Dubai is a flourishing and the most cosmopolitan emirate in the UAE. The progressive thinking government of Dubai realizes the importance of investment in the development of technology and innovation. This futuristic thought has given rise to TechnoPark in the heart of Dubai Industrial Zone. Dubai TechnoPark (TP) is still under construction, and covers an area of 21 million square meters of land. The main purpose of this innovation center in Dubai is to provide for the local and foreign investors who are willing to invest in modern technology and infrastructure. Some of the greatest techno-based companies have already started their operations in Dubai TechnoPark.
Dubai TechnoPark is the member of Economic Zone World, which functions under Dubai World, one of the largest holding companies in the world. Dubai TP is a platform for the development and invention of modern technologies for the betterment of life. This Dubai free zone aims at providing a flexible environment for the companies involved in the production of technology.
Dubai TechnoPark, also called National Industrial Park (NIP), has been formed by a decree issued by the Ruler of Dubai on March 7, 2016, focusing on trade and manufacturing industries. Dubai TechnoPark free zone is a facility providing housing for 60,000 residents and employment for 133,000 employees in Dubai. TechnoPark of Dubai is a place for innovation which makes you think beyond your limits for you to build a successful business.
Benefits of Setting Up a Business in Dubai TechnoPark
The free zone is driven towards the development of future technologies and supporting companies which have their operations in this sector. Here are a few reasons advantages of setting up your tech company in Dubai TP:
- 100% foreign ownership of industrial units in case of a branch of a foreign company, or a free zone company
- 0% percent corporate tax rate
- Freedom of capital and profit repatriation
- No currency restrictions
- No restrictions on hiring foreign employees
- Long-term lease agreement up to 15 years
- One-stop shop (including licensing and related government services)
- Easy availability of visa service
- Great road connectivity (having 8 entry points)
- Strategic location near the Jebel Ali Airport, which grants it the advantage of super-convenient air connectivity. It also has easy access to seaports and transportation through the sea.
Permissible Legal Entities in Dubai TechnoPark
1. Limited Liability Company
- The number of shareholders can range from 2 to 50
- Minimum share capital required is AED 300,000, which is equally divided into shares with a minimum face value of AED 1000
- The local sponsor should hold 51% of shares
2. Sole Establishment (Commercial/Industrial)
- Owned by an individual who is responsible for and authorized to handle all the operations of the business
- The owner must be a Gulf Cooperation Council (GCC) national
3. Civil Company
- Formed as a civil partnership in accordance with the Federal Civil Transactions Law No. 5 of 1985 with its amendments
- Suited to activities involving the use or investment in intellectual faculties, acquired information or the use of skills
- Professional companies may be 100% foreign owned
4. Branch Company
There can different types of branch companies in Dubai TechnoPark:
- Branch of a Free Zone Establishment (FZE)
- Branch of a Free Zone Company (FZCO)
- Branch of a Foreign Company
- Branch of a Limited Liability Company (LLC)
- Branch of a Sole Establishment based in the Emirate of Dubai
- Branch of a GCC Company (the mother company should have 100% GCC shares)
Types of Licenses in Dubai TechnoPark
The best business hub for techno-companies in Dubai, Dubai TechnoPark provides all the necessary amenities for such companies, including relevant licensing types for companies, like:
1. Industrial License
For any kind of production of technological products or even assembling of the same in the TechnoPark, a business entity would require an industrial license.
2. Professional License
For carrying out any kind of technologically inclined and specified professional activities, a business needs to obtain a professional license from the authority.
3. Trading Activities License
For any business which is involved in activities like storage, import/export or distribution of certain specified technological items, a trading license is required.
Dubai TechnoPark is being created not only to create technologies but also the development of the economy and to contribute to Dubai Expo 2020. So, setting up a company in this techno park in Dubai is a wise decision. Also, it is likely you might need the services of a business advisor, for assisting with business formalities and corporate customs, if you are venturing newly in business setup in Dubai. Commitbiz can shoulder all your business formation needs; our team of experienced consultants can guide you through the entire process – right from filling up the application form to receiving your business incorporation certificate and business license. Contact us, and we will cater to your company formation needs like filing business application with the free zone authority, gathering the requisite documents, business licensing, visa service, and other legal formalities.