Opening a startup business in Dubai Internet City
Dubai Internet City Free Zone (DIC) is the Middle East's largest information and communication technology center. It is designed and developed specifically to support IT companies. It, therefore, features a robust information and communication infrastructure. Opening a startup business in Dubai Internet City allows one to work with advanced IT technologies. The company enjoys various benefits, including no corporate tax for 50 years.
Benefits of DIC for business
DIC is a regional base for businesses that target local markets. It is home to offices of the tech giants such as FB, Google, LinkedIn, Samsung, Intel, Huawei, SAP, IBM and others.
Representatives of large, medium, and small businesses are attracted by favorable conditions and benefits, including the following:
- Opportunity to pay no income and corporate tax for 50 years.
- Full foreign ownership.
- Full repatriation of capital and profits.
- Excellent conditions not only for IT businesses but also retailers.
- High-speed data transmission at competitive prices.
- Office rental at competitive prices.
- Business centers, conference rooms, and commercial offices.
- World-class infrastructure based on new IT technologies.
- Fitness centers, restaurants, ATMs, high security, and medical services.
DIC is located 25 km from the center of Dubai, close to the sea and 5-star hotels. Elite districts are located nearby so the local infrastructure is extremely well-developed.
Features of opening a business in DIC
Opening a startup business in DIC is attractive because the rules allow foreigners to own the company entirely. To meet the needs of different types of businesses, you can open here:
- An independent company.
- Branches of UAE companies.
- Branches of foreign companies.
The most common form is LLC or FZ-LLC, where individuals and legal entities can be shareholders.
A company that plans to engage in IT business must obtain a license. Before that, depositing the share capital in a special bank account at the DIC is necessary. When the license is obtained, the share capital is returned to the corporate account once it is opened.
The startup business has access to such licenses:
- The occupation of developing, installing and improving the software.
- E-commerce - selling online (search engines, websites, and social networks).
- Internet and multimedia - development and distribution of digital content.
- Telecommunications and networking - development, installation, modification of networks, and provision of related services.
- IT services - development and provision of IT services, including those related to security and training.
How to open a startup business
The minimum capital to register an LLC with DIC is AED 50,000, while there is no minimum amount for branches.
To open a startup in Dubai Internet City, the founder must submit the following papers to the DIC administration:
- Copies of the documents of the founders, managers, directors.
- Data of the legal representative.
- Articles of Incorporation.
- Business plan.
- Application according to the standard sample.
If there are foreign companies among the shareholders, you need a decision of the board to open a startup in DIC and a certificate of registration.
How to quickly open a startup in the DIC
Contact IT-OFFSHORE experts to open a startup in the UAE in 2023.