Industrial City of Abu Dhabi (ICAD)
Industrial City of Abu Dhabi (ICAD)
Welcome to the Industrial City of Abu Dhabi (ICAD) Free zone!
ICAD Free zone, strategically located in Abu Dhabi, UAE, is a thriving hub for businesses looking to establish their presence in the region. As one of the premier industrial zones in the country, ICAD offers numerous advantages and opportunities for companies across various sectors.
At Prodigy Corporate Services, we are proud to be your trusted partner in navigating the landscape of ICAD Freezone. With our extensive experience and expertise in business setup services, we provide comprehensive solutions tailored to meet your specific requirements.
Why Choose ICAD Freezone?
- Strategic Location: Situated in close proximity to major transportation hubs and key markets, ICAD Freezone offers unrivalled access to local, regional, and international markets. This strategic advantage enables businesses to enhance their supply chain efficiency and expand their reach with ease.
- World-Class Infrastructure: ICAD Freezone boasts state-of-the-art infrastructure designed to support a diverse range of industries. From advanced manufacturing facilities to cutting-edge technology parks, businesses can benefit from modern infrastructure and a supportive ecosystem conducive to growth and innovation.
- Investment Incentives: The Industrial City of Abu Dhabi Freezone Authority (ICAD) offers attractive incentives to promote business growth and investment. These incentives include tax exemptions, 100% foreign ownership, repatriation of capital and profits, and streamlined administrative processes. By establishing your business in ICAD Freezone, you can take advantage of these incentives to maximise your profitability.
- Industry-Specific Clusters: ICAD Freezone facilitates industry-specific clusters, bringing together companies from related sectors. This clustering approach promotes collaboration, knowledge sharing, and synergies among businesses, fostering a vibrant environment for growth and competitiveness.
- Prodigy Corporate Services: As your dedicated business setup partner, Prodigy Corporate Services offers a comprehensive range of services to streamline your entry into ICAD Freezone. From company registration and licensing to visa processing and corporate support, our experienced team provides personalised assistance at every step. We understand the unique needs of businesses in ICAD Freezone and are committed to ensuring a smooth and efficient setup process.
Take the Next Step with Prodigy Corporate Services
When it comes to setting up your business in the Industrial City of Abu Dhabi (ICAD) Freezone, Prodigy Corporate Services is here to guide you. Our in-depth knowledge of ICAD Freezone, coupled with our commitment to delivering exceptional service, makes us the ideal partner for your business expansion.
Benefits of setting up a Business In Industrial City of Abu Dhabi (ICAD) Free zone?
The Industrial City of Abu Dhabi (ICAD) Freezone offers several benefits to businesses looking to establish their presence in the region:
- Strategic Location: ICAD Free zone is strategically located in Abu Dhabi, the capital city of the United Arab Emirates (UAE). Its proximity to major transportation hubs, including airports, seaports, and highways, provides convenient access to local, regional, and international markets. This advantageous location enhances supply chain efficiency and facilitates business operations.
- 100% Foreign Ownership: One of the key advantages of ICAD Freezone is that it allows 100% foreign ownership of companies. This means that international investors can have full control and ownership of their business ventures without the need for a local partner or sponsor.
- Tax Exemptions: ICAD Freezone offers tax incentives to businesses operating within its premises. Companies registered in the freezone are exempted from corporate and personal income taxes, import and export duties, and capital gains taxes. This favorable tax environment enhances the profitability and competitiveness of businesses.
- Repatriation of Capital and Profits: ICAD Freezone allows unrestricted repatriation of capital and profits earned by businesses. This means that companies can freely transfer their funds back to their home countries without any restrictions, ensuring ease of financial operations and facilitating international business transactions.
- Streamlined Administrative Processes: ICAD Freezone provides a streamlined and efficient process for company formation and business setup. The freezone authority offers simplified administrative procedures, quick issuance of licenses, and a supportive regulatory framework, enabling businesses to establish their operations in a timely manner.
- State-of-the-Art Infrastructure: ICAD Freezone offers world-class infrastructure and modern facilities to support various industries. The freezone provides well-designed office spaces, warehouses, manufacturing facilities, and technology parks equipped with advanced amenities and utilities. This infrastructure enables businesses to operate efficiently and meet their specific operational needs.
- Industry-Specific Clusters: ICAD Freezone fosters industry-specific clusters, bringing together companies from related sectors. This clustering approach promotes collaboration, knowledge sharing, and synergies among businesses. It creates an environment conducive to innovation, research and development, and the exchange of ideas, ultimately driving growth and competitiveness.
- Skilled Workforce: Abu Dhabi, as a cosmopolitan city, has a diverse and skilled workforce. ICAD Freezone provides access to this talent pool, which includes professionals from various fields, such as engineering, technology, finance, and logistics. Businesses can tap into this pool of skilled workers to meet their staffing needs and drive their operations forward.
- Supportive Business Services: ICAD Freezone offers a range of business support services to assist companies in their operations. These services include legal and regulatory support, visa and immigration assistance, company registration and licensing support, and access to networking events and business development initiatives. These resources help businesses navigate the freezone ecosystem and maximize their growth potential.
What is the Process of setting up a Business in Industrial City of Abu Dhabi (ICAD) Free zone
The process of setting up a business in the Industrial City of Abu Dhabi (ICAD) Freezone typically involves the following steps:
- Initial Inquiry: The process begins with an initial inquiry to ICAD Freezone. You can reach out to the freezone authority to gather information, understand the requirements, and clarify any queries you may have.
- Business Plan: Prepare a comprehensive business plan that outlines your company’s activities, projected financials, and growth strategy. This plan will be essential for obtaining approvals and licences.
- Application Submission: Submit your application to ICAD Freezone, along with the required documents and the completed application form. The documents typically include your business plan, passport copies of shareholders and directors, and any other supporting documents as specified by the freezone authority.
- Review and Approval: ICAD Freezone will review your application and supporting documents. This process involves evaluating your business plan, financial viability, and compliance with the freezone’s regulations. Once your application is approved, you will receive an approval letter.
- Legal Documentation: Prepare the necessary legal documents, such as the Memorandum and Articles of Association, shareholder and director resolutions, and lease agreement for the office or warehouse space within ICAD Freezone. These documents will need to be notarized and submitted to the relevant authorities.
- License Issuance: Upon completion of the legal documentation, ICAD Freezone will issue the trade license and other permits required for your business operations. The license will specify the activities your company can undertake within the freezone.
- Visa Processing: If you require visas for your shareholders, directors, or employees, you can initiate the visa processing through ICAD Freezone. This involves submitting the necessary documents, such as passport copies, photographs, and medical fitness certificates.
- Office/Warehouse Setup: Secure the office or warehouse space within ICAD Freezone as per your business requirements. ICAD Freezone provides a range of options for workspace and facilities to accommodate various business needs.
- Company Registration: Complete the company registration process, which involves signing the legal documents, paying the required fees, and obtaining the company registration certificate from ICAD Freezone.
- Commence Operations: Once all the necessary approvals, licenses, and visas are obtained, you can officially commence your business operations within ICAD Freezone. Ensure compliance with the freezone regulations and any additional permits required for specific activities.
It’s important to note that the specific requirements and processes may vary depending on the type of company, business activities, and other factors. It is advisable to consult with a business setup service provider or ICAD Free zone directly to ensure accurate and up-to-date information for your particular case.
What are the Documents required to setting up a Business in Industrial City of Abu Dhabi (ICAD) Free zone
To set up a business in the Industrial City of Abu Dhabi (ICAD) Freezone, the following documents are typically required:
- Application Form: A completed application form provided by ICAD Freezone.
- Business Plan: A detailed business plan outlining your company’s activities, projected financials, and growth strategy.
- Passport Copies: Passport copies of all shareholders, directors, and authorized signatories of the company. The passport copies should be valid for at least six months.
- No Objection Certificate (NOC): A No Objection Certificate from the current sponsor (if applicable) for each shareholder and director of the company. This document confirms their approval to be part of another company.
- Board Resolution: A board resolution authorizing the setup of the company and designating the authorized signatories for the business.
- Memorandum and Articles of Association: The Memorandum and Articles of Association (MOA and AOA) of the company, which outline the company’s structure, purpose, and internal regulations.
- Shareholder/Director Profile: A profile of each shareholder and director, including their educational background, work experience, and any relevant certifications.
- Bank Reference Letter: A bank reference letter for each shareholder and director, verifying their financial standing and creditworthiness.
- Proof of Address: Proof of residential address for each shareholder and director, such as utility bills or bank statements.
- Lease Agreement: A lease agreement for the office or warehouse space within ICAD Free zone. The agreement should be signed by the authorized signatory of the company.
- Other Supporting Documents: Additional documents may be required depending on the type of business and specific requirements of ICAD Freezone. These may include audited financial statements, project feasibility studies, product catalogs, and any applicable licenses or certifications.
It’s important to note that the specific document requirements may vary based on the nature of your business and other factors. It’s advisable to consult with ICAD Freezone or a business setup service provider to ensure you have the correct and updated list of documents for your particular case.
What is the cost of Registering a company in Industrial City of Abu Dhabi (ICAD) Free zone
The cost of setting up a business in the Industrial City of Abu Dhabi (ICAD) Free zone can vary depending on several factors such as the type of business, the size of the company, and specific requirements. It’s important to note that the following estimates are provided as general guidance and may be subject to change. The costs are typically outlined in UAE Dirhams (AED).
- License Fee: The license fee for ICAD Freezone can range from approximately 10,000 AED to 50,000 AED per year, depending on the type of business activity.
- Office/Warehouse Space: The cost of office or warehouse space within ICAD Freezone will depend on factors such as the size, location, and facilities provided. Rental prices can range from approximately 30,000 AED to 200,000 AED per year.
- Registration Fee: There is usually an initial registration fee for setting up a company in ICAD Freezone, which can range from approximately 5,000 AED to 15,000 AED.
- Visa and Immigration Costs: If you require visas for shareholders, directors, or employees, there will be costs associated with visa processing, medical tests, Emirates ID registration, and other immigration-related fees. These costs can vary depending on the number of visas required.
- Miscellaneous Costs: Other costs to consider may include company registration, notarization of documents, legal fees, corporate bank account opening, and any additional services or permits required for specific business activities.
It’s important to consult with ICAD Freezone or a business setup service provider to obtain accurate and up-to-date information regarding the specific costs involved in establishing your business in ICAD Freezone. They can provide detailed cost breakdowns based on your business requirements and guide you through the process.
FAQ'S
Frequently Asked Questions
What is ICAD Freezone?
ICAD Freezone is a designated area in Abu Dhabi, UAE, specifically designed to attract and support industrial and manufacturing companies. It offers a range of benefits and incentives to businesses, including tax exemptions, 100% foreign ownership, and a supportive infrastructure.
How can I set up a business in ICAD Freezone?
To set up a business in ICAD Freezone, you need to follow a series of steps, including submitting an application, providing the required documents, obtaining approvals, leasing office or warehouse space, and completing the registration and licensing process. Working with a business setup service provider can simplify this process.
What are the advantages of setting up in ICAD Freezone?
Some advantages of ICAD Freezone include strategic location, 100% foreign ownership, tax exemptions, streamlined administrative processes, state-of-the-art infrastructure, industry-specific clusters, and access to a skilled workforce. These factors create a conducive environment for business growth.
Can I have a local partner or sponsor in ICAD Freezone?
No, ICAD Freezone allows 100% foreign ownership, which means you do not need a local partner or sponsor to establish your business in the freezone. This provides greater control and flexibility to international investors.
Are there any restrictions on the type of business activities in ICAD Freezone?
ICAD Freezone supports a wide range of business activities, including manufacturing, assembly, logistics, trading, and services. However, certain activities may require additional permits or approvals from relevant authorities. It’s advisable to consult with ICAD Freezone or a business setup service provider to understand specific requirements.
What is the duration of a business license in ICAD Freezone?
The duration of a business license in ICAD Freezone typically ranges from 1 to 5 years, depending on your preference and business requirements. The license can be renewed upon expiry.
Can I apply for visas for employees in ICAD Freezone?
Yes, businesses operating in ICAD Freezone can apply for visas for their shareholders, directors, and employees. The number of visas granted will depend on the size and type of business. Visa processing involves fulfilling specific requirements and paying the associated fees.
Is there a minimum capital requirement to set up a business in ICAD Freezone?
Currently, there is no minimum capital requirement to set up a business in ICAD Free zone. However, it’s important to ensure sufficient capital to cover operational costs and fulfill the business plan.
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