Dubai Techno Park Freezone is one of the leading freezones committed to cultivating technological growth. This freezone offers entrepreneurs like you an optimal setting for your business to thrive.
Having a business setup in Dubai that targets a tech-savvy population can help your business reach new heights in the ever-evolving tech market. Setting up your company in Dubai Techno Park (DTP) is the right move as it helps establish your presence in the Emirate and attract tech enthusiasts worldwide.
What is Dubai Techno Park?
Dubai Techno Park is a large business park spread over 21 million square meters in the Jebel Ali Industrial Zone. The Dubai government created it to support companies in technology, manufacturing, and other industries.
DTP is very often confused with a freezone. The process involved in company setup here is the same as on the mainland. This industrial park provides the companies located here with benefits similar to those of the freezone, such as issuing residence visas, no currency regulations, and a quick immigration process.
The DTP is an attractive option for entrepreneurs like you as it focuses on tech and innovation advancements and offers various captivating benefits.
Why Start a Business in Dubai Techno Park Free Zone?
Starting a business in DTP can be beneficial for a multitude of reasons -
- Your company is allowed to trade using any currency.
- Companies are allowed to hire staff from any nationality.
- You can reclaim monetary capital earnings made through the company.
- Business setup in this freezone is not subject to any corporate tax.
- Businesses in the DTP can utilise the long-term lease agreement, which lasts up to 15 years.
- You can enjoy complete ownership of your business if the company is a branch of a foreign company or a freezone company.
- The Dubai Techno Park is located near the Jebel Ali Airport and the seaport, simplifying business trade.
Types of Licenses
As an entrepreneur, you must seek the appropriate licenses for your business to operate legally in the Dubai Techno Park Freezone. The three important licenses of the DTP are -
- Professional License - This license allows you to conduct tech-related and specific professional activities at Dubai Techno Park.
- Industrial License - Companies that create tech products must secure the Industrial License.
- Trading License - You must obtain this license if your company imports or exports tech-related products or services.
Types of Company Formations Allowed in Dubai Techno Park
The Dubai Techno Park has provisions allowing different company formations to coexist. These differ in how the companies are established, their bylaws, and their company composition. The types of company formations allowed within the DTP are – limited liability companies, sole establishments, civil companies, branch offices and foreign company branches.
Businesses in the Dubai Techno Park
Some growing industries that have found a home in DTP are information and communication technologies, fishing, agriculture, insurance, oil and gas, insurance, law firms, e-commerce, industrial development, and healthcare.
Reach out to business experts from Commitbiz to better understand the processes and obtain guidance about the business activities, licenses required, and other related matters.
Documents Required to Start a Company in DTP
When it comes to setting up a company in Dubai Techno Park, here is the list of essential documents that need to be submitted-
- Copy of business outline
- Certified Articles of Association (AoA)
- Validated Memorandum of Association (MoA)
- Original Reference letter from the Bank
- Sanction letter from the Free Zone Authorities
How to Start a Company in the Dubai Techno Park Free Zone?
Starting a business in the Dubai Techno Park requires thoughtful research, planning, and preparation. Read the steps carefully to understand the process and avoid any unnecessary hassles.
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Pursue a Business Activity
You need to find a business activity that is permitted in Dubai Techno Park. Selecting a business activity in DTP helps you decide the types of licenses required, the cost, the size, and the nature of your business.
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Choose A Business Structure
Dubai Techno Park Freezone allows entrepreneurs to form their own companies using a business structure based on their activity.
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Pick a Location
One of the main factors contributing to your business’s success is the location. You need to pick an area close to your target audience, which can benefit your business by reducing transportation costs and simplifying logistics.
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Apply for Necessary Licenses
For your business to start operating, you must apply for a specific business license by paying the requisite fees to the relevant authorities. The type of license you require is based on the business activity and structure. Once you have decided on the types of licenses required, submit the necessary documents to the authorities and obtain your licenses.
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Create a Bank Account for Your Company
Opening a corporate bank account is a must for any business. The bank account can be used to send/receive payments and keep track of every business transaction.
This comprehensive guide informs you about the benefits of DTP and the licences required to set up a business here. Tech entrepreneurs who start a company in Dubai Techno Park are assured growth.
To gain further insights into the legalities and procedures associated with DTP, contact our consultants today and book a free consultation.
Can companies in Dubai Techno Park operate outside the free zone?
Companies established in Dubai Techno Park Free Zone can conduct business within and outside the zone. However, activities outside the zone may be subject to UAE federal laws and regulations, including those related to commercial activities and licensing.
Is having a physical office space in the Dubai Techno Park Free Zone mandatory?
Companies registered in Dubai Techno Park Free Zone must have physical office within the free zone premises. The size of the office space depends on the license type and the number of employees.
What are the ongoing compliance requirements after company formation?
After company formation, businesses in Dubai Techno Park Free Zone must adhere to various compliance requirements, such as renewing trade licenses annually, submitting audited financial statements, and maintaining proper accounting records.
