Business Setup in DSP Dubai Science
Park Free Zone
Dubai Science Park Company Formation
Dubai Science Park (DSP), formerly recognized as Dubai Biotechnology and Research Park (DuBiotech), stands as a testament to the UAE’s commitment to advancing biotechnology and the pharmaceutical industry. Established in 2005 by the TECOM group, DSP is the world’s sole commercial jurisdiction exclusively dedicated to life sciences.
This innovative free zone fosters a knowledge-based economy, offering specialized infrastructure and supportive facilities while facilitating flexible capital movement. DSP actively nurtures scientific entrepreneurship by forging alliances with prestigious hospitals and science-related institutes. This collaborative ecosystem cultivates a chain of advancements within the science sectors, providing a thriving platform for both multinational companies and SMEs to innovate, contribute to a knowledge-driven economy, and drive research.
Anticipating future growth, DSP aims to stimulate local drug manufacturing and bio-science inventions, aiming to reduce reliance on imports. Some industries within DSP have already commenced this transition, underscoring the park’s state-of-the-art facilities and positioning Dubai as a global epicentre for life sciences. With its commitment to innovation, research, and fostering a conducive environment, Dubai Science Park is at the forefront of pioneering breakthroughs in life science.
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Reasons to Setting up a Business in Dubai Science Park
Dubai Science Park is pivotal in Dubai’s visionary plan to spearhead global scientific research and development, fostering a self-sufficient ecosystem. The state-of-the-art resources available within the park provide substantial support for businesses, enabling rapid advancement in research and development endeavours. Furthermore, being situated within Dubai Science Park opens up opportunities to explore the vast regional markets of the Middle East and North Africa (MENA), presenting businesses with access to millions of potential customers. Initiating a company in Dubai Science Park is the optimal pathway for organisations aspiring to elevate their growth and expand to new horizons.
Licensing Choices Offered by DSP Free Zone Authority
The Dubai Creative Clusters Authority (DCCA) assumes a pivotal role in enforcing licensing regulations within Dubai Science Park (DSP) and plays a crucial role in facilitating the establishment of new enterprises within the park. The DCCA provides the following types of licenses:
- Industrial License
- Commercial License
- Professional License
For businesses and individuals in the service industry aiming to operate within the free zone, obtaining the relevant license is a prerequisite. Possession of a professional license grants legal permission to work for or provide services to any customer, client, or employer within the United Arab Emirates.
Moreover, individuals holding a professional license are empowered to engage in activities that align with their credentials and areas of expertise. This licensing framework within the DSP Free Zone Authority offers flexibility and ensures regulatory compliance for businesses operating within Dubai Science Park.
Advantages of Establishing a Company in the DSP Free Zone
Dubai Science Park (DSP) free zone is a distinctive jurisdiction that opens doors for entrepreneurs to delve into the realm of life sciences, offering a plethora of benefits for those keen on setting up a business in this innovative zone. Key advantages include:
- 100% Foreign Ownership
- Tax Advantages: No Personal, Income, or Corporate Taxes
- Full Repatriation of Capital and Profits
- Strategic Location Enhancing Business Opportunities
- Flexible Leasing Options
- Efficient and Swift Setup Process
- World-Class Infrastructures
- Access to Dynamic Commercial Trends
- Exemption from Import and Export Duties (excluding mainland imports)
These benefits collectively create an enticing environment for entrepreneurs, positioning the DSP-free zone as an ideal destination for businesses in the life sciences sector.
Types of legal entities in the 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
- Addition of a UAE company
Business activities permitted in DSP free zone
Some of the business activities allowed in DSP free zone are:
- Research and development
- Support services
- Management
- Consultancy
- Manufacturing
- Import and export
- Marketing and sales promotion
- Distribution and sales promotion
- Warehousing and logistics
- Storage
- Marketing
Facilities offered in the DSP free zone
The various facilities offered in Dubai Science Park are as follows:
- Office Space
- Laboratories
- Business Centres
- Warehouses
- Plots of land
DSP (Dubai Science Park) Company Setup Process
The following are the process of setting up a company in Dubai Science Park:
- 1. Determine the legal structure for the company to be registered in Dubai Science Park (DSP).
- 2. Choose an activity from the DSP activity list for company formation in the UAE.
- 3. Initiate the process for name selection and obtain initial approval.
- 4. Complete the payment of fees associated with the DSP business setup.
- 5. Sign the necessary DSP company registration and incorporation documents.
- 6. Apply for a DSP residence visa as part of the registration process.
Required Documents for Registering a Company in Dubai Science Park (DSP)
The documentation needed for establishing a business in Dubai Science Park (DSP) varies based on whether the shareholder is an individual or a corporate entity. The fundamental requirements include:
- Copy of colored passports for the shareholder/director/manager.
- Copy of UAE residence visa and Emirates ID for the shareholder/director/manager.
- CV/Resume of the shareholder/director/manager.
- Copy of utility bills for the shareholder/director/manager.
- Business Plan and a No Objection Certificate (NOC) from the current sponsor for the shareholder/director/manager.
DSP free zone license renewal
The renewal process of businesses in the DSP-free zone is a highly cost-effective and straightforward process. You will be required to submit an audit report on an annual basis, starting from the second renewal of your company.
To complete the renewal process 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 owner’s physical presence and can be accomplished through an agent. You must pay a government fee to complete the liquidation process.
Company liquidation takes about 1 month to complete and involves the following steps:
- Cancellation of visas
- Termination of lease agreement
- Closure of bank account
With Shuraa Business Setup
To learn 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 solutions best suited to your company formation in the UAE.
To start your business journey and learn more, contact our expert consultants at +97144081900 or send a WhatsApp message at +971507775554. You can also drop in an email at [email protected] and get your queries answered quickly.
Frequently Asked Questions
You can renew your license remotely using a registered agent with just an authorisation letter and renewal fees.
It takes less than a week to get your license to start your business in DSP.
No, you have 100 % ownership and are not required to have a local partner to start your company.
Free zone companies are permitted to open their branch companies on the mainland. To accomplish this, the investor needs to register his branch using the same trade name as the Department of Economic Development (DED) and the Ministry of Economy. The branch company can be solely owned by the free zone entity.
