Setting up business in a UAE free zone carries many advantages for overseas investors. Perhaps most importantly, it enables foreigners 100% ownership, zero corporate taxes and repatriation of profits.

A number of such free zones operate across the UAE and predominantly in the Emirate of Dubai. Readers interested in setting up in a Dubai free zone are encouraged to read the Hadef & Partners guide on this topic.

Investors in the broadly termed "knowledge economy" may be most interested in setting up in TECOM which caters to associated specialisations. Abu Dhabi is also promoting various knowledge economy initiatives, such as the media focused free zone, twofour54.

TECOM Investments, a member of Dubai Holding, has realigned its 11 business parks (each a free zone) into five industry cluster groups to streamline its operations and to prepare for further business growth.

• Information and Communication Technology (ICT)

• Media

• Education

• Sciences

• Manufacturing and Logistics.