BUSINESS SET UP IN DUBAI INTERNET CITY:

28/12/2017 Financial & Legal Services

Price: Free

Description

Dubai Internet City was formed in 1999 and opened its doors in 2000. DIC is one of the leading technology business and community hubs around the globe that caters to high-tech corporations and dynamic start-ups which reflect the vision of Dubai.DIC is a member of the Dubai Holding subsidiary TECOM Investments.
DIC is an information technology park created by the government of Dubai, providing a strategic and cost-effective platform for Information and Communications Technology (ICT) companies, which are targeting emerging markets in a vast region extending from the Middle East to the Indian subcontinent, and from Africa to Central Asia.
The economic rules of DIC allow companies to avail themselves of a number of ownership, taxation and custom related benefits which are guaranteed by law for a period of 50 years.
AUTHORITY:
Dubai Technology & Media Free Zone Authority (DTMFZA) is responsible for the establishment and registration of companies in DubaiInternet City.
BENEFITS:
• 100 % personal tax exemption for 50 years
• 100 % corporate tax exemption for 50 years
• 100 % ownership to aforeign investor
• 100 % profit repatriation
• Opportunities for new IT business interaction and networking
• Communications infrastructure built on next-generation technologies
• Digital voice and high-speed data rate offered at cheap rate
• World’s biggest commercial IP telephony network
PERMITTED ACTIVITY:
1. Software
2. Internet & multimedia
3. Telecommunication network
4. IT-services
TYPES OF ENTITY:
1. Free Zone Limited Liability Company (FZ-LLC),
2. Branch of UAE company.
3. Branch of aforeign company.
AVAILABLE LICENSE:
• Commercial license.
NOTE:License of the company has to be renewed on annual basis. The penalty would be charged by the authority if thelicense is renewed after theexpiry date.
MINIMUMSHARECAPITAL:
• FZ-LLC incorporated are required to have aminimumpaid up capital of AED 50,000.
• No minimumcapital requirements for branch establishments.
SHAREHOLDERS:
• The Shareholders of the company can be an individuals or corporate entity.
DIRECTORS:
• Directors must be an individual only.
REQUIRED DOCUMENTS:
FZ-LLC-individual applicant:
1. personal details of the individual shareholders of the FZ-LLC
2. A bank letter for each shareholder
3. A power of attorney appointing the manager as attorney for each of the shareholders
4. Proof of minimum share capital from a bank within the UAE
FZ-LLC-corporate body applicant:
1. Certificate of Registration
2. Certificate of Good Standing
3. Memorandum and Articles of Association
4. A list of current directors
5. A board resolution of the applicant company calling for the establishment of the FZ-LLC,
6. Proof of share capital from a bank within the UAE
Branch of a foreign company or UAE company:
1. Certificate of Registration
2. Certificate of Good Standing
3. Copy of Valid Trade License if a UAE company.
4. Copy of Commercial Registration if a UAE company.
5. Memorandum and Articles of Association
6. A board resolution of the parent company

PROCEDURE:
Step 1:
Submit the application form for alicense and business plan along with passport copies of shareholders, directors,and manager.
Step 2:
After the application reviewed by the DIC, may request additional information then a Provisional Approval Letter is sent to the applicant along with a checklist of legal documents required.
Step 3:
The applicant must sign and stamp the Provisional Approval letter and submit this to DIC.
Step 4:
submit the legal documents within 15 working days of acceptance of the Provisional Approval Letter.
Step 5:
After the submission of all the required legal documents, DIC will assess whether the required office space is available and if so will send to the applicant a Customer Confirmation Letter.
Step 6:
Then the applicant should sign and stamp the Customer Confirmation Letter and return it to DIC.

Step 7:
If the signed Customer Confirmation Letter is received then DIC will issue an invoice for the license and registration fees plus 34% of the total annual lease rental.

Step 8:
After the initial payment, DIC will issue the Lease Agreement for office space and the Personnel Sponsorship Agreement.

Step 9:
If the signed lease and Personnel Sponsorship Agreement are received then DIC will issue a trade license and the company can begin trading.

Step 10:
After the trade license DIC will issue an invoice for the outstanding amount of the total annual lease rental to be paid in two installments:

1. 33% first installment payable 4 months from the date of initial paymentand
2. 33% second installment payable 4 months from the date of payment of the first installment.
Our professional consultants at MSZ Consultancyprovide complete assistance to those who are interested to start a business in Dubai Internet City. Contact us: 00971589827842 or Email us: info@mszconsultancy.com.
http://www.mszconsultancy.com


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