Yes. Because of an amendment to UAE law, international investors now have full ownership rights in Dubai Internet City businesses.
The Dubai Internet City Free Zone is located in the Technology and Media Free Zone, is one of the world’s largest information technology parks.
Since its establishment in 2000, the Dubai Internet City has hosted some of the world’s most successful multinational firms. As the largest ICT infrastructure ever established inside a freezone, Dubai Internet City (DIC) was founded and developed to support information and communications technology (ICT) businesses.
Setting up a business in Dubai Internet City Freezone is a great way to take advantage of the many benefits that this area has to offer. Whether you’re looking to start a new business or relocate an existing one, DIC Freezone offers a number of advantages including 100% foreign ownership, no corporate taxes, and easy access to global markets. Here’s how you can setup a business in Dubai Internet City Freezone.
How to Set up a Business in Dubai Internet City Free Zone?
These measures must be followed in order to establish your business in a DIC freezone.
Send the necessary paperwork with your application for first approval:
- Business strategy
- Copies of the managers, directors, and shareholders’ passports.
The application and supporting documentation will be examined by the Dubai Internet City Authority, which will then give preliminary permission. They will also provide a list of the paperwork required for business registration.
It would be beneficial if you signed and stamped the provisional license to indicate that you accepted it. You must then return it to the appropriate authority.
You must deliver the DIC’s list of required documents for registering your firm before the next 15 days.
The Customer Confirmation Letter will then be sent to you by DIC after it has reviewed and accepted your paperwork.
Get the letter signed, stamped, and returned to the authorities as soon as you have the confirmation.
Following receipt of your letter, the DIC will generate an invoice for the initial payment.
DIC will provide a Personnel Sponsorship Agreement and an office space Lease Agreement following the initial payment.
You will receive the business license after you sign, date, and send back the agreement.
You can start your business in earnest after completing this phase.
Company Setup Cost in Dubai Internet City Free Zone
Freezone Company Registration Process requires a one-time payment of AED 3,520. Additional costs include a leasing arrangement, which can cost between 25,000 and 120,000 AED a year, depending on your needs.
All types of enterprises can be established with the approval of the DIC, although the most well-known licenses given to business owners are:
- Software
- Internet and Multimedia
- Telecommunication and Network
- IT services
- E-Commerce License
Documents Required for Company Formation in Dubai Internet City Free Zone
The following are the requirements for freezone company formation in DIC:
- Copies of the founders’ passports.
- Copy of the directors’ and managers’ passports.
- The representative’s legal information.
- An application for a license.
At any time during the process of company formation in Dubai DIC, the authority in charge of providing licenses may decide at their discretion that further documents are required.
Advantages of Company Formation in the Dubai Internet City
Establishing a company in Dubai Internet City has the goal of creating an environment that fosters innovation and networking. It’s a place where new ideas can be developed in the fields of technology, media, education, and science. When new company endeavors are supported, it provides an ideal atmosphere for the development of new talent and creative thinking.
Among the advantages of establishing a business in a DIC free zone are:
- 100% foreign ownership
- No personal, income, or corporate taxes for 50 years
- Easy licensing
- Full repatriation of capital and profits
- Modern communications infrastructure on new innovative technologies
- Protection of properties and assets
- Metro Ethernet environment
- 24-hour security
- Capital mobility
- Dynamic international community
- Networking opportunities
- Dual licensing opportunities
- Abundant opportunities for market development
- Affordable digital voice and high-speed data services
- Facilities for commercial offices, business centers, and conferences, as well as sophisticated communication infrastructure based on cutting-edge technology
License Options and Cost in Dubai Internet City
- Software License
- IT Service
- Internet and Multimedia
- E-Commerce
- Telecommunication and Networking License
Facilities Available in Dubai Internet City
A wide range of commercial facilities, services, and other amenities are available at the business set up at DIC to meet the diverse needs of the modern commercial sector.
- The Dubai Internet City Metro Station is consistently ranked as one of the busiest stations in the entire UAE. As a result, those who work in DIC are able to commute more easily.
- Good schools are available in the vicinity.
- Innovation centers
- Venues for events
- Retail and dining
- Fitness facilities
- Healthcare facilities
- Luxury hotels
- in5 Tech, a business incubator in Dubai Internet City, offers a wide range of services to entrepreneurs and startups, including access to cutting-edge specialized facilities.
- In Dubai Internet City’s real estate market, both apartments and hotel apartments can be rented out. There are a broad variety of apartment sizes and floor plans to choose from at DIC, and each unit has a different number of bedrooms. Sizes range from studios to three-bedroom units.
Businesses Allowed in Dubai Internet City
All activities allowed by the Dubai Internet City authorities are IT-related
- IT services
- Consultancy
- Advertising & Communication
- Media and Marketing Services
- New Media
- Media Association (Non-Profit) and others.
- E-Commerce
- Multimedia development and distribution
- Event Management
- Software development, installation, and modifications.
FAQs About Dubai Internet City Company Formation
Can I be the 100% owner of the company in Dubai Internet City Free Zone?
Can I operate my business in other free zones after getting a license from DIC?
You are not permitted to establish a branch of a company that already operates in one free zone in another free zone. However, you can open a new free zone company in another free zone with the same name and conduct the same business as long as you obtain a NOC from the old firm allowing you to use the name.
Can I transfer my license from another free zone in the UAE to Dubai Internet City?
Yes, it is possible to transfer a license from another free zone in the UAE to Dubai Internet City. However, in order to transfer your license to DIC, you will first need to obtain approval from the Dubai Development Authority (DDA).
Conclusion
Setting up a business in Dubai Internet City Freezone is a great way to get started in the UAE market. There are several benefits to setting up your business in this zone, including 100% foreign ownership, no corporate or personal income tax, and easy access to local and international markets.
You can set up a business in Dubai Internet City in as little as a few days, and the process is relatively simple. The Dubai Internet City Authority offers a wide range of services to help you get started, including licensing, company formation, and banking.
So, if you’re looking to invest and setup a company in UAE, then it’s a good option. If you want to know about different free zones other than DIC, check out our free zones page.