Dubai Internet City is the region's largest technological business community, bringing together world-class innovators and entrepreneurs to collaborate, connect, and share their aspirations for a better future.
In addition to that, it is a free economic zone and information technology park established by the Dubai government. Also, it provides a suitable location for enterprises looking to enter regional developing markets.
If you think you need to start a tech-savvy company and want to know about its growth, read the entire blog.
Why Internet City Free Zone Dubai is an Ideal Space for Doing Business?
Dubai Internet City serves as home to more than 1,600 tech companies. In addition, the DIC freezone is an excellent starting point for investing in rising global markets.
DIC supports clients who wish to incorporate their ICT business with its In5 Innovation hub and first small step business centre. These facilities give necessary assistance, particularly to small and medium-sized firms, allowing them to establish their operations.
Meanwhile, tech buddies prefer the internet city free zone because of the 50-year exemption of taxes, full foreign ownership and full repatriation of profits.
In addition to that, the Dubai Internet city freezone provides a metro ethernet environment and the international community to the people.
It allows young IT buddies to network in a variety of ways. Furthermore, the internet city's world-class communications infrastructure based on new revolutionary technologies allows for tremendous expansion.
If you want to know more about DIC, read the blog of Dubai internet city freezone.
Dubai Internet Free Zone Companies
While looking at the companies in Dubai Internet City, one can understand how fast the growth is happening in the DIC Free zone.
The several companies in Dubai Internet City are:
What are the Steps of Company Formation in Dubai Internet City Free Zone?
The term "Process" or "Steps" will show one's interest in starting the business. If you're still scrolling down and getting close to the business formation process, I'm guessing you're almost ready with your company setup.
To help you with your quest and requirement, I will provide the processes for business establishment in DIC.
A step-by-step guide to the process of setting up a business in Dubai Internet City is as below:
- Application submission
- Review of application
- Acceptance of provisional approval letter
- Submission of legal documents
- Legal document review
- Customer confirmation letter
- Initial payment
- Lease agreement and personnel sponsorship agreement
- Trade license insurance
- Balance payment
What are the Documents Mandated to Start a Company in DIC free zone?
Below are the documents required to start a company, and the Dubai Internet City Free Zone Authority will go through the following documents.
- Passport copies of the founders
- Passport copies of the managers and directors
- Details of the legal representative
- A license application form
DIC Company Registration
The Dubai Technology and Media Free Authority approves DIC company registration and executes all relevant processes. Clients can register two types of the company at Dubai Internet City,
- Free Zone limited liability
What are the Licenses Offered by DIC Free Zones?
DIC authorities issue various kinds of licenses. However, the most prominent licenses issued to the entrepreneurs are,
- Software license
- Telecommunications and networking
- IT service
- Internet and multimedia
Dubai internet city license cost starts at approximately AED 15000.
How should the procedure be for Renewing a DIC Free zone License?
The license renewal process in DIC is straightforward and cost-effective. Furthermore, an annual audit report is not required for DIC free zone licence renewal.
What are the Steps for Business Liquidation in the DIC Free zone?
A corporation liquidation, like a renewal, does not need the owner's actual presence. Instead, it may be done with the help of an agent. To complete the liquidation procedure, you will be needed to pay the government charge.
The following processes are involved in company liquidation, which takes roughly a month.
- Visa cancellations
- Termination of the lease agreement
- Bank account closure
- If your company trades, you'll need clearance from customs.
I hope the above details have provided you with thorough knowledge about the DIC freezone. After reading it, if you wish to know about Dubai free zone company formation, our business consultant will administer you in making the entire process as simple as possible.
We at Business Setup Worldwide want to assist you in making your job much easier. If you require skilled professional guidance, we will be happy to help. We would also be thrilled if you contacted us with several queries. Please feel free to contact us for more information and make the entire operation efficiently and reliably.
What are the business activities permitted in DIC free zone?
The activities permitted in DIC free zone are,
Multimedia development and distribution
Software development, installation and modifications
Is Dubai Internet City a free zone?
Dubai Internet City is built inside a free zone that provides a knowledge economy ecosystem designed to support the business development of information and communications technology (ICT) companies.
What are the company structures permitted in Dubai Internet City?
The company structures permitted in DIC are,
Branch of a UAE Company
Branch of a Foreign Company
Free Zone Limited Liability Company (FZ-LLC)
Does any capitalisation require for the branch of a UAE company?
No, capitalisation is not required for the branch of a UAE company.
Who will review the application and grant a provisional approval letter in DIC?
The Dubai Internet City Authority will review the application and grants a provisional approval letter.