Dubai Internet City Free Zone
Dubai Internet City abbreviated as the DIC, is one of the nine business parks in the Technology and Media Free Zone. It is one of the largest information technology parks and for this reason was declared by the Dubai Government as a Free Zone. Moreover, the Dubai Internet City Free Zone is the largest internet, communication and technology (ICT) network in the entire Middle East and North Africa. Dubai Internet City Free Zone was created in 2000 and has become the destination for the largest multinationals in the world. The Dubai Internet City Free Zone was the first free zone to come up with the concept of a business park which also provides accommodation to employees in the IT sector in Dubai. The DIC Free Zone has become the perfect place for foreign investors addressing emerging global markets issues. Several industries benefit from the incentives and support from the Dubai authorities in the DIC Free Zone including the following:
- Investors opening IT companies in Dubai Internet Free Zone,
- Companies in the network and telecommunications industry
- Civil companies planning to establish a Company in Dubai
- Consultancy companies in the Dubai Internet City Free Zone,
- Real Estate and Property management companies,
- The companies in the tourism sector
The advantages that benefit foreign investors in the Dubai Internet City Free Zone
Concerning taxation in Dubai, companies in the Dubai Internet City Free Zone have the following advantages:
- There is no tax on personal income for 50 years, and law guarantees this,
- There is no tax on the corporate income for 50 years,
- There is customs duty,
- There is the full repatriation of capital and profits.
In addition to the above benefits, companies in the Dubai Internet City Free Zone can enjoy full foreign company ownership. The guidelines for the company incorporation in the Dubai Internet City Free Zone registration are quite simple because of the Dubai Companies Act provisions.
Requirements for establishing a company in the Internet City Free Zone in Dubai
Foreign investors intending to set up a company in the Dubai Internet City Free Zone are required to deposit a share capital of 50,000 AED. On the other hand, the company in the Dubai Internet City Free Zone must have at least one director and is required to open a bank account with a local bank in Dubai. The next requirements will be drafting the articles of association of the new company and then submitting them to the relevant authorities in the Dubai Internet City Free Zone. The investor will then apply for the appropriate business license. Other documents that must be submitted to the authorities when setting up a company in the Dubai Internet City Free Zone, which includes the following.
- A financial and business plan
- A description of the main activity the company will undertake in the Dubai Internet Free Zone,
- Copies of passports for the shareholders and the directors
The process of setting up a company in the Dubai Internet City Free Zone including the issuance of the business license will take a maximum of four weeks for all formalities to be completed.