Education is the key that unlocks the door to progress and builds a nation. A developed nation is one where the developed mind prevails. Dubai, a well-known city in the United Arab Emirates (UAE), is progressing at a massive speed towards development and is considered one of the most promising cities soon.
Six sectors were stated as "National Priorities," covering Healthcare, Competitive Knowledge-Economy, Public Safety, Fair Judiciary, Cohesive Society and Individual Identity, First-Rate Education System, World-class Infrastructure, and the Environment.
Dubai Academic City Free Zone
Dubai Academic City (DAC) is a free zone established in 2006 by TECOM Investments and covers an area of almost 129 million square feet. It aims to make Dubai an education hub, an initiative of the Dubai Knowledge Village (DKV) is also a part of.
DKV has got a large network connection with multi-national universities worldwide. Down the line, after the initiation of DAC, DKV and DAC joined hands to boost and bring a positive slope to the educational sector.
Why Do Students Prefer Dubai Academic City?
Students are exposed to different benefits that help them to grow and develop in every possible way.
- Career fairs are held annually for postgraduates and graduates that give them exposure to industry insights and bring corporate leaders and students under one roof.
- The cost of living is relatively low compared to other global cities
- Workshops are held new before businesses - Small Business Incubator (SBI)
- The student identity card is recognized worldwide and helps them to get a student discount on every means of transport.
Milestones Achieved by DAC
Dubai Academic City has successfully established itself to be a world educational hub. Let's see some of its milestones and industry insights.
- Launched industry and university partnerships in 2014 that helps students to get exposure to insights, research activities
- Launched Deloitte Workforce Planning Study for research projects worldwide
- The Dubai Academic Centre got, in partnership with Amity University 2012 and launched the Amity Dubai Campus
- JAWAZ, an international identity card, was launched for students
- DIAC constructed a student housing community, "The Myriad."
Dubai Academic City | A Business Centre
Dubai Academic City not only encourages or promotes educational institutions but also acts as a platform for other businesses for their setup. DAC is keenly interested in inviting foreign investors to set up their businesses on the campus and help the center and the nation grow.
Dubai Academic City also embraces Dubai International Academic City (DIAC), and according to a report published in 2017, DIAC holds the largest number of branch campuses worldwide. They also hold an incubation center encouraging budding entrepreneurs and business partners to present their business ideas.
Let's look at the business options they provide for foreign investors.
Being an institutional hub and home to many international institutions, the free zone has shopping malls, retail outlets, and apartments in its arena. The center has an open option for investors who want to establish their businesses.
2. Business Spaces
Carrying out different businesses involves different types of space wherein it fits. Dubai Academic Centre provides specific business spaces based on the type and size of employees.
These include a hot desk, an executive desk, and commercial spaces. A hot desk is generally provided to budding start-ups, and office space is shared among clients operating different businesses.
Executive desks are provided to businesses that have few employees. Furnished desks and chairs are provided within an area of almost 100 square feet.
Moving further, they also provide commercial spaces that are mostly open spaces and are designed in such a way that business activities can be carried out with ease. Such spaces are a bit costly compared to those mentioned above categories, and they also hold facilities like projectors, etc.
3. Retail and Kiosk Spaces
This free zone also has convenient retail stores and kiosk spaces inside the DIAC campus to ease students.
How to Set Up a Company in the DAC Free Zone Authority?
Dubai Academic Centre provides multiple options for starting a business. The following is the process for the same.
1. Decide on a Trade Name
Finalize a company name according to the prescribed guidelines by the government.
2. Select a Corporate Structure
Let's look at the types of companies incorporated within the free zone.
1. Free Zone Limited Liability Company
Such companies possess their own legal identity. The amount of incorporation depends upon the nature of the business.
2. Branch of a Foreign or Home Company
DAC welcomes any foreign or home company to initiate its branch on the campus.
This provides a platform for individuals who want to be freelancer professionals and can establish their sole proprietor company in their name.
3. Submit the Essential Documents
You must submit the required documents as per the government authorities.
4. Pay the Fees and Get Your License
Make the necessary payments and obtain your license.
5. Open a Company Bank Account
Open a free zone company bank account to ease down your business transactions.
Are you willing to open your store or expand your brand in the educational hub? Yes? Great! Now all you need at this point is a guide to help you set up your business entity.
This is where Commitbiz comes into the picture. To proceed further, do contact us. We would be glad to assist you in your business setup process.
When was the Dubai Academic City established?
It was established in the year 2006.
Who established the Academic City in Dubai?
TECOM Investments established it.
How much area does the Dubai Academic City Free Zone cover?
It covers an area of almost 129 million square feet.
How many Academic City Dubai universities and courses are there?
The Dubai International Academic City includes nearly 28 international universities and around 450 courses.
What are the types of companies that can be incorporated into the city of Dubai academic?
The types of companies are as follows:
Free Zone Limited Liability Company
Branch of a Home or Foreign Company