Dubai has proved itself to be the hub of businesses of every type. There are numerous opportunities for setting up businesses in both mainland and various designated free zones in Dubai. Dubai is giving more and more importance to media and telecommunication business and there are several free zones for the purpose including Dubai Production City, Dubai Studio City and Dubai Internet City. But the most important free zone for growth of media and telecommunication sector is the Dubai Media City (DMC).
Dubai Media City was founded in 2000 where facilities are provided for the establishment of news agencies, online media, advertising companies etc. Currently, more than 1,300 local and international companies including CNN, Reuters, CNBC, Sony etc. are taking advantage of the business opportunities available in Dubai Media City. But the opportunities are not limited to media outlets only. Other related companies are also setting up their businesses in DMC. An example is that cricket’s main governing body (International Cricket Council) also shifted its head office from London to Dubai Media City in 2005.
Setting up business in Dubai Media City:
Interested parties can setup three types of business entities in Dubai Media City. These are: Free Zone Limited Liability Company (FZ-LLC), branch of a UAE/foreign based company and work as a freelance professional. Dubai Creative Clusters Authority (DCCA) provides registration and license to companies setting up their businesses in DMC.
There is slight difference in the procedure of setting up business in these three entities. In case of FZ-LLC, a company can be established as:
- Natural person as shareholder
- Corporate person as shareholder
- Natural and corporate person as shareholder
Submission of application form for license and business plan is necessary in all the three cases. The difference is seen in the process of submission of Passport copies. In case of corporate person, passport copies of manager and director of the company are required while there is additional requirement of passport copies of shareholder of the company in the other two cases.
In the second step, commercial space will be selected, required documents will be submitted and the necessary fee will be paid. After approval, you will collect license and certificate of corporation.
Branch of a Company:
You can setup branch of either a foreign company or a UAE-based company in DMC. The branch will perform operations related to its parent company. The main difference between branch of a foreign company and branch of a UAE-based company is that there is a condition for a UAE-based company that it must be operating for minimum two years. Most of the other requirements for both these companies are quite similar.
If you want to work as a professional freelancer in DMC, then you are required to submit minimum 3 personal reference letters and sample of work beside other requirements mentioned above for company formation.
It is clear that there are worthwhile business opportunities for setting up big or small business in DMC in fields related to media and telecommunication. If you are interested in setting up any of the above mentioned businesses in Dubai Media City, then you can make the business setup process simple by taking services of a reputed and experienced consultancy firm like Riz & Mona Consultancy. We are helping people setting up their businesses in mainland and free zones of Dubai since past several years. For complete assistance, you can contact us via email address [email protected]