Business Setup in Dubai Internet City (DIC) Free Zone
Are you looking to form a company in a place equipped with the latest technology and modern-day advanced features? Perhaps Dubai Internet City free zone is the ideal place for business setup in the UAE. The city has everything that an entrepreneur requires including the latest technology and advancements. So, check out this guide to explore the ins and outs of business setup in Dubai Internet City Free Zone and the many benefits it offers.
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About Dubai Internet City Free Zone
Established in 2000, DIC’s goal was to give all information and communication technology (“ICT”) businesses a shared location. Under the management of TECOM Investments Holding, the facility of Dubai Internet City was constructed in a free trade zone. This city is the Middle East and North African region’s top center for information and communications technology.
Dubai Media City and Knowledge Village are also established by TECOM, and they are all nearby to one another. The three are a part of the government of Dubai’s ambitions to transform DIC into a hub of knowledge and innovation on a worldwide level. The construction of the free zone was planned to concentrate on the growth of the communications and IT industries. Company formation in Dubai Internet City provides a remarkable business community, a top-notch environment, and world-class infrastructure.
With some of the most well-known global companies including Samsung, Microsoft, Dell, HP, Nokia, and Oracle, DIC has quickly developed into the center of the UAE’s IT-related business community. International firms can now enjoy a profitable and sustainable location to set up in rapidly developing local markets, thanks to the Dubai internet city free zone.
Over 1,600 businesses are currently present in the free zone, with some well-known global IT manufacturing brands establishing it as their permanent head office of operations and others setting up regional offices there.
Some Fortune 500 companies, entrepreneur startups, and SMEs are among them. The DIC offers excellent facilities and top-notch infrastructure, a welcoming environment for investors, a flexible legislative framework, and a friendly business community for both international and local businesses.
Dubai Internet City is a part of the TECOM Investments division of Dubai Holding. The focus of DIC is Dynamic start-ups that can reflect Dubai’s vision and mission and bring innovation to the industries. Companies are able to establish themselves in such profitable marketplaces thanks to DIC’s non-stop growth and success in IT-related services.
The Knowledge Village is a learning community, whereas the Dubai Media City is created specifically for businesses associated with the media. The space is set up to improve communication and provide tons of opportunities for sharing ideas, networking, and channel growth among all the stakeholders.
One of DIC’s main attractions for investors and businessmen is its strategic location. Due to the free zone’s perfect location in Dubai’s center and easy access to Sheikh Zayed Road, getting to Dubai and its important locations is more convenient and significantly faster. With various business facilities such as banking services and restaurants, DIC also provides a wealth of amenities for businesspeople.
Dubai Internet City has turned into a modern hub for the UAE’s IT industry. Dubai’s prime location has made the region accessible from every corner of the world. In the fields of communications and technology, DIC has a pool of talent that is particularly young, bright, skillful, and talented, and it continues to bring in a large number of people from everywhere in the world.
Dubai Internet City Business Setup Benefits
Technology, new media, education, and the sciences will all benefit from the DIC free zone’s role as an innovation center. The goal of Dubai Internet City is to create an atmosphere that facilitates networking and encourages innovation. This free trade zone develops creativity and talent by supporting new business ventures and startups.
The following are some of the main benefits of business setup in DIC:
- Protection of assets and properties
- Contemporary offices
- 100% foreign ownership
- Modern communication systems equipped with the latest technologies
- Complete exemption from customs fees
- Easy to get a license
- Services for high-speed internet and digital voice are available at pocket-friendly prices
- Capital mobility
- Permission to conduct multiple activities under one license
- Plenty of room for market development
- Outstanding retail services
- Cyber regulations
- 50 years of no corporation or individual income tax
- No limits on currencies
- conference facilities, conference facilities, and business centers
- 24/7 security
- 100% repatriation of all capital and profits
- Protection of IP
- DIC caters to businesses of all sizes offering commercial office units and flexi-desk packages
- A huge number of business activities
DIC Visa According to Office Space Types
Dubai internet city offers two different types of office space for your company to choose from.
- One visa is offered for every 80 square feet. The smallest possible office space that can avail is 700 square feet.
- The price of commercial space is between AED 175 and AED 190 per square foot but varies depending on location.
- 2 visas are allowed for an exclusive desk
- 2 visas are allowed for a shared desk
- 3 visas are allowed for a 2-seater office
- 4 visas are allowed for a 3-seater office
- 5 visas are allowed for a 4-seater office
Types of Legal Entities Allowed in DIC Free Zone
Due to restrictions on conducting business outside the free zone, Dubai Internet City is cut off from the mainland UAE. However, companies have been given enough amenities to launch their venture in DIC. The following entities may legitimately register with DIC:
1. Free Zone Limited Liability Company (FZ-LLC)
One to fifty corporate shareholders or individuals are allowed to own a limited liability company in a free zone with a minimum share capital investment of AED 50,000 and a minimum share price of AED 1,000.
2. Branch of a UAE Company
This is a reference to a branch by an individual who resides in the UAE. There is no requirement for capitalization.
3. Branch of a Foreign Company
An applicant who is a foreign national can establish a branch of a foreign company in the DIC. There is no capitalization requirement for such an entity.
Business Activities Permitted in Dubai Internet City
The Dubai Internet City Free Zone (DIC) is open to a variety of professional, commercial, and financial business activities. Some of the most opted choices are as follows:
Multimedia Development and Distribution
It covers business activities like providing an online platform or serving as a middleman between different businesses or people that include the production and distribution of multimedia content or services via the internet.
Any business activity involving the creation and/or provision of standardized, repeatable IT-based services is referred to as an IT service. Additionally, training, security solutions, localization, and corporate learning are also included in this category.
It covers business activities related to offering certain services and goods for sale to third parties over electronic platforms including online portals, search engines, social media, websites, and so forth.
Internet and Network Services
Any business activity involving the creation and distribution of online or multimedia content falls under this department. Distributing goods or services online, offering an online platform, or serving as a middleman between various people or businesses are examples of additional business operations.
This covers business activities associated with creating, setting up, adjusting, developing, and/or running networks, as well as offering related services designed for using network-based services or programs for one’s own benefit or that of others.
This includes any work done on the development, installation, and modification of software designed for the businesses or any third party.
Required Documents to Set Up a Company in DIC
The documentation required for Dubai internet city company formation depends on the type of business setup you choose. However, in general, the following list of documents is required for submission:
- Original bank reference letter – for all shareholders
- Visit visa
- Passport copies of the founders
- Minimum 5 trade names
- Business plan
- MOA and Articles of Incorporation of company
- Details of the legal representative
- Company application form
- No objection letter for the manager by the current sponsor (if a UAE employment visa-holder and a resident of UAE)
- Letter of Intent
- Individual share certificates for all shareholders
- Copy of passports of managers, directors, and shareholders
- Lease contract
- A filled license application form
Process of Company Formation in Dubai Internet City
To form a company in Dubai Internet City free zone, follow the following steps:
Step 1. Application Form
Send the Free Zone Authority a business license application, copies of all shareholders’, managers’, and directors’ passports, and the planned business plan.
Step 2. Choose License and Business Activity
Then you need to choose the right license, type of company, and business activity.
Step 3. Get Initial Approval
After reviewing the application, the DIC Authority will send the applicant a provisional approval letter along with a list of the necessary legal documents. Accepting a letter of provisional approval, the applicant must then sign, stamp, and return it to DIC.
Step 4. Documentation
Within 15 working days of the Provisional Approval Letter’s acceptance, submit all legal documents. Remember that different legal documents are required depending on whether the applicant is an individual, a corporate entity, or a branch of a UAE or foreign company.
Step 5. Get Further Approval
The applicant must provide the DIC with a Customer Confirmation Letter that is signed and properly stamped.
Then, DIC will check the submitted legal documents, send a Customer Confirmation Letter to the applicant and verify if the required office space is available. The applicant must provide the DIC with a Customer Confirmation Letter that is properly stamped and signed.
Step 6. Pay the Fee
Once DIC gets the Customer Confirmation Letter, they will send out an invoice for the initial payment. It includes 34% rental amount of the total annual lease and the registration and license fee.
Step 7. Company Registration
At last, after receiving the initial payment, the DIC will issue an office space Lease Agreement and Personnel Sponsorship Agreement. Then the applicant will sign and stamp the Lease Agreement and Personnel Sponsorship Agreement and send it back to the DIC.
After getting the signed and stamped Lease Agreement and Personnel Sponsorship Agreement, DIC will provide a trade license allowing the applicant’s business to begin trade.
Rent an Office in Dubai Internet City
Their services include
- The rental of spaces and equipment to help startups, entrepreneurs, and shortlisted students succeed
- A business incubation program
- An annual membership
- Event spaces
- Innovation centers
- Retail stores
- Prototyping facilities, among others.
They tend to create a collaborative environment by offering a co-working place. You have a few options, including
- Open quarters
Types of Business Activities Allowed in DIC Free Zone
Dubai Internet City authorities allow various activities that are mainly IT-related, including the following:
- Software modifications, development, and installation
- IT services
- Multimedia distribution and development
- Media Association (Non-Profit) and others
- Advertising & communication
- Media and marketing services
- Event management
Dubai Internet City Licenses
All types of businesses can be established with the approval of the DIC, but the most common licenses are given to business owners of the following businesses:
- Internet and multimedia
- Telecommunications and Networking
- IT Service
Some of the free zone license types you can select from are as follows:
- A Dubai Internet City industrial license is required for businesses that produce goods in the region. Several warehouses are available here as well, allowing you to store your products after production in a secure location.
- You must choose the Dubai Internet City neighborhood where your business will be located after choosing the suitable business license in the Dubai Internet City free zone.
Trading Licence or Commercial Licence
- You are permitted to import and export items with a trading or commercial license. Companies with commercial licenses are permitted to import, export, keep, and store items locally in the DIC. For a company that wishes to practice retail operations, this is the ideal license.
- An E-commerce license is required for businesses that do online or offline e-commerce business.
Service Licence or Professional Licence
- A Dubai Internet City professional license is required if you intend to launch a firm that offers services to Dubai Internet City companies but is not engaged in the import or export of products. IT companies, consulting companies, marketing or advertising agencies, and other companies are examples of approved business activities under this license.
Facilities Available in Dubai Internet City Free Zone
The business setup at DIC offers a wide variety of commercial facilities, services, and other amenities to fulfill the various needs of the modern commercial sector.
Some of the top-notch facilities to avail in the DIC are:
- One of the busiest metro stations in the entire United Arab Emirates is the Dubai Internet City Station. People who work at DIC can commute more easily using this facility.
- Good schools are present around the area
- in5 Tech is a business incubator
- Innovation centers
- Luxury hotels
- Venues for events
- Fitness facilities
- Retail and dining
- Top-quality healthcare facilities
Both residential apartments and hotel apartments are available for rent on the real estate market in Dubai Internet City. At DIC, there are numerous sizes and floor plans to pick from, and every flat has numerous bedrooms. Sizes vary from studios to three bedrooms.
The Dubai Metro passes through Dubai Internet City, making commuting simple. It is simple to go here and there in the area because the Dubai Marina tram travels from Jumeirah Beach Residence to Dubai Marina. Taxis can be used at any time of day or night, and it only takes 25 minutes to go to Dubai International Airport.
Dubai Internet City Zones
The Dubai Internet City is divided into three primary zones. They are each perfect for a particular kind of business.
Businesses engaged in the media, telecommunications, and technology sectors should settle down here as it is best suited for them.
Businesses that provide marketing, advertising, and PR services can be found at Marketing Square.
It is the best place for doing business related to the entertainment industry, design, and content creation.
Successful Businesses in Dubai Internet City Free Zone
Many prosperous companies have chosen to form their companies in Dubai Internet City. Your business will have access to a variety of information and resources because it is home to businesses from all over the world. Several well-known companies doing business in Dubai Internet City are as follows:
- Siemens Dubai Office
- Facebook Dubai Office
- Microsoft Dubai Office
- Google Dubai Office
- Oracle Dubai Office
While there are many other business opportunities in Dubai Internet City Free Zone, it is ideal for businesses in the technology sector.
Living In Dubai Internet City Free Zone
Dubai Internet City is a fantastic choice if you want to relocate your business and reside in Dubai. There are several amenities available in the neighborhood for residents, including malls, schools, and medical facilities.
Due to its central location in Dubai, Dubai Internet City is easy to reach. You can meet people from all over the world because the DIC is home to many expats. With the potential of renewal, the Dubai residency visa enables employees to remain in the country for up to three years.
Dining in Dubai Internet City
A number of the city’s most well-known restaurants are located in Dubai Internet City. You can find food choices to suit every taste and budget in this place, to eat up to your fill. Additionally, there are numerous coffee shops and cafes in the area where people can relax with their laptops or grab a quick snack.
Among the well-known eateries in Dubai Internet City are Wok Boyz, Sumo Sushi & Bento DMC, and Rossovivo Artisan Pizza.
Visit one of the many Indian restaurants or shawarma stands in the vicinity if you’re searching for a more cheap option. Some outstanding international franchises, including McDonald’s, Nando’s, and Subway, are also located in Dubai Internet City.
Activities in Dubai Internet City
Dubai Internet City is 10 minutes away from the mall The Greens Souk. It is a big commercial area that includes a number of play areas, retail stores, a selection of cafes, and numerous food options.
It takes 8 minutes to go to Golden Mile Galleria Mall in Palm Jumeirah. Numerous casual dining restaurants and about 70 outlets are present in the mall.
The Ibn Battuta Mall and the Mall of The Emirates, both 10 minutes away, are two additional large malls close to DIC.
There are a number of well-known beaches in the vicinity of DIC, including JBR Beach and Al Sufouh Beach. Go to these beaches if you’re searching for lovely, gorgeous, and enjoyable evenings. A 15-minute drive away places are Skydive Dubai, Dubai Marina Walk, Emirates Golf Club, Jebel Ali Racecourse, and other leisure destinations.
Start Your Business in Dubai Internet City Free Zone with RIZ & MONA
An awesome approach to entering the UAE market is by setting up a company in Dubai Internet City free zone. Setting up your firm in this free zone has a number of advantages, including easy access to regional and international markets, 100% foreign ownership, and no corporate or personal income tax. The procedure of opening a company at Dubai Internet City can be completed in a matter of days.
So, if you’re willing to invest and form a company in UAE, DIC is a fine place to do so. In order to get help in getting started, get in touch with RIZ & MONA CONSULTANCY the best business consultants in Dubai to set up your business in the Dubai Internet City free zone. We will handle your application and complete the process on your behalf to ensure everything goes well. Contact us today and get going with your company in the DIC.