Recent years have seen global growth in human resource management. As a result, the value of human resources in the workplace has been greatly emphasized.
Dubai, recognized as one of the fastest-growing economies, is no exception.
The emirate established a particular free zone, Dubai Knowledge Park, formerly known as Dubai Knowledge Village, to honor human resource management.
To continue, read further to learn more.
Dubai Knowledge Village
The only free zone in the world dedicated only to human resource management, professional development, and educational intelligence is Dubai Knowledge Village (DKV), located in Dubai. The TECOM group was founded in the year 2003.
With the help of this free zone, the UAE hopes to become a knowledge-based economy and expand its talent pool in the area. Moreover, with more than 450 company partners, DKP wants to become recognized as a center of excellence for business growth and a reliable business partner.
HH Sheikh Mohammed Bin Rashid Al Maktoum constructed Dubai Knowledge Village to develop free zone industries in the Middle East. As a result, DKV has changed into a single free zone entirely devoted to human resource development and learning excellence in response to the requirement to serve the training and development industry.
Legal Business Entities in DKV
Dubai Knowledge Village free zone allows a business person to choose from among the following entities to start their business:
1. Free Zone Limited Liability Company (FZ-LLC)
FZ-LLC is a separate legal entity started with its shareholders; the minimum capital requirement depends on the type of business activity.
2. Branch Office
Depending on the parent company, an existing company can legally set up its branch office.
Freelancing is providing products or services in your name.
Advantages of Business Setup in Dubai Knowledge Village
One can enjoy several benefits by setting up a business in DKV free zone.
- Provision of 100% ownership of the business
- No restriction on the repatriation of capital or profits
- Exemption from personal and corporate tax
- No customs duty for goods and services
- State-of-the-art infrastructure and support services
- Hassle-free visa services
- Easy and understandable legal procedures
- Surrounded by well-known national and international brands
- Supportive operational process
- Offers first-rate infrastructure and facilities for clients
- Access to highly skilled HR professionals
- Effortless registration, licensing, and government services.
Available Licenses in DKV
Dubai Knowledge Village free zone offers two types f business licenses:
- Freelance License
- Commercial License
Activities Allowed in DKV
Dubai Knowledge Village allows a variety of business activities such as:
- Professional and management developmental training
- Human resource consultancy
- Content development
- Assessment and testing
- Computer training
- Knowledge training
- Freelancers and association
- Child skills development training
- Occupational and technical training
- Fine arts training
- Tutoring services
- Language training
- Research & development
Dubai Knowledge Village Business Setup Process
The procedure for business setup takes some time which is the following:
1. Obtain the Initial Approval
Fill out the business application form and get primary approval from the governing authority.
2. Register the Company
Submit the legal documents for company registration.
3. Sign the Customer Confirmation Letter
In the next step, the Customer confirmation letter has to be signed and returned by paying some fees.
4. Submit the Documents
Sign the Memorandum and Articles of Association (MOA) and submit it with other documents mentioned in the blog's next segment.
5. Deposit the Share Capital
Deposit the required share capital and sign the personal sponsorship and lease agreement.
Required Documents for Business Setup in Dubai Knowledge Village
The documents needed for business setup in the concerned free zone are as follows:
- Application for company registration
- Original company incorporation certificate
- Details of shareholder(s)
- Proof of share capital from the bank or trust
- No Objection Certificate (NOC) for managers from UAE sponsor
- Copy of passport and specimen signature of shareholder and manager
- Certificate of Authorization for GSO
- Board resolution for company formation
- Memorandum and Articles of Association of the parent company (in case of a branch office).
An enormous earning potential, tax exemptions, first-rate infrastructure, contemporary comforts, liberal governmental policies, and open trade barriers are all expected when opening a business in Dubai.
A business advising company called Business Setup Worldwide offers professional advice on launching a new business anywhere globally. We assist our customers in finding new business prospects, comprehending legal processes, establishing contacts with local government officials, and choosing the appropriate kind of free zone to meet their company plans.
In the business climate of Dubai, it is essential to possess the appropriate business expertise. Therefore, you should register an account after the registration procedure has become flexible and accessible. The good news is that establishing a business in Dubai involves a pleasant process and high-caliber business consultants are eager to approach you. So contact us; we'd be pleased to help!
1. How many companies are operating in DKV free zone?
2. Does the company operating in the DKV zone requires an audit report?
The annual audit reports must be submitted during the license renewal process.
3. How long does it take for the company liquidation process?
4. Which is the governing authority in Dubai Knowledge Village?
Authority of Dubai Technology and Media Free Zone.