for the creative field.
- Obtain an office lease within the free zone.
- Provide a CV and passport copy of each shareholder and general manager.
- Sign the memorandum of association and other company documents drafted by the MZA.
Once you sign all the legal documents and the MZA finds them in order, you can pay the applicable fees. From beginning to end, the process can take as little as a week or extend a few weeks if it requires external approvals from UAE government ministries.
With your business license in hand, you may open a bank account with any UAE bank. If you need to hire staff for your business, apply for an establishment card to set up a file for your business with the immigration authorities. You can apply for visas based on the size of your office; the more people you need, the bigger the office size must be to accommodate them.
Your Journey at twofour54 Free Zone
Getting a business license is the first step in becoming a part of this exciting free zone. Once you’ve completed the initial formalities, you can join The Yas Creative Hub and its online portal. This online hub puts businesses and freelancers together to create synergy and new projects beneficial to the entire creative community.
The number of creative industry jobs in Abu Dhabi is expected to hit 15,000 by 2030. Yas Creative Hub has been purpose-built to meet the future needs of this thriving sector. It is just one of the assets developed under Abu Dhabi’s AED 30 billion investment strategy for creative industries. So you may have launched a small business, but with all the possibilities that twofour54 has to offer, it may not remain small for long!