Opening a startup in Dubai Internet City: benefits
Dubai Internet City Free Zone (DIC) is the largest information and communication technology center in the Middle East. It is designed and developed specifically to support IT companies, and therefore features a powerful information and communication infrastructure. Opening a startup in Dubai Internet City not only allows it 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 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:
- 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 for retailers.
- High-speed data transmission at competitive prices.
- Office rental at competitive prices.
- Business centers, conference rooms, commercial offices.
- World-class infrastructure based on new IT technologies.
- Fitness centers, restaurants, ATMs, high security, medical services.
DIC is located 25 km from the center of Dubai, close to the sea and 5-star hotels. Nearby are the elite districts, so the local infrastructure - at an extremely high level.
Features of opening a business in DIC
Opening a startup in DIC is attractive because the rules allow foreigners to fully own the company. 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 both individuals and legal entities can be shareholders.
A company that plans to engage in IT business must obtain a license. Before that, it is necessary to deposit the share capital in a special bank account at the DIC. When the license is obtained, it will be returned to the corporate account when it is opened.
The startup has access to such licenses:
- The occupation of developing, installing and improving software.
- E-commerce - selling through the Internet (search engines, websites, social networks).
- Internet and multimedia - development and distribution of digital content.
- Telecommunications and networking - development, installation, modification of networks, provision of related services.
- IT services - development, provision of IT services, including those related to security, training.
How to open a startup
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, a certificate of registration.
How to quickly open a startup in the DIC
To open a startup in the UAE in 2023, contact IT-OFFSHORE experts.