Dubai Internet City Company Formation, Business Setup in DIC
Get the process of your company formation in Dubai Internet City started now and take advantage of hassle-free registration. Contact Shuraa today for more information about license, visa, and other corporate services.
The TECOM invested Dubai Internet City (DIC) free zone, is the leading information and communications technology hub in the Middle East and North African region. The free zone was built to focus on the development of the tech ecosystem and communications sector. Additionally, company formation in Dubai Internet City also offers its members a world-class infrastructure and an exceptional business community.
Dubai Internet City is a member of Dubai Holding subsidiary TECOM Investments. It caters to dynamic start-ups that can drive innovation and reflect the vision and mission of Dubai. In addition, the jurisdiction continues to thrive in IT-related services and continues developing further, enabling companies to establish themselves in such lucrative markets.
Formed in 2002, DIC free zone is home to some of the world-renowned companies like Microsoft, Oracle, HP, Dell, Nokia, and Samsung. Moreover, it has also opened doors to international businesses looking for a sustainable and profiting spot for settlement in emerging indigenous markets.
The strategic location of DIC is one of its major appeals. Located in the heart of Dubai, the free zone provides easy access to Sheikh Zayed Road, making the commute much more convenient. This consequently enables you to travel to other key points in the city much faster. Additionally, DIC offers countless amenities with over 80 restaurants, banking, and other business facilities.
Benefits of business setup in Dubai Internet City
Company formation in Dubai Internet City focuses on creating an environment that promotes innovation and enables networking opportunities. DIC free zone is an innovation hub that seeks to boost technology, new media, education, and sciences. Furthermore, DIC free zone also nurtures talent and creativity by encouraging entrepreneurial startups.
Some of the benefits of starting a company in DIC free zone include:
- 100% foreign ownership
- No personal, income, or corporate taxes for 50 years
- Full repatriation of capital and profits
- Ample opportunities for market development
- Affordable digital voice and high-speed data services
- Modern communications infrastructure with new innovative technologies
- Commercial offices, business centres, and conference facilities
- Protection of properties and assets
Types of legal entities in DIC
Business formation in DIC free zone does not enable entrepreneurs to conduct business on mainland. However, the authorities have in place several amenities to ensure the smoothest business setup processes for entrepreneurs and investors. There are various entities that can legally register in DIC free zone:
- Free Zone Limited Liability Company (FZ-LLC)
- Branch of a UAE company
- Branch of a foreign company
Business activities permitted in DIC
DIC aims to open doors for startups as well as established companies and help them venture into becoming a global high-tech company. Hence, all activities that DIC authorities permit are IT-related.
- IT services
- Multimedia development and distribution
Software development, installation, and modifications
Licenses offered by DIC free zone
DIC authorities issues various kinds of licenses. However, the most prominent licenses issued to entrepreneurs are:
- Telecommunications and networking
- IT service
- Internet and multimedia
Dubai Internet City license costs start approximately from AED 15,000.
DIC free zone license renewal
The renewal process of businesses in DIC is highly cost-effective and simple. Moreover, an annual audit report is not a requirement for the renewal of your Dubai Internet City free zone license.
In order to renew your company’s license, you will need to pay the renewal fee and submit the signed lease agreement of your facility. Furthermore, another advantage of having a company in DIC is that your physical presence in the UAE is not a requirement for renewal and the same can be done by an agent.
Business liquidation in DIC free zone
Similar to renewal, company liquidation also does not need the physical presence of the owner and can be accomplished through an agent. You will, however, be required to pay the government fee to complete the process of liquidation.
Company liquidation takes about one month and involves the following steps:
- Cancellation of visas
- Termination of lease agreement
- Closure of bank account
- Clearance from customs, if your business was involved in trading
Be a part of this innovative city with Shuraa Business Setup. To know more about Dubai Internet City license costs, procedures, and more, contact us today!
Shuraa Business Setup helps you with Dubai company registration, business licenses, PRO services, and more. Moreover, we also offer solutions for your business-related needs with regards to company formation in the UAE.
To start with the process of business setup in Dubai Internet City and find out more, contact our expert consultants at +97144081900 or send a WhatsApp message on +971507775554. In addition, You can also drop in an email at email@example.com and get your queries answered in no time.
Frequently asked questions about Dubai Internet City free zone:
Yes, you can renew your license remotely through a registered agent with just an authorization letter and renewal fees.
It will take you less than a week to obtain your license and register your business in Dubai Internet City. You will be required to renew the license every year. However, any delay in the renewal of your license past the expiry date will result in a fine.
No, you do not require a local partner to start your company. Thus, enjoy 100% business ownership.
Yes, a license from another free zone in the UAE can be transferred to DIC. Although, you will need approval from Dubai Development Authority (DDA) and transfer your license to DIC.
No, you are not required to submit your company’s audit report to the DIC authorities.
Yes, you can obtain a freelance permit in DIC free zone.
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. Although, if you want to transfer your company in a different free zone, you will be required to liquidate your company in the current free zone and then begin with your company formation process in a different free zone of your choice.