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Dubai, UAE

Can I open a free zone company in Dubai and to have subsidiaries in other countries?

I am planning on setting up a company in a free zone in Dubai (DUQE or Meydan).

The company will not be conducting any business activities in Dubai but will be mainly formed to fully own an existing consulting and innovation hub company in Tanzania.

The reason we are registering a company here is to make it easy for us to raise investments.

I wanted to know:

1- if any of the laws in the UAE prohibit free zone companies from owning subsidiaries abroad

2- if there is any requirement to register foreign subsidiaries with any authority in the UAE

3- if there is any ban on free zone companies raising money that will be used to fund its subsidiaries and operations abroad

4- if there is any requirement for free zone companies in the zones mentioned above to submit audited financial statements or reports on an annual basis

Thanks in advance

Rashid Saif Advocates & Legal Consultancy
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9 Mar 2023, 05:12

Hello,

We will work on your inquiries and revert to you soon, kindly contact us by phone for further details.

9 Mar 2023, 13:38

With regard to your above notes, kindly find the below comments:

A Meydan company can own shares in a company outside of the UAE.

However, the share certificates and share register, and company documents must be attested in Tanzania and at the UAE embassy.

The documents must then be submitted to the Meydan Company Office.

Audited Financials are not required to be submitted but should be done annually.

Raising funds is allowed.

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