Yes, you are allowed to own different businesses within the Dubai Science Park Free zone, in accordance with the rules and regulations of the Dubai Development Authority.
The Dubai Science Park (DSP) is a free zone designed to support the whole value chain of the science industry. DSP’s mission is to support small and medium-sized businesses (SMEs) and multinational corporations in their scientific endeavors. DSP was built expressly to meet the demands of professionals and enterprises in the life sciences field in order to achieve this goal. It fosters a culture of innovation, modernity, and scientific investigation.
The Dubai Science Park is an essential part of Dubai’s Vision 2021 because it ensures that the city has a sustainable and self-sufficient future by maximizing local resources and fostering the growth of local talent.
If you’re looking for cutting-edge technology-equipped facilities to stimulate innovation in the domains of human, plant, and material science, as well as the environmental and energy sciences then Dubai Science Park is the place for you.
Business establishment in Dubai Science Park is attractive not only because it allows organizations to use cutting-edge clinics, laboratories, and commercial spaces that meet high global standards, but also because it provides a center where innovative companies can become highly profitable while remaining completely focused on business activities such as R&D, diagnostics, testing, manufacturing, and production.
Dubai Science Park is a valuable resource for businesses in today’s fast-changing and highly competitive business environment.
If you’re looking to start a business in Dubai, the Dubai Science Park Free Zone is a great option. Located just minutes from downtown and the airport, the Science Park offers ample space and a host of facilities and services to help your business get off the ground. In this post, we’ll take you through the basics of setting up a shop in the Science Park Free Zone. Let’s get started!
How to Set up a Business in Dubai Science Park Free Zone?
Dubai’s long-term goals are to achieve self-sufficiency and position itself as a global leader in scientific research and development. Dubai Science Park is the optimal location for enterprises that are eager to take their operations to the next level of development and expansion. The following are the easy and straightforward steps for Dubai Science Park company formation:
- Determine the appropriate organizational structure for the company that will be registered in DSP
- Choose an activity from the list of DSP activities
- Make a request for the name and seek initial approval
- The payment of fees associated with the establishment of the DSP business
- Documents relating to the registration and formation of the SP firm must be signed
- Submit an application for the UAE resident visa
Licensing Options in DSP Free Zone Authority
The Dubai Creative Clusters Authority (DCCA) is responsible for enforcing licensing regulations within the Dubai Science Park and also plays a significant role in the establishment of new firms within the park. The following types of licenses are available from the DCCA:
In order to provide services within the free zone, businesses and people in the service industry must first get this license. If you possess a professional license, you are legally permitted to work for or supply your services to any customer, client, or employer in the United Arab Emirates.
In addition, if you hold a professional license, you may engage in activities that align with your credentials and area of competence.
Documents Requirments for Business Setup in DSP Free Zone
It is important for businesses that have an interest in establishing their activities in Dubai Science Park to provide the proper documentation to the relevant authorities. The following is a list of the documents that are necessary for the incorporation of a business in the free zone.
- An application form that has been completely filled out
- A detailed explanation of the business plan, including an overview of the company’s products and services, etc
- Copies of everyone’s passports who is a shareholder or director
- A copy of the resolution passed by the Board
- A marketing plan for the target market and segments
- Proof that you have a bank account, a balance sheet, and a cash flow statement, among other financial documents
- NOC of the current sponsor
Business Setup Cost in Dubai Science Park Free Zone
Establishing a firm in Dubai Science Park is straightforward, and minimal documentation is necessary. The cost to set up a DSP company starts at AED 50,290/- and includes everything from pre-approvals through company registration and license acquisition. However, these expenses often vary based on the organization and the processes created for it.
License Renewal Cost and Process in DSP Free Zone
The procedure for the renewal of companies in the Dubai Science Park free zone is uncomplicated and extremely cost-effective. You will be required to submit an annual audit report beginning with the second time your business is renewed.
To complete the renewal procedure for your company, you will be required to pay the renewal fee and submit the executed lease agreement for your location. This must be completed before proceeding to the next step.
Significantly advantageous is the fact that your physical presence in the UAE is not required for the renewal process and that it can be handled by an agent
Advantages of Business Setup in Dubai Science Park Free Zone
People of Dubai Science Park are given access to a wide range of advantages in order to facilitate the smooth establishment of their businesses, the driving of innovation, and the expansion of such businesses. These advantages include the following:
- One hundred percent ownership by a foreign entity
- Exemption from a variety of taxes, including those on individuals and businesses
- Repatriation in its entirety of both capital and profits
- There are no limitations placed on the currency
- Superior infrastructure amenities including, but are not limited to, high-speed internet and digital voice services, amongst others
- Business-friendly legislation and regulatory environments for corporations
- A quick and easy immigration process
- Easy access to people with specialized knowledge
- Options for Leasing
- Perfect location for the formation of your company close to other major free zones like
Activities in Dubai Science Park Freezone
Following are some of the activities allowed in the Dubai Science Park Free zone area:
- Management
- Manufacturing
- Consultancy
- Research and Development
- Real Estate
- Marketing
- Storage
- Import and Export
- Logistics
- Warehousing
- Support Services
- Distribution and sales promotion
Didn’t find a suitable Free Zone for your desired activities? Check our other article on Best Free Zones for Business Setup in Dubai
Facilities in Dubai Science Park Free Zone
Businesses that focus on scientific research and product development require high-quality facilities. Company operations and business development may suffer if the company’s headquarters are located in an unsuitable location.
Choosing the right place to live within the free zone may be made simpler if you use the Dubai company creation services. The following is a list of some of the resources accessible at the Dubai Science Park for the establishment of a business:
- Office Area
- Laboratories
- Land plots
- Centers for Business
- Warehouses
FAQs about Dubai Science Park Free Zone Company Formation
Can I own different businesses within Dubai Science Park?
Do you need a license to start a business in DSP free zone?
Yes, indeed! In order to work or set up a business in any of the free zones, you are required to obtain a license.
Conclusion
Dubai Science Park Free Zone is the region’s first FreeZone community, and it covers the whole value chain of the scientific industry. Scientific startups, small and medium-sized enterprises, and multinational organizations are its core focus.
For those in the biological sciences industry, DSP is a place that stimulates scientific research, creative endeavors, novel ideas, and excitement for one’s work. DSP was specifically designed to satisfy these needs.
By virtue of the excellent infrastructure and excellent administration, every prospective investor and business owner is compelled to locate here.
Remember, we have a comprehensive guide if you want to set up your own business in Dubai. We also recommend reading our other articles for more information on Free Zones and other places that are perfect spots for starting new ventures.