Company formation at Dubai Internet City (DIC):
Dubai Internet City is considered to be a huge technology hub where business owners who are looking to connect and share their vision with others establish their business. Dubai Internet Free zone is a member of Dubai Holding subsidiary TECOM Investment. DIC is located and operates in the Dubai Technology and Media Free Zone’s (DTMFZA) jurisdiction.
Currently, Dubai Internet City is the big global companies that are situated in DIC are Microsoft, Oracle, HP, IBM, Cisco, Canon, Dell, among many others. There are various industries that are located in DIC, including sales and marketing, ecommerce, and software development. Dubai Internet City free zone is an innovation hub that will boost technology, new media, education and sciences.
Company formation in Dubai Internet City focuses on creating an environment that influences innovation and enables networking opportunities. Dubai Internet City is an innovation hub that will boost technology, education, new media, and sciences. DIC, a forerunner in carrying forward Dubai’s vision of transitioning into a knowledge-based economy, has successfully developed an ecosystem for technology organisations.
Opening a company in Dubai Internet City Free Zone is very attractive because it offers full foreign ownership. It delivers possibilities for a lucrative market for related IT establishments. The procedure of processing your business setup in business setup in DIC will range from 2 to 4 weeks.
Company Structures at Dubai Internet City (DIC):
- Free Zone Limited Liability Company (FZ-LLC)
- Branch of an existing company
- Branch of a Foreign Company
- Freelancer
Types of Licenses Available for Dubai Internet City (DIC) Company Registration:
- Software Licence: activities related to developing, installing, and/or modifying software products of the company or of a third party.
- IT Service Licence: activities related to developing and/or providing standardised repeatable IT-based services
- Internet and Multimedia licence: activities related to developing and/or distributing internet or multimedia content.
- Telecommunication and Networking: activities related to developing, installing, modifying, and/or operating networks or providing relevant services designed for operating network-based applications or services for self or for third parties.
- E-commerce License: activities related to individual services and products to third parties through electronic media such as an internet search engine, portal, website, social media, etc. for the purpose of facilitating sales activities
Business Activities Permitted in Dubai Internet City (DIC):
- E-commerce
- Consultancy
- IT Services
- Multimedia development and distribution
- Software Development
- Software Installation and modification
Facilities offered at Dubai Internet City (DIC):
- Conference facilities
- Executive Desk
- Offices
Advantages of Company Set up in Dubai Internet City (DIC):
- Full ownership of companies
- The company set up process is easy, straightforward and fast.
- There is no requirement for minimum capital investment.
- 100% direct tax free
- No restriction on currency
- Metro Ethernet environment
- Smart services platform
- Dynamic international community
- 100% repatriation of capital & profits
- Networking opportunities
- Tax Exemption
- Market development opportunities
- Protection of properties and assets
- Easy to sponsor dependants.
- 24 hours customer service
Documents Required to Register Company in Dubai Internet City ( DIC):
- An application form for business setup in DIC
- Letter of Intent
- Passport copies of Shareholders, managers and secretary
- A description of the company’s activities
- No objection by the current sponsor, manager if a resident of UAE or UAE employment visa holder
- Initial approval(s) from the third authority(s) in case your business activities required such approvals, e.g., media, IT, pharmaceutical
- Attested and notarised Memorandum of Association/Article of Association
- Board resolution to be resolute by the board of directors of your existing company/entity at the place of origin, expressing the intent of establishing a new setup abroad
- Business Plan
- Manager’s specimen signature
Steps to be followed on registering the company in Dubai Internet City (DIC):
- Decide on a company name
- Decide on business activity to obtain the license
- Get an initial approval from the authority
- Submit documents and pay fees
- Get an office space
- Apply for the UAE Residence Visa
- Open a Corporate Bank Account
Cost of setting up a company in Dubai Internet City (DIC):
The cost of setting up business in Dubai Internet City would start from approximate 15,000 AED and approximate 7,500 for a Freelancer. however it may depend on other requirement such as your location, business activities, company size and other operational costs.
To make it easier, once you have your business plan ready in your hand, you can always take help from the expert business setup consultants in Dubai UAE, who will help you with every step of the process, from choosing a business activity and company name to registering with the relevant authorities, easily opening corporate bank accounts and processing visa applications.