The current model of economic development of the United Arab Emirates today is characterized by the following main characteristics:

– creation of a diversified economy and exports, an industrially developed country, a successfully developing world economy in conditions of labor shortage;

– development of local entrepreneurship and the class of owners due to the possibility of performing intermediary functions in the conduct of economic operations;

– the creation of an authoritative state that actively conducts economic and social transformations.

It should be noted that the successful development of the country is based on the general concept of the Islamic economy, built on a set of legal, moral, ethical and religious norms, for example:

– financial means of citizens should not be passive;

– the main purpose of man – active, permitted use of these funds in the interests of the whole society;

– the purpose of using funds is to create real added value, increasing not the money supply of the owner, but increasing production of goods and services;

– project investment related to risk sharing and equity participation (the bank does not receive interest, but helps a person, analyzes risks, finances);

– the interest loan is a direct exploitation and an injustice.

Islam recognizes the right of private property and guarantees its full protection, but there are certain requirements that turn into benefits for society. So, the ownership right to the resources of public utility, or to what must necessarily be considered common wealth (water of the seas, forests, etc.) is limited.

The specifics of the economic model dictate the features of the functioning of business entities. Relative freedom of entrepreneurship is closely connected with the rigid restrictions that are established in the interests of the state and society.

As a rule, the greatest interest from the investment point of view is caused by the entities that carry out their activities in special economic zones. If we summarize the requirements for registration of entities engaged in commercial activities in free trade zones, the following basic rules and requirements can be formulated.

As a rule, in special economic zones it is allowed to register companies with 100% foreign capital. In this case, the company must have a registered office within the relevant economic zone and appoint a registration agent.

Companies may normally carry out all types of activities, except those that are expressly prohibited by law (for example, banking, insurance). Registered in free trade zones, companies are able to open bank accounts in the UAE, acquire real estate, issue securities. At the same time, a number of requirements are imposed on the company, for example, on accounting and auditing, implementation of standard corporate governance practices.

Since the requirements and procedures for registering entities in special economic zones depend on the emirate and the local legislation, one should consult a professional consulting company before deciding to register as a business entity in the UAE.