Here’s why Dubai should be the destination of choice for your tech start-up.

by commitbizadmin 30, Dec 2016

Here’s why Dubai should be the destination of choice for your tech start-up.

Are you a budding entrepreneur with a brilliant business idea and looking for a business startup in Dubai? Then you must look no further, as Dubai Internet City (DIC) is your go-to destination for your Tech business startup in Dubai.

We are living in the age of information and technology, with each passing day there is a rise of IT companies in developed and developing countries. As a startup enthusiast, it is the right time for you jump on the bandwagon and put your business idea to execution.

Dubai Internet City is a special economic zone within the larger Dubai Freezones. Since this is a part of the Dubai freezone, business owners get the benefit of 100% foreign ownership, taxation benefits, and custom duty benefits to foreign nationals.

Brief about Dubai Internet City and startup companies in Dubai
Sprawled across one and a half million square feet of space, providing prime office spaces to over 1400 companies and over 10,000 workers, Dubai Internet city is truly a business owner paradise. It is the largest Information technology park in the entire MENA region (the Middle East and North Africa).
Current resident companies in DIC are tech giants like Google, Facebook, Intel, Samsung, Linkedin, Accenture, Nokia, Cisco, sun microsystems, HP, Oracle Corporation, SAP, Cognizant, Accenture and Huawei, to mention a few. These giants have made DIC as their regional centers. Even startup companies in Dubai like Ducont have shifted operations to DIC.In fact, Ducont, the homegrown Dubai Company is a testimony to the fact that small business ventures can grow up to super successful business setups in Dubai internet city.

What business to start up in Dubai.
Key business functions in DIC are as follows:

  • Software development
  • E-commerce
  • Hardware sales
  • Business consulting
  • Business services
  • Sales and marketing

Dubai Media City and Dubai Knowledge Village are close neighbors of Dubai internet city. It is located 25kms south of Dubai city, on the road between Dubai city and Abu Dhabi. It is next to Dubai Marina, Palm Jumeirah and just 1km drive from the seacoast. At the poshest residential areas of Dubai are located in close vicinity of Dubai Internet city.

Business startup Dubai: There are 3 categories for the business set up in Dubai internet city.

  1. Freezone-Limited Liability Company(FZ-LLC) with a corporate person as shareholder
  2. FZ-LLC with a natural and corporate person as shareholder
  3. FZ-LLC with a natural person as shareholder

The process of business setup is broadly divided into three steps:

  1. Application and other document submissions
  2. Legal document submission and payment
  3. Sign and collection of documents

Application and document submission: Following documents need to be submitted

  1. Duly filled the application form
  2. The detailed business case pertaining to your business idea.
  3. Copy of certificate of incorporation for your company.
  4. Passport copies of manager of the proposed company, director of the proposed company and any legal representative, if appointed by the business,
  5. Valid passport copy of Shareholder of a proposed company(in case of FZ-LLC with a natural and corporate person as a shareholder)

Legal document submission and payment: Dubai Creative Clusters Authority mentions that the following documents must be submitted for the creation of the Commercial License

  1. Application for registration
  2. Company incorporation certificate
  3. RIC for of shareholder/manager
  4. Resolution of incorporation of FZ-LLC
  5. No objection certificate from the manager of current UAE based sponsor(If applicable)
  6. Memorandum and article of association from the parent company(if applicable)
  7. Certificate of continuity of existence
  8. Proof of share capital from a bank

You must also then select appropriate commercial space for your business operations. Commitbiz Business Consultants can assist you with an identification of ideal business space for your startup in Dubai, one that best suits your pocket and business idea.

Necessary fee along with following documents must be submitted

  1. Board resolution for corporate shareholders in FZ-LLC
  2. Corporate personas shareholder-registry identification code form
  3. Resolution for natural shareholderFZ-LLC with natural as a shareholder)
  4. Natural personas shareholder-registry identification code form(FZ-LLC with a natural person as a shareholder)

Signing and collection of documents:

This is third and the last step of company formation in Dubai Internet City

The applicant can sign and collect the following documents

  1. Lease
  2. Article of association
  3. Memorandum of association
  4. Company license and certificate of incorporation

Products offered by Dubai internet city

  1. Land: You can even build your own offices in designated areas, adjacent to developed areas and have the flexibility of building your workplace according to your taste.
  2. Commercial offices: Office spaces that you’ve always want to work from, carefully curated to your taste and requirement in over 25 low-rises, mid-rise to high-rise buildings.
  3. Business center: Long term and short-term leasing options are available here
  4. Conference facilities: When you are looking for a business conference venue along with AV and hospitality services.

DIC boasts of not just the world’s best fortune 500 companies but also plays host to a large community of entrepreneurs, facilitator, and Dubai startups to enable them to grow their business exponentially.

According to the Dubai Chamber of commerce and Industry analysis, UAE market is poised to reach AED 22billion by 2019 and per capita spending to arrive at AED 2000 by the year 2018. Current UAE ITmarket value is estimated close to AED 17 Billion.

If you are looking for startups in Dubai, then this is the right place to start. Business consultants Commitbiz can assist you with what business to start in Dubai and guide you to run your startup business profitably.

Write to us at info@commitbiz.com and we will be glad to help you.