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BUSINESS SET UP IN DUBAI INTERNET CITY: -USD 0

Publish Date: 12-02-2018 01:32:45 | Contact name: MSZ corporate service provider | Location: UNITED ARAB EMRIATES | Place: OFFICE NO:1407,14TH FLOOR,MAITOWER.ALNAHDA. dubai | 1 times displayed |



Dubai Internet City was formed in 1999 and opened its doors
in 2000. DIC is one of the leading technology business and community hubs
around the globe that caters to high-tech corporations and dynamic start-ups which
reflect the vision of Dubai.DIC is a member of the Dubai Holding subsidiary
TECOM Investments.



DIC is an
information technology park created by the government of Dubai, providing a
strategic and cost-effective platform for Information and Communications Technology (ICT) companies,
which are targeting emerging markets in a vast region extending from the Middle
East to the Indian subcontinent, and from Africa to Central Asia.



The
economic rules of DIC allow companies to avail themselves of a number of ownership,
taxation and custom related benefits which are guaranteed by law for a period
of 50 years.



AUTHORITY:



Dubai
Technology & Media Free Zone Authority (DTMFZA) is responsible for the
establishment and registration of companies in DubaiInternet City.



BENEFITS:



·
100 % personal tax exemption for 50 years



·
100 % corporate tax exemption for 50 years



·
100 % ownership to aforeign investor



·
100 % profit repatriation



·
Opportunities for new IT business interaction
and networking



·
Communications infrastructure built on next-generation technologies



·
Digital voice and high-speed data rate
offered at cheap rate



·
World’s biggest commercial IP telephony
network



PERMITTED ACTIVITY:



1. Software



2. Internet & multimedia



3. Telecommunication network



4. IT-services



TYPES OF ENTITY:



1. Free Zone Limited Liability Company
(FZ-LLC),



2. Branch of UAE company.



3. Branch of aforeign company.



AVAILABLE LICENSE:



·
Commercial license.



NOTE:License of the company has to be renewed on annual basis. The penalty would be charged by the authority
if thelicense is renewed after theexpiry date.



MINIMUMSHARECAPITAL:



·
FZ-LLC incorporated are
required to have aminimumpaid up
capital of AED 50,000.



·
No minimumcapital
requirements
for branch
establishments.



SHAREHOLDERS:



·
The Shareholders of the company can be an
individuals or corporate entity.



DIRECTORS:



·
Directors must be an individual only.



REQUIRED
DOCUMENTS:



FZ-LLC-individual applicant:



1. personal details of the
individual shareholders of the FZ-LLC



2. A bank letter for each
shareholder



3. A power of attorney
appointing the manager as attorney for each of the shareholders



4. Proof of minimum share capital
from a bank within the UAE



FZ-LLC-corporate
body applicant:



1. Certificate of Registration



2. Certificate of Good
Standing



3. Memorandum and Articles of
Association



4. A list of current directors



5. A board resolution of the
applicant company calling for the establishment of the FZ-LLC,



6. Proof of share capital from
a bank within the UAE



Branch of a foreign company or UAE company:



1. Certificate of Registration



2. Certificate of Good
Standing



3. Copy of Valid Trade License
if a UAE company.



4. Copy of Commercial
Registration if a UAE company.



5. Memorandum and Articles of
Association



6.
A board resolution of the parent company





PROCEDURE:



Step 1:



Submit the application form
for alicense and business plan along with
passport copies of shareholders, directors,and
manager.



Step 2:



After the application reviewed by the DIC, may
request additional information then a Provisional Approval Letter is sent to
the applicant along with a checklist of legal documents required.



Step 3:



The applicant must sign and stamp the
Provisional Approval letter and submit this to DIC.



Step 4:



submit the legal documents within 15 working
days of acceptance of the Provisional Approval Letter.



Step 5:



After the submission of all the required
legal documents, DIC will assess whether
the required office space is available and if so will send to the applicant a
Customer Confirmation Letter.



Step 6:



Then the applicant
should sign and stamp the Customer Confirmation Letter and return it to DIC.





Step 7:



If the signed
Customer Confirmation Letter is received then DIC will issue an invoice for the
license and registration fees plus 34% of the total annual lease rental.





Step 8:



After the initial payment, DIC will issue the Lease Agreement for
office space and the Personnel Sponsorship Agreement.





Step 9:



If the signed lease
and Personnel Sponsorship Agreement are received then DIC will issue a trade
license and the company can begin trading.





Step 10:



After the trade license
DIC will issue an invoice for the
outstanding amount of the total annual lease rental to be paid in two installments:





1.
33% first installment payable 4 months from the date of
initial paymentand



2.
33% second installment payable 4 months from the date
of payment of the first installment.



Our professional consultants at MSZ Consultancyprovide complete assistance to those who are interested to start a business in Dubai Internet City. Contact us: 00971589827842 or
Email us: info@mszconsultancy.com.



http://www.mszconsultancy.com







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