Dubai Internet City Company Formation
Dubai internet city company Formation established in the year 1999 in the heart of the Dubai free zone is the largest Information and Communications Technology business park in the entire Middle East and Northern Africa. DIC is the typical provider of a tactical and economic platform for ICT companies that are trying to find their share in the market,
and with the introduction of the new system in 2013 for tech start-ups in Dubai and new entrepreneurs, it has witnessed a great boom. Located 25 kilometres from Dubai, the free zone is strategically great for attracting dynamic IT international communities to set up their operations in DIC.
Dubai has world class infrastructure and great facilities and a business friendly environment, flexible legal structure, and an affable ecosystem for global and regional companies and entrepreneurs to set up their IT firms in the UAE, DIC is a domicile for many global ICT companies, including Microsoft, Oracle, HP, IBM, Dell, Siemens, Canon, Logica, Sony Ericsson, Schlumberger, Cisco, as well as many of the small and medium-sized businesses and entrepreneurial ventures.
Why did you need to setup business in Dubai Internet City?
Dubai government has put the initiative to make it a global center for the world and one of the initiatives is to make Dubai Internet City into a global hub for innovation and knowledge and the same places are being Knowledge Village and Dubai Media City.
DIC is the perfect place for IT business setup as it offers the best technology start-up ecosystem and has all the elements of the ICT value chain. Vigorous IT infrastructure, an extensive talent pool of skilled &multi lingual staff, tranquil landscape, state-of-the-art offices, excellent retail services, residences & hotels, and 24 hour security ensures that this Dubai internet City is free zone with a strategic place for over 2 billion people around the world contributing towards a GDP of $6.7 trillion.
Legal Entities in DIC
The company that have a business located in the mainland UAE is not allowed to do business outside the free zone although companies have been provided with ample resources to start their venture in DIC.
Business Licenses in Dubai Internet City
DIC allows all types of businesses to be set up in the free zone, but these are the most prominent licenses:
The Process of Starting a Business in Dubai Internet City
You need to follow the following steps in order to start a company in Dubai Internet City
- Fill a business license application along with the proposed business plan and passport photocopies of all shareholders, managers, and directors to the Free Zone Authority and submit it.
- Your application will be reviewed by the DIC and grant a provisional approval letter to the applicant with a checklist of required legal documents.
- The provisional approval letter must be accepted by the applicant, signed, stamped and sent back to DIC.
- Submit all legal documents within 15 working days from the acceptance of the Provisional Approval Letter.
- DIC will review the legal documents, send the applicant a Customer Confirmation Letter and check if the required office space is available.
- The applicant must return a signed and duly stamped Customer Confirmation Letter to the DIC.
- After receiving the Customer Confirmation Letter the DIC will issue an invoice for an initial payment.
- Personnel Sponsorship Agreement will be issued by the Dubai Internet City and office space Lease Agreement after receiving the initial payment.
- After receiving the signed and stamped Lease and Personnel Sponsorship Agreement. A trade license is issued by the DIC allowing the company to start trading.
- DIC will issue the invoice for outstanding lease rental amount payable in two instalments after issuing the trade license (33% first instalment payable after 4 months from the initial payment date, and 33% second instalment payable after 4 months from the date of payment of the first instalment).