This TECOM-funded free zone, Dubai Internet City (DIC), is the first technology hub in the Middle East and North Africa region. The free zone focuses on the development of the communications sector and the tech ecosystem. Further, Dubai Internet City's members have access to world-class infrastructure and a thriving business community.

 

TECOM Investments, a subsidiary of Dubai Holding, owns Dubai Internet City. Its mission is to foster innovative start-ups that reflect the vision and mission of Dubai. Further, the jurisdiction continues to thrive in IT-related services and continues to develop, enabling companies to establish themselves in such lucrative markets.

 

Microsoft, HP, Oracle, Dell, Nokia, and Samsung are among the world renowned companies operating in this free zone. Moreover, it has opened its doors to international businesses seeking a profitable and sustainable spot to settle in emerging indigenous markets.

 

The free zone is ideally located in the heart of Dubai, with easy access to Sheikh Zayed Road, making the commute much more convenient. DIC provides abundant amenities with over 80 restaurants, banks, and other business facilities. In this way, you can travel to other key points in the city much faster.

 

TYPES OF LEGAL ENTITIES IN DIC

DIC free zone business formation does not allow entrepreneurs to conduct business on mainland, but there are a number of facilities in place to ensure smooth business setup processes for entrepreneurs and investors. There are various entities that can legally register in DIC free zone:

• Free Zone Limited Liability Company (FZ-LLC)

• Branch of a UAE company

• Branch of a foreign company

 

BUSINESS ACTIVITIES PERMITTED IN DIC

It offers opportunities for startups and established companies to become a global high-tech company. Therefore, all activities that DIC authorities permit are IT-related.

• IT services

• Consultancy

• E-commerce

• Multimedia development and distribution

• Software development, installation, and modifications

 

LICENSES OFFERED BY DIC FREE ZONE

DIC authorities issues various kinds of licenses. However, the most prominent licenses issued to entrepreneurs are;

• Software

• Telecommunications and networking

• E-commerce

• IT service

• Internet and multimedia

 

 

BENEFITS OF BUSINESS SETUP IN DIC

In Dubai Internet City, the formation of companies is focused on creating an environment that fosters innovation and facilitates networking opportunities. DIC free zone is an innovation hub that fosters technology, new media, education, and sciences. The DIC free zone also nurtures talent and creativity by encouraging entrepreneurial startups.

 

Some of the benefits of starting a company in DIC free zone include:

• 100% foreign ownership

• No personal, income, or corporate taxes for 50 years

• Full repatriation of capital and profits

• Ample opportunities for market development

• Affordable digital voice and high-speed data services

• Modern communications infrastructure with new innovative technologies

• Commercial offices, business centers, and conference facilities

• Protection of properties and assets

 

DIC FREE ZONE LICENSE RENEWAL

Renewal of a business license in Dubai Internet City is extremely simple and cost-effective. Furthermore, an annual audit report is not a requirement.

Renewal is completed by paying a renewal fee and submitting the lease agreement for the facility. An advantage is that a resident agent is able to handle this process and you do not have to be physically present in the UAE and the same can be done by an agent.

 

BUSINESS LIQUIDATION IN DIC FREE ZONE

Liquidation of a company does not require the physical presence of the owner, and it can be accomplished through an agent. You will, however, need to pay the government fee to complete the process.

Company liquidation takes about one month and involves the following steps:

• Cancellation of visas

• Termination of lease agreement

• Closure of bank account

• Clearance from customs, if your business was involved in trading