Company Formation In Dubai Internet City - 10 Zone

By Author: Siddhumenega
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Company Formation In Dubai Internet City:

Our appreciation of interaction is consistently shaped and reshaped with the breakneck pace of developments in modern technology, as we progressively find ways to reach out to people like never before. Dubai as a city has evolved into a hub of innovation, with the internet economy at the forefront. Dubai Internet City has been the centre of this change.

Dubai Internet City was conceptualised way back in 1999, when the internet was a fledging technology. Since then, the DIC has led Dubai's charge into the internet economy, by attracting the biggest players from all over the world.

It is now home to over 1,650 businesses of all sizes, including Fortune 500 companies, SMEs, start-ups and entrepreneurs.
Here are some reasons why setting up in Dubai Internet City is recommended.

Go for the desk-space option:

Company formation in DIC requires physical space. Leasing a bespoke space at the onset can be onerous, especially for startups that wish to test their products. This is true even for companies that are well-established elsewhere, but would like ...
... to test the market at a low cost.

DIC's desk space options are suitable for freelancers and solo entrepreneurs because they offer two visas and an economical package. It allows businesses and startups to make use of the DIC's many business facilities on an ad-hoc basis. However, it may not be the best option for those looking to employ others, and at AED 35,000 it is slightly more expensive than other free zones in the region.

Be in the company of world-leaders:

What's common between Microsoft, Dell, HP, Intel and LinkedIn? They all have offices in the Dubai Internet City!

The DIC has managed to create an ecosystem where the world's leading technology companies can interact with promising startups, and create a culture of innovation. This is the biggest ICT hub in the MENA region.

Location:

DIC is located within new Dubai, and close to all major residential developments like Dubai Marina, JLT, Emirates Living and Jumeirah. It has a direct connection to Sheikh Zayed Road, and also to Dubai Metro and Dubai Tram. A large number of people working in DIC also live within 10 minutes of the free zone.

Multiple shareholders:

Company formation in the DIC is attractive for large corporations because the free zone allows 100% foreign ownership, and more than one shareholder. Free Zone Limited Liability Companies (FZ-LLCs) that are newly established are allowed multiple shareholders, which can be either individuals or corporate entities, or a mixture of both.

Straightforward registration process:

Company formation is no easy feat/walk in the park - but in the DIC, the process is comprehensive and flexible, ensuring all you need is in order once your business is up and running. The free zone forms part of the Dubai Creative Clusters Authority, a well established regulator of many such free zone clusters in Dubai.

To process your license application, they will require documents such as:

Passport copies

Certificate of incorporation

Detailed business plan

Shareholders may be asked to attend a brief meeting with the free zone's officials as well. The registration process usually takes about a month, but the application process varies greatly from one company to another depending on several factors, such as:

The license you want to apply for

The industry you trade in

The size of your business.

Straightforward corporate bank account setup:

The free zone staff can advise you on the bank that is most suitable for your needs, and will also arrange meetings with your chosen financial institutions. DIC is rated as highly trustworthy by UAE banks, which is sure to play a factor in a smooth account-opening process. You can also read our detailed article on Corporate Banking in the UAE, for more details.

Sponsor dependants with ease:

Getting a residence visa for you and your dependents is a fairly straightforward process, as long as you and those who you intend to sponsor meet the entry criteria. The process itself consists of five main steps:

Entry permit

Status adjustment

Medical fitness test

EID registration

Visa stamping

However, it is recommended that you first consult an expert in setting up UAE free zone businesses. They will be able to provide advice and guidance to ensure that filing for an application will take you straight to the visas you need.

SETTING UP A BUSINESS IN DUBAI INTERNET CITY:

Advantages of company formation in Dubai Internet City

100% foreign ownership
0% corporate tax for 50 years
0% personal income tax
100% repatriation of capital and profits
0% import or re-export duties
No currency restrictions
No restrictions on foreign talent or employees

In addition to this, company formation in the DIC can derive benefits from the extensive network of double-tax avoidance treaties that the United Arab Emirates has signed with countries worldwide, including countries such as India, Pakistan, Singapore, China, Malaysia, Canada, Germany, Italy, Austria and Holland.

Dubai offers the additional benefits of a very high standard of living and a vibrant expatriate community with people from over 180 nations living and working in the region.

LICENSES:

A wide range of service activities can be chosen for DIC company formation from the following:

Internet and Multimedia

Software

Telecommunication and Network

IT Services

Click here for complete details on the licensing segments and activities permitted at the Dubai Internet City.

COSTS:

The following are the costs associated with company formation in Dubai Internet City:

Registration fee - US$ 960 (AED 3,520)

License fee (per segment) - US$ 4,110 (AED 15,020)

Additional segment fee (per segment) - US$ 2,725 (AED 10,010)

Share Capital* - US$ 13,700 (AED 50,000) - This has to be deposited in an account in the name of the company. Can be subsequently used as working capital.

You can choose between business centre spaces and offices in the Dubai Internet City. The company would be eligible for 1 visa for every 8 square meters of office space.

Executive Desks (2 visa option ) - US$ 9,550 (AED 35,000), with a refundable deposit of US$ 1,362

Executive Furnished Office (4 visa option) - US$ 26,200 (AED 96,000) with a refundable deposit of US$ 2,725

Commercial offices (unfitted) - from 700 square feet at US$ 52 per sq.ft. per annum.

VISAS:

The company will have to apply for an Establishment Card, in order to commence the processing of visas. An additional document required is a Power of Attorney, in case a PRO is appointed.

Establishment Card – AED 1,770 (US$ 482)

Power of Attorney – AED 1,500 (US$ 410)

The next step will be applying for the visas. Here are the approximate costs:

Employment Visa – applicant outside the country – AED 3,280 (US$ 894)

Employment Visa – applicant inside the country, no status change – AED 4,120 (US$ 1,125)

Employment Visa – applicant inside the country, with status change – AED 4,910 (US$ 1,340)

Visa Guarantee (refundable deposit) - AED 2,500 (US$ 682)

Medical Test, Emirates ID – AED 1,240 (US$ 338)

Find yourself looking forward to setting up in the Dubai Internet City? What will your next steps be? There are several steps you'll need to accomplish, with varying levels of difficulty and requirements depending on the type of license you are applying for and the kind of business you are planning to run. It is recommended that before going through the process, you already have a trusted company expert by your side to guide you through your application, ensuring that you go through the entire process as efficiently as possible.

Check For Update: https://10zone.ae/company-formation-in-dubai-internet-city/

I'M Siddhumenega from Bangalore, India. Working as a Content Writer