An entrepreneur or a business owner stands to gain from a company formation in Dubai. The city has an open market due to its non-aligned economic policy. Hence, Dubai has remained inviting for the last two decades and has the highest number of expats dominating foreign owned companies. The economic policies have worked in favour of this city, which makes almost all the countries willing to do Trade and setup their offices in this magnificent city.
The companies which set up their offices in Dubai get the benefit of a large local market and the Saudi Arabian Emirates. When it comes to legal matters, Dubai has upfront rules and regulation in the case of company formation. It also offers foreign investors incentives in the form of tax exemptions, visa relation for workers, etc. These factors lead a business owner to invest in Dubai in the shape of company formation.
Process of Company Formation in Dubai
The process of company formation is a simple step of applying for a business license. Depending on the nature of the activity the business license is divided into three broad categories that include the industrial, trade and the professional license. The application process is a notification to the authorities for expression of interest to setup a business. The following are the details of the specific grants:
Industrial License: This license is primarily requested for manufacturing products. The licensee has the right to convert raw materials into semi finished goods in the location by use of power or any other energy legalized by the state. Assembling and packaging also are done on the same premises.
Trade License: This type of license is issued to a business owner or investor to engage in retail or wholesale trade in the country. Investment areas which call for trade license are transport, hotels and general contractors. The license issued in this case is of two kinds: General Trading or Specific Trading. The specific trade license limits the scope of the business.
Professional License: If the dependency is more on the skills rather than capital investment, then a professional license is what a business owner should seek. Companies such as educational providers, engineering services, financial planners, medical practitioners, and consultants come under the purview of professional license.
It is advisable to connect with Business Setup Worldwide to know further on the type of license an investor needs to acquire for setting up the business. The application process and the type of government departments to approach are crucial for the purpose authorisation.
The annual license fee in Dubai TechnoPark is:
For Trading and Industrial License: AED 5,500 up to 7 products from one group, AED 9,000 for up to 12 products from 2 groups
For Service License: AED 8,000
What is the lease period of the land provided by Dubai TechnoPark?
The lease period of land in Dubai TechnoPark is 15 years, and it is renewable.
What is the lease period of an office space provided by Dubai TechnoPark?
The lease period of an office in Dubai TechnoPark is 1 year, but it is renewable.
Other than innovation and infrastructure, which other sectors does Dubai TechnoPark focus on?
Apart from innovation and infrastructure, Dubai TechnoPark focuses on the following sectors:
Sustainable Industrial Development
Information and Communication Technologies
Dubai TechnoPark focuses on which economic sectors?
Dubai TechnoPark focuses on the following economic sectors:
Water Resource Management
Development of Alternative and Efficient Energy Resources
Environmental Resource Management
What type of license does Dubai TechnoPark issue?
Dubai TechnoPark issues the following types of licenses:
Industrial Activities License
Professional Activities License
Trading Activities License