Technology has impacted the human lives to a great extent.
Technology has impacted the human lives to a great extent. It has made the entire globe a small village, wherein every person is directly or indirectly linked to each other through a common network. Global technology giants and social media platforms have made human reach very easy. Businesses like HP, Google, Microsoft, Intel, Facebook, etc. have made human being addicted to technology. The widespread growth of technology has reached beyond geographical boundaries and thus the concept of tech-park came into existence. Dubai TechnoPark is an example of technology hub constructed in Dubai, located in the Dubai Industrial Zone. Dubai is a multi-cultural city spotted with both natural and man-made beauty that contributes a lot towards the growth and development of United Arab Emirates (UAE).
Why Dubai TechnoPark?
Dubai TechnoPark was established in 2003 with an aim of growing the technology sector of the Emirates. It covers an area of 21 million square feet and supports 133,000 employees. This tech-hub is a free trade zone and acts as a home for various MNCs dealing in the field of technology, innovation and tech-research. The hub is centrally located between the Al Maktoum International Airport and Jebel Ali seaport.
Types of Companies in Dubai TechnoPark
The technology hub comprises of:
- On-Shore Companies (these operate in the local market)
- Free Zone Companies
- Offshore Companies (allows full foreign ownership)
- Limited Liability Companies
- Sole Proprietorship Companies
- Civil Companies
- Branch Offices
A branch office can be of one of the following types:
- Branch of Free Zone Establishment (FZE)
- Branch of Free Zone Company (FZCO)
- Branch of Gulf Cooperation Council (GCC) Business
- Branch of Foreign Business
Key Industries in Dubai TechnoPark
Apart from being a renowned name in the technology sector, Dubai TechnoPark also focuses on the following areas:
- Life Sciences
- Industrial Development
- Information and Communication Technologies (ICT)
Types of Licenses in Dubai TechnoPark
Business license act as a pass which is essential to acquire, in order to start any company. The technology park in Dubai offers different licenses, such as:
1. Trading License
Essential for import, export, storage, and distribution.
2. Industrial License
For manufacturing industries and assembly heads.
3. Professional License
For dedicated and specialized professionals in specific areas.
Benefits of Setting Up a Company in Dubai TechnoPark
The free trade zone acts as a magnet pulling different investors for different businesses. The investors that enter into a contract to establish their business in this technopark can avail the following benefits:
1. A Simple Regulatory System
This helps to carry out business legal proceedings easily.
2. Tax-Free Economy
This helps to lower the burden of individual tax on investors.
3. Multiple Currencies
A business can be carried out dealing with multiple currencies, and a bank account can be opened for all different currency types.
4. Skilled Workforce
Dubai has got a bunch of skilled workforces. Dubai International Academic City (DIAC) opens a platform wherein they nurture the entrepreneurship and leadership skills and convert them into business leaders which are capable of driving the economy.
5. Long-Term Lease
This helps the investors to get a long-term lease of up to 15 years.
6. No Restriction on Hiring
Hiring foreign employees is permitted in Dubai TechnoPark.
World-class infrastructure is provided to run business activities smoothly.
8. One-Stop Service
Dubai TechnoPark has single-window administration for both licensing and government-related services.
Thus, we see a picture that depicts the growing economy of UAE. TechnoPark in Dubai has not only stressed its growth towards the technology sector but has also opened numerous business gates to different sectors. This acts as an opportunity for business investors to set-up their core businesses in this tech hub and gives it an international exposure. The world’s biggest investors are grabbing the opportunity to establish and explore their business ideas. Are you also one among them? Yes? Great! To proceed further, you need to have a trustworthy guide who would help you in building your business roots. This is where Business Setup Worldwide comes into the picture. We have our business experts who can guide and help you in establishing your dream business in Dubai TechnoPark. To take the first step towards your business journey, do contact us – we’d be glad to assist you in the process.