A new special economic zone (SEZ) has been confirmed in Qatar near the new Hamad Port, just south of Al Wakrah.
The zone, to be known as Um Al Houl Special Economic Zone, will seek to attract companies from the petrochemicals, building materials, maritime, metals, logistics, food processing, automobiles, tools, and machinery sectors.
The new zone, announced on March 2, is one of three SEZs being developed by Manateq, a company established by the Ministry of Business and Trade in 2011. Manateq intends to allow investors to develop land on the 33.52-square-kilometer site from the second quarter of 2016.
Manateq’s SEZs will offer zero duties on trade within the Gulf Cooperation Council and low import duties or exemptions for inputs and machinery.
Qatar’s Minister of Economy and Commerce, Ahmed bin Jassim bin Mohamed al-Thani, said: “This groundbreaking ceremony of Um Alhoul special economic zone is testament to the firm resolve and unwavering commitment of the State of Qatar towards a strategically and fully diversified economy.”
A company set up in such a Free Zone offers benefits to owners including:
- 100% ownership( A single individual is required for setting up (no sponsor required))
- Tax exemption
- Owning properties is allowed (25 years lease options, warehouse facilities, availability of areas for production and assembling etc.)
- Fair renewal fees
- Confidentiality of your business is maintained
- Allowed to open bank account in Dubai
- No restriction for doing more than one activity
- Can wind up at your discretion
The best known jurisdiction for Trade Free Zones is Dubai which has more than 20 Free Zones operating within its confines including:.
- Dubai Airport Free Zone
- Dubai Cars and Automotive Zone (DUCAMZ) also known as Dubai Auto Zone
- Dubai Healthcare City
- Dubai International Academic City
- Dubai Internet City
- Dubai International Financial Centre
- Dubai Knowledge Village
- Dubai Media City
- Dubai Gold and Diamond Park
- Dubai Multi Commodities Centre (DMCC)
- Dubai Silicon Oasis (DSO)
- International Media Production Zone
- Jebel Ali Free Zone
- JLT Free Zone
- Dubai World Central(DWC) Business Park