Free zone refers to free economic zone or free trade zone, an area in which goods may be landed, handled, manufactured and re-exported without the intervention of customs authority.
Panama and Dubai have well established free zone operations but with some differences. The first difference between the Panama and Dubai free zones is that Colon free zone in Panama is the biggest in the world, comprising of more than 800 acres.
There are more differences between the Dubai and Panama free zone. Dubai provides further incentives to businesses to build up shops in the territory of Dubai. Those companies in free zone enjoys a special status that allows them to run their businesses with minimal struggling
Some benefits of Dubai free zone companies same are listed below:
Those listed above are some of the benefit of free zone Company in Dubai while in Panama the benefits of Free Zone Company include:
The Panama Colon free zone receives above 300,000 visitors every year and provides a business home to some 2,500 companies. It produced exports and imports valued at over US $29 billion in the year 2011. Therefore the Colon progress do well and promote many thing, which harness the services and facilities that are given by free zone for importing, storing, repacking and exporting products all over the world. Therefore, it is referred as “trading showcase” of central and South America, and the Caribbean region.
Imports into the Colon Free Zone come mainly from China, Japan, Korea, Mexico, Italy, United Kingdom, Malaysia and Germany. These countries supplied almost 87% of all Colon free zone imports. This makes the Colon to have a high rate of progress. On the other hand, the Dubai progress is slower and that makes a difference between the two. The UAE/Dubai governments and the related companies are doing all they can to pay debts and reassure the investors as the world market staggers and as the Euro Zone mulls its next move. Dubai government does not presently support the establishment of partnership and share-partnership companies.
In Dubai, when someone is employed in the Free zone, his/her sponsor will be the free trade zone and in most cases not the ministry of labor. Therefore, this speeds up the hiring process and the good thing is that even when one changes employers under the free trade zone, the sponsorship does not change. Perhaps this explains why Dubai has been a hotspot for expatriate labor for a long time.
Companies that are approved for operation in Jebeli Ali free zone are given one of the following licenses. Some of these licenses are:
On the other hand, Panama introduced a new and compressive banking law. However, the pervious national banking commission that issued licenses has been replaced by” superintendence” with five members of board of directors and superintendent. Dubai provides more than five banking licenses and Panama provides only three of them, which are:
Colon free zone is the largest in America and the second largest in the world. The products mostly imported in the Colon free zone are clothing, perfumes, textiles, gold, jewelry, liquors and cigarettes as we saw earlier Colon free zone generate lots of benefit to the national economy. In this zone, wholesale apparel is one the most exported business lines.
From Colon in Panama City, you can have access to, the American hemisphere, Europe, Asia, Africa, Australia, and services from ship supply as an exporter and as an importer, you can only be at one place, there are credit facilities and there is less dispatching than 24 hours.
There are more differences between free trade zone in Dubai and in Colon, Panama. We just listed a few of them.
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