Dubai Internet City (DIC) Free Zone
Dubai Internet City (DIC)
The internet is a vast space offering several opportunities. A place like Dubai which contains several commercial hubs needs to have an internet city due to the extreme requirement of it. It not only brings immense value to several businesses but also proves to be one of the most flourishing commercial sectors of all.
Dubai Internet City is one of the biggest zones for information and communication technology due to its brilliant infrastructure, business-supportive environment, flexible and affordable ecosystem and more. Today top companies like Microsoft, HP, Sony Ericsson etc. have a wide range of setups here. Here is what makes this business space the best choice for you:
Reasons for Business Setup in Dubai Internet City (DIC):
• It is free from custom duties.
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• It permits complete foreign ownership.
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• It allows repatriation of profits to 100 percent.
• Splendid community internationally.
• It is free from corporate and personal income tax for any company or business up to 50 years.
• Affordable cost for operations.
• Massive opportunities of networking, building business connections and more.
Types of Legal Entities in DIC:
There are three major business structures at Dubai Internet City. They are-
• Limited Liability Company in Free Zone
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• Branch of a UAE based Company
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• Branch of a foreign Company
Business Licenses in Dubai Internet City:
This section can be divided into five parts-
• License for software: Any business carrying activities connected with software in Dubai Internet City must have a software license. This license acts as a gateway into the software business.
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• E-Commerce: This license is needed for activities connected with the e-commerce business. This can be with the virtual search engines, social media platforms, portals and more.
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• Multimedia and the Internet: In case any business wishes to carry out any activities related to multimedia content via the internet, then this license is required.
• Telecommunication and Networking: Any business connected to networks in terms of developing, modifying, installing etc. needs to obtain a telecommunication and networking license.
• IT Service: Businesses involved with services based on IT requires an IT service license.
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The Process of Starting a Business in Dubai Internet City:
Business setup in Dubai and starting a company in the Dubai Internet City requires consideration of the following steps-
• The first step includes submission of business plan with copies of passport of every shareholder, director, and manager with the license application to the free zone authorities.
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• Once submitted, the document is reviewed by the authority and a list of all the required documents along with the provisional approval letter is provided.
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• The applicant then needs to sign the provisional letter and send it back to the authority.
• Within 15 days (about 2 weeks) of receiving the provisional approval letter, the applicant needs to send all the required documents. The documents depend on the structure of the business and the applicant.
• After this, all the documents will be reviewed by the authority of DIC and a customer confirmation letter will be sent following that.
• The letter then should be sent back to the authority with signature and stamping.
• As soon as DIC receives the letter, an invoice is sent to the applicant stating the initial payment.
• After the completion of initial payment, DIC will issue an agreement for office space on lease and personnel sponsorship.
• The applicant then needs to sign these documents and submit them to the DIC after which the trade license can be obtained.
• Finally, an invoice issued by the DIC stating the rental amount of the lease. This is done after the issuance of trade license.
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