Dubai is a city overflowing with lucrative business opportunities. The nation has touched upon almost every business possibility on earth to expand its industries, and would it leave alone the educational front?
The nation created a freezone Dubai International Academic City to strengthen the educational sector, making it the only freezone for higher education.
More about Dubai International Academic City Free Zone
Dubai International Academic City (DIAC) free zone is dedicated to higher education and the pursuit of intellectual growth. DIAC continues to expand and grow as per the needs of its robust and talented academic community.
The region provides a special cluster environment where companies across the industry mutually share a work campus dedicated to their industry, where they can also collaborate and interact effectively. This free zone falls under Dubai Creative Clusters Authority.
- DIAC was launched in April 2007 to cater to the needs of the region’s growing and diverse academic community.
- It is a premier destination for higher education in the region, located on a well-furnished 18 million sq. ft. campus with state-of-the-art facilities.
- It serves over 24,000 students worldwide by being home to numerous national and international colleges.
- They have nearly 400 undergraduate and postgraduate programs that are offered to these students.
Activities Permitted in Dubai International Academic City
Below are the activities that can be carried out in Dubai International Academic City
- Academic and non-academic service providers
- Online universities
- Educational service providers
- Sole traders
- Boarding and branch schools
Types of Corporate Entities in DIAC
- Free Zone Limited Liability Company – This Company can be formed as an independent legal entity with its shareholders. The minimum capital required depends on the business activity.
- Branch of a Foreign/UAE Company – A branch is considered a legitimately dependent part of its parent company, even if its place of doing business is not in the main company's headquarters.
- Sole Traders – They can establish a company single-handedly without any partner
Documents Required for Business Incorporation in Freezone of DIAC
The below documents are required for business formation
- Trade name certificate
- Application for registering the company
- Board Resolution
- Passport copy and specimen signature of the director, manager, and shareholders of the company
- Original Memorandum and Articles of Association
- No-Objection Certificate from the residency visa sponsor
- Proof of share capital
- Registration and license fee
Company Set-Up Procedure in Dubai Academic City
To register one’s business in Dubai International Academic City, a company must get approval from Dubai Creative Clusters Authority.
Companies seeking business formation in Dubai Academic City can apply for licenses for educational service support, fine arts training, child skills development, training, and many others based on the activities of the business.
Fill out the Business Application Form
For the initial approval, fill out your application form and submit it to the authorities with all the information regarding your business. Like the plan, structure, etc., of your business.
Submit the Legal Documents
To register your company, you must submit all the necessary documents. The required documents are mentioned above. Make sure all the documents are foolproof.
Sign and Return the Customer Confirmation Letter
Once all the documents are submitted and approved, acknowledge them by signing and returning them to the authorities.
Pay the required fees to get your license and register your company.
Sign the Lease and Personnel Sponsorship Agreement
Sign all the other added documents, like the lease and sponsorship agreement, for a smoother process. You will get a Certificate of Incorporation and Business License once everything is reviewed by the authorities and approved.
With so many advantages, any investor will be delighted to start their business in DIAC Dubai. If you are one of them, we at Commitbiz can help you start a business in this Dubai-free zone. Our advisors are well-versed in the legal formalities and can make this process hassle-free.
Contact us today to know more.
What businesses can be done in the free Dubai International Academic City (DIAC) zone?
The following business activities can be carried out.
- Academic institutions
- Universities, including online universities
- Non-academic institutions
- Boarding schools
- Consulting firms
- Commercial developers
- Insurance companies
When was the DIAC established?
It was established in the year 2007.
DIAC consists of how much area?
It is of 18 million sq ft.
Will I get 100% company ownership in the DIAC?
Yes, because DIAC is the free zone.
How much capital is required for opening a branch company in the DIAC?
For opening a branch company, no minimum capital is required.