Open a Business in Dubai Knowledge Village in 2019

by commitbizadmin 15, Oct 2019

Open a Business in Dubai Knowledge Village in 2019

Dubai Knowledge Village (DKV) Free Zone was launched in the year 2003 as part of TECOM Investments Education Cluster. It is located in the centre of Dubai, in Dubai Technology and Media Free Zone. It is the only free zone in the world which is dedicated to human resources management and learning. It offers world-class programmes in Human Resource Management and Development. DKV free zone aims to develop the regions human resource so that the United Arab Emirates becomes a centre of excellence and professional development in a knowledge-based economy. It currently has more than 500 companies, which are HR agencies, training and development centres, and institutes.

The Dubai Knowledge Village Free Zone is a unique business hub for Dubai free zone companies as they are open to offering programmes in Human Resource Management (HRM) and others. It is indeed an education free zone because students who finish the program will obtain diplomas and certificates. The latter is the highest calibre from the excellent business partner of DKV.

Types of Business Entities in DKV Free Zone

  • Free Zone Limited Liability Company (FZ-LLC)
  • Branch of a Foreign/UAE Company
  • Freelancer

Activities Permitted in DKV Free Zone

  • Computer training
  • Language training
  • Fine Arts training
  • Tutoring services
  • Technical and Occupational skills
  • Professional and Management Development training
  • Child Skills Development training
  • Human Resource Consultancy
  • Exe. Search Research and Development
  • Freelancers and Association (Non-profit Organization)

Licenses Available in DKV Free Zone

  • Commercial License
  • Freelance License

Features of Dubai Knowledge Village Free Zone

  • A shareholder can be an individual or corporate entity
  • The director must be an individual
  • The audit report is not mandatory to submit to the free zone authorities
  • Minimum AED 50,000 is required for FZ-LLC, while for a branch office its Nil
  • The business license can be renewed on an annual basis. A Penalty will be charged if the license is renewed after the due date

Advantages of Business Setup in DKV Free Zone

  • Ownership, taxation, and repatriation advantage
  • 100% foreign ownership
  • 100% repatriation of capital and profits
  • No personal income tax
  • No corporate tax
  • Dubai Knowledge Village free zone partners also benefit from a partnership with government and regulatory authorities
  • 24/7 visa services
  • Well-known local, regional, and global players

How to Start a Business in DKV Free Zone?

The free zone company is the most preferred type of company in Dubai Knowledge Village because it can be incorporated by-

  • One or more companies
  • A company and a natural person
  • One or more natural persons

The process to register your business in Dubai Knowledge Village Free Zone is as follows-

  1. Register your trade name with the officials
  2. Take primary approval from the Dubai Technology and Media Free Zone Authority
  3. Fill an application form and submit it along with the related documents
  4. The documents and the application form will be reviewed and examined by the Authority of Dubai Technology and Media Free Zone
  5. Once the application is reviewed, you will be given the Certificate of Incorporation
  6. The licensing can be done by the companies based on the type of business activity they choose

Documents Required to Register Your Business in DKV Free Zone

As mentioned in the 3rd step, you need to submit a set of documents along with the application form. The documents are listed as under.

  • Filled application form for registration
  • Details of shareholders and directors
  • Original Memorandum and Articles of Association
  • Board Resolution
  • Passport copies of manager, shareholders, and the director
  • Proof of share capital
  • Agreement for personnel secondment
  • Certificate of Authorization from the GSO
  • Registration and license fee

Once all the steps are completed, you can open a business bank account in the name of the company, deposit a share capital, and take proof of capital letter to the DKV. Next, visit the TECOM Leasing Department to sign the lease, personnel sponsorship agreement and collect the license.

We at Commitbiz Management Consultant have expertise in company formation of Dubai Knowledge Village, and provide complete solutions for opening a company. Our advisors have years of experience in this field and can make the process hassle-free. Contact us today- we’d be happy to assist you.