The efforts to convert economy of UAE from oil-based to knowledge-based started after the recent oil crisis of 2014. But this strategy is not new for the emirate of Dubai. Dubai’s focus was always on strengthening of its economy through business, tourism and other activities related to knowledge and modern technology.
It is the reason that we see several important steps taken by the emirate of Dubai to make progress in the knowledge sector. A visible proof is the establishment of free zones dedicated to fields of education, modern technology and science. One of these is the “Dubai Knowledge Park” (DKP).
DKP was founded in 2003 and has the privilege to be the world’s first and so far only free zone dedicated solely to learning quality and human resource management (HRM). Since its inception around 15 years ago, this free zone has progressed several folds and now more than 400 local and international companies along with number of freelancers are operating here.
Types of companies that form the bulk of DKP include universities, HR consultancy companies, occupational assessment & testing providers, professional centers, computer training providers etc. It is due to the facilities provided by DKP to businesses like HRM, training provider, consultancy and others.
There are 3 ways that a business can be setup in this prestigious free zone. This includes:
- Free Zone Limited Liability Company (FZ-LLC)
- Branch of a foreign or UAE company
- As a freelancer
FZ-LLC is an independent legal entity with its own shareholders. It has the requirement of minimum capital which is according to the business activity it performs. Such company can be established with three types of shareholder which include shareholder as natural person, corporate person and company with both natural and corporate person. There are different requirement for these different types of FZ-LLC.
Already established companies can establish branch of a company in DKP. This is allowed for both foreign company and a UAE-based company. There is no minimum capital required for such type of company.
A freelance professional can also setup his/her business in this free zone. For this purpose, the freelancer will use his/her birth name instead of a brand name for business.
These are main advantages, scope and procedure of setting up a business in Dubai Knowledge Park. If you want to get complete information about this desiccated free zone or want to take full advantage by establishing your business suited to this dedicated free zone, then you can contact Riz & Mona Consultancy via our WhatsApp # 971-56-9971225. We have assisted several companies and individuals setting up their business in DKP and other free zones in Dubai and other emirates of UAE.