Dubai Industrial City (DIC) Company Formation
Dubai Industrial City (DIC)
Dubai Industrial City (DIC), also referred to as Dubai Industrial Park, was established in 2004 and finished in 2015. It is located near the Jebel Ali International Airport. Well over 200 firms, a food and beverage zone, a base-metal and transportation zone, warehouses, and a huge conservation zone, as well as logistics, education, and other facilities, are now housed at DIC, which spans 560 million square feet. DIC is a wonderful place to start if you are looking to invest in international markets. Dubai Industrial City (DIC), a subsidiary of TECOM Investments, is now the Middle East and North Africa’s (MENA) region’s largest information and communications technology (ICT) hub.
Advantages Of Setting Up A Business In DIC
An extensive Dubai free zone dedicated to the development of the industrial sector reflects eloquently about the government's commitment to the emirate's industrial development. This free zone in Dubai helps to improve the fortunes of enterprises participating in the manufacturing of goods. The following advantages are available to companies in Dubai Industrial City.
• Foreign ownership is 100%. 100% capital and profit repatriation
• There is no personal income tax or corporation income tax.
• Imports of machinery, equipment, and raw materials for manufacturing are duty-free.
• As a product of the UAE's Free Trade Agreement, producers contributing 40% value locally have tariff-free access to the Gulf Cooperation Council (GCC) and MENA markets.
• The industrial sector has a lot of promise.
• IT infrastructure that is top-notch and innovative.
• DIC owns and operates the world's largest IP telephony network.
• A well-structured environment with access to different business clusters, including some of the world's largest corporations
• A vibrant international community with plenty of opportunities for business networking.
• No institutional red tape and flexible business legislation
• All basic utilities are available under one roof, and Company Incorporation in Dubai is simple.
• Availability of competent personnel and experienced professionals who are multilingual
• Security is available 24 hours a day, seven days a week, and visas are available.
Types Of Licenses Available In DIC
Depending on their business activity, a corporation can choose from one of the four business licences listed below:
1. Obtaining a trading licence allows you to lawfully conduct operations such as buying and selling items, storing items, and other trading activities.
2. Service Permit
Accounting and auditing firms, consulting firms, management firms, as well as other professional services firms must have a service licence to operate in DIC.
3. Commercial Use Permit
A commercial licence is required to conduct any business operations in DIC.
4. Industrial Permit
The industrial licence, which allows the owner to engage out manufacturing activities, is among the most well-known and often used licences in Dubai Industrial City.
Types Of Legal Entities In Dubai Industrial Park
In DIC, the following two types of businesses can be registered:
1. Limited Liability Company in a Free Zone (FZ-LLC)
An individual or a corporation could be a shareholder.
At least one director is required.
AED 50,000 is the minimum capital requirement
2. A Foreign Company that is a Branch of a Locally Registered Company
It serves as a hub for the parent company's operations in another city or nation.
There is no minimum capital requirement.
Procedure For Set up your Business at Dubai Industrial City
Dubai Industrial Park offers a cluster environment for businesses to penetrate the free zone's many sectors. The DIC is organised into six primary zones, making it simple for businesses to choose a location:
1. Food and Beverage Zone
2. Transport Equipment and Parts Zone
3. Machinery and Equipment Zone
4. Mineral Products Zone
5. Base Metal Zone
6. Chemicals Zone
Steps For Business Setup In Dubai Industrial City
1. Visit the business park's staff and submit the following documents:
(1) licence application form,
(2) business plan, and
(3) passport copy of the company's management, director(s), shareholder(s), and legal representative.
2. Provide the business sales park workers, the legal documentation for company registration. In exchange, the authority will provide a customer confirmation letter with information about the company, the office, and the payment.
3. Sign and return the customer confirmation letter to the authorities for inspection, as well as complete the necessary payments. Following that, the free zone's department of registration and licencing will examine the paperwork and issue Articles of Association (AOA), Memorandum of Association (MOA), and a bank introduction letter.
4. The issued AOA, MOA, bank introduction letter, and attested resolution must all be signed.
5. Open a bank account in the company's name, deposit the share capital, and send the bank's proof of letter to the business park staff.
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