Dubai Science Park free zone – company formation
Dubai Science Park – start your business in Dubai Science Park free zone without any hassle and hidden costs. Contact Shuraa Business Setup for more details.
The Dubai Science Park (DSP) is also known as the Dubai Biotechnology and Research Park (DuBiotech). The free zone was established in 2005 with the goal to accommodate companies that encourage the biotechnological sectors and pharmaceutical industry in the country.
DSP was developed by the TECOM group. The Dubai Science Park free zone is the only commercial jurisdiction in the world to offer companies and industries dedicated to life science.
With a vision to establish a knowledge-based economy, the DSP free zone provides a unique business environment with specialised infrastructure, supportive facilities, expansion and variation in the capital movement.
Encouraging scientific entrepreneurship, the Dubai Science Park free zone assists in creating alliances and affiliation with renowned specialised hospitals, science-related institutes and more. This develops a regulatory chain of science sectors – providing a platform to multinational companies and SMEs fostering an environment that accentuates innovation, knowledge-based economy and research.
Dubai Science Park free zone is a genuine life science hub. Moreover, in future, the UAE anticipates encouraging local manufacturers to produce drugs and bio-science related inventions here instead of relying on imports – while some of the industries at DSP have already initiated this attempt. This makes a significant endorsement of the facilities at the Park and also portrays Dubai as an epicentre of life science.
Types of legal entities in Dubai Science Park free zone
The various legal entities in DSP are as follows:
- Free Zone Limited Liability Company (FZ-LLC)
- Branch of a foreign company
- Branch of a UAE company
Benefits of company formation in DSP free zone
The jurisdiction is one of a kind and offers entrepreneurs the opportunity to venture into the world of life science. This also comes with plenty of benefits for entrepreneurs who want to set up a business in DSP free zone. There benefits are:
- 100% foreign ownership
- No personal, income, or corporate taxes
- Full repatriation of capital and profits
- Strategic location boosting opportunities
- Leasing options
- Simple and quick set up process
- World-class infrastructures
- Accessibility of dynamic commercial inclinations
- Exemption from all import and export duties; however, you can’t import into mainland
Licenses provided by DSP free zone authority
The various licenses provided by DSP authorities are:
- Commercial License
- Professional License
- Industrial License
The cost of obtaining a license in Dubai Science Park is approximately AED 15,000.
Business activities permitted in DSP free zone
Some of the business activities permitted in DSP free zone are:
- Research and development
- Support services
- Import and export
- Marketing and sales promotion
- Distribution and sales promotion
- Warehousing and logistics
Facilities offered in DSP free zone
The various facilities offered in Dubai Science Park are as follows:
- Office Space
- Business Centres
- Plots of land
DSP free zone license renewal
The renewal process of businesses in DSP free zone is a highly cost-effective and simple process. You will be required to submit an audit report, starting from the second renewal of your company, on an annual basis.
In order to complete the process of renewal for your company, you will need to pay the renewal fee and submit the signed lease agreement for your facility. An advantage is that your physical presence in the UAE isn’t required for renewal and can be completed through an agent.
Business liquidation in DSP
Similar to renewal, company liquidation also does not need the physical presence of the owner and can be accomplished through an agent. You will be required to pay a government fee to complete the liquidation process.
Company liquidation takes about 1 month to be completed and involves the following steps:
- Cancellation of visas
- Termination of lease agreement
- Closure of bank account
To find out more about various options to set up your business in Dubai Science Park, contact Shuraa — one of the best business setup companies in Dubai. Shuraa helps solve your business-related queries and offers you solutions best suited to your company formation in the UAE.
To get started on your business journey and find out more, contact our expert consultants at +97144081900 or send a WhatsApp message on +971507775554. You can also drop in an email at email@example.com and get your queries answered in no time.
Frequently asked questions about Dubai Science Park free zone
What is the difference between mainland and free zone companies?
The difference between free zone and mainland is that companies incorporated on mainland are licensed by the Department of Economic Development (DED) in the emirate where it has been formed. Mainland companies can also conduct their business locally and internationally without any restrictions.
On the other hand, free zone companies are incorporated and licensed by the jurisdictions where the company is formed. They have their own set of rules and regulations. They can conduct business anywhere in the UAE free zones and/or internationally. However, business to business activities can be conducted anywhere within the UAE.
Can I renew my license without being in Dubai?
Yes, you can renew your license remotely using a registered agent with just an authorization letter and renewal fees.
How many days would it take to get my license for business in DSP?
It takes less than a week to get your license to start your business in DSP.
Do I need to have a local partner to start my company?
No, you have 100 % ownership and do not require to have a local partner to start your company.
Can I transfer my company from one free zone to another in the UAE?
It is not possible to transfer your company from one free zone to another. You can, however, set up a branch of your existing company in a different free zone.
If you want to have your company in a different free zone, you will be required to liquidate your company in the current free zone and then open your company in a different free zone.
Can free zone companies form a branch company on mainland?
Free zone companies are permitted to open their branch companies on mainland. In order to accomplish this, the investor needs to register his branch using the same trade name with the Department of Economic Development (DED) and Ministry of Economy. The branch company can be solely owned by the free zone entity.