Dubai Science Park plays a crucial role in Dubai’s Vision 2021 by enabling a sustainable and self-sufficient future by utilizing maximum indigenous resources and empowering local talent.
Dubai Science Park (DSP) is a free zone dedicated to the development of the science sector in the UAE. It is formerly known as Energy and Environment Park. DSP formed to support the vibrant community of entrepreneurs, start-ups, SMEs and Multinational companies contributing to the progress of scientific community worldwide. Dubai Science Park is the region’s first strategically planned science community in the UAE.
Dubai Science Park plays a crucial role in Dubai’s Vision 2021 by enabling a sustainable and self-sufficient future by utilizing maximum indigenous resources and empowering local talent. Dubai Science park aims to achieve this by providing facilities with cutting-edge technologies for companies to support innovation in the fields of human science, plant science, material science, environmental science and energy science.
The area is developed by TECOM group and inaugurated in 2005. DSP is an integrated campus providing companies with Commercial Offices, world-class laboratories, controlled atmosphere Warehouses, residential apartments along with many other facilities. There are more than 350 national and international companies that have already set up the business in Dubai Science Park.
Business Activities in Dubai Science Park
- Real Estate
- Office spaces
- Manufacturing & production
- Imports and exports
- Laboratory testing
- Research and Development- Environment, Renewable energy, Life sciences, recycling and waste management, sustainable farming, food tech.
- Customer care services
- Sales and Marketing
Advantages of Dubai Science Park
The free zone offers many advantages to companies, which is a significant factor in starting a business in Dubai.
- 100% foreign ownership without the need for a local sponsor
- No corporate and income taxes
- 100% repatriation of funds
- No foreign currency restrictions
- No tax on imports and exports
- Business-friendly legal framework
- Swift Visa processing
- Collaboration opportunities with global companies
- State of the art laboratory infrastructure
- Availability of right Talent
There are two types of business entities available to set up a business in Dubai Science Park.
Free Zone – Limited Liability Company (FZ-LLC)
FZ-LLC is a legal entity with independent shareholders having limited liability. The minimum capital required for company formation varies with business activity.
Branch of a Local/Foreign Company
The branch company is a legal entity of the local or foreign parent company which carries out the business on behalf of its parent company. The parent company is liable for all the activities of the branches. However, there is no minimum capital requirement for starting a branch office in Dubai Science Park.
Types of Licenses
Dubai Creative Clusters Authority (DCCA) regulates the licensing rules in the Dubai Science Park and plays a crucial role in company formation in Dubai Science Park. The types of licenses issued by the DCCA are:
Companies involved in the trading business should obtain a commercial trading license. This license allows for the import & export, storage and distribution of goods.
Companies planning to manufacture and assembles their products in the free zone are required to obtain the industrial license. The license allows the companies to import raw materials, manufacture or assemble and export the final products.
Companies or professionals involved in the service sector require to obtain this license to provide their services in the free zone.
Documents Required to Set up a Business in Dubai Science Park
Companies interested in setting up the business operations in the Dubai Science Park need to submit necessary documents to the regulator. The following is a list of documents required for business incorporation in the free zone.
- Completely Filled-in application form.
- Description of the business plan/summary- products and services etc.
- Passport copies of all the shareholders/Directors
- A copy of the Board resolution
- Marketing description- Target market and segments
- Financial Details- Bank account proof, balance sheet, cash flow statement etc.
Why Should You Set Up Business in Dubai Science Park?
Dubai Science Park is part of Dubai’s futuristic vision plan to become self-sufficient and aim to become a leader in the field of Scientific research and developments. The companies based out of Dubai Science Park will significantly benefit from the available advanced resources to rapidly progress with R&D operations. DSP also provides an opportunity to explore regional MENA markets with millions of customers to serve. Starting a business in Dubai Science Park is the right step for companies aiming for the next stage of growth and advancement.
Our client centred approach at Business Setup Worldwide will help customers to make the right businesses decisions pertaining to expansion of the business into new territories or start up a new business anywhere in the world. Our experts have mastered the virtue of customer service over many years assisting clients with different backgrounds hailing from countries across the globe. We make value addition to our client’s decisions by helping them to make correct decisions about setting up a business in Dubai and other major cities around the world. Subject matter expertise, Knowledge of regional affairs, client-centric processes and operational transparency are the hallmarks of the company formation process at Business Setup Worldwide.
Contact us for any query on setting up a business in Dubai Science Park.