Higher Corporation for Specialized Economic Zones
Higher Corporation for Specialized Economic Zones (ZonesCorp) is a national corporation established to develop and manage specialized economic zones in Saudi Arabia.
The mission of the corporation is to create and promote an export-oriented economy, while encouraging foreign investments and creating job opportunities. ZonesCorp was established in 2004 with the aim of diversifying the country’s economy and driving development within various regions of the Kingdom.
The vision of ZonesCorp is to transform Saudi Arabia into a global economic hub through rapidly developing and managing attractive investment destinations that are located away from existing business centers, yet still close enough to cities or main transportation links. These Specialized Economic Zones provide investors with incentives such as tax exemptions, simplified administrative procedures for setting up businesses and easier access to capital markets.
The Higher Corporation for Specialized Economic Zones (ZonesCorp) was founded with the goal of developing industrial cities across Abu Dhabi. ZonesCorp has created six world-class industrial zones, accounting for half of Abu Dhabi's manufacturing GDP.
Entities Permitted in ZonesCorp
Before we get into the different types of entities that can be formed in ZonesCorp, Abu Dhabi, it is important to note that, unlike other free zones in Abu Dhabi, this free zone only offers one type of licence, which is an Industrial License. In ZonesCorp, you can start a variety of entities:
- General Partnership Corporation
- Limited Liability Company
- Limited Partnership with Shares
- Limited Liability Corporation
- Private Limited Partnership
- Public Joint Stock Corporation
- Branch
- Local Organization
- Joint Venture Corporation
The Advantages of Starting a Business in ZonesCorp
ZonesCorp, like any other free zone, offers numerous advantages to its investors. They are as follows:
- Profits and capital must be fully repatriated.
- 0% tax
- Import of raw materials and machinery duty-free
- A favourable business climate
- Synergies in operations resulting from the co-location of similar industries
- Simple labour procedures
- Clients receive sound investment advice.
- Close proximity to Abu Dhabi and Jebel Ali airports
- Cluster-based zoning model enables full integration within the industry value chain, resulting in synergies.
Activities Allowed in ZonesCorp
It is critical to understand the permitted business activities at ZonesCorp. ZonesCorp can accommodate the following activities:
- Chemicals
- Food and drink
- Petroleum and natural gas
- Textile and leather products
- Building materials
- Mechanics and metals
- Putting together products
- Products made of wood and paper
- Products made of fibreglass and plastic
Why You Need Approved Auditors in Higher Corporation for Specialized Economic Zones?
- In today's corporate world, it is essential to have approved auditors in Higher Corporations for Specialized Economic Zones.
- Approved auditors can play an important role in ensuring that these corporations are running efficiently and properly.
- Furthermore, having approved auditors on hand can help minimize risk and ensure that the area’s financial regulations are being followed.
- ZonesCorp often have different rules and regulations than other areas of the world, so having an approved auditor on board is invaluable. This is because they will be able to stay up-to-date with any changes or revisions made by local governments over time.
- In addition, they will be able to provide reliable advice when it comes to dealing with any financial issues that may arise within the company or economic zone itself.
Reyson Badger Is Available 24/7 For All Your Auditing Needs
- Reyson Badger is the leading provider of auditing services for Special ZonesCorp.
- With a team of experienced and highly-trained staff, Reyson Badger has consistently delivered top-notch results to its clients in ZonesCorp.
- This has earned them an enviable reputation as the go-to firm for ZonesCorp.
- The service provided by Reyson Badger is comprehensive and tailored to meet the unique needs of their clients.
- We are committed to helping their clients navigate the complexities of ZonesCorp regulations and ensure compliance with all applicable laws.
- Our team is equipped with extensive knowledge on financial reporting standards, taxation law, corporate governance, banking regulations and other areas that affect businesses in Higher Corporation for Specialized Economic Zones
