DUBAI KNOWLEDGE VILLAGE (DKV)
Dubai Knowledge Village (DKV) has been operating since 2003, and is part of the Technology, Electronics, Commerce and Media (TECOM) group. It is also commonly known as Dubai Knowledge Park (DKP). Located in the world's only free zone that caters exclusively to sectors, this jurisdiction also features human resources management, educational institutions, training institutes, and much more.
Knowledge Park in Dubai represents the vision of a new Dubai ahead of Expo 2020 and defines Dubai's knowledge-based economy.
International institutions, foreign universities, training programs, and HR consultancies are well served by DKV free zone business setups in Dubai. Among the big names in the vicinity are (IMT), Esmod, Heriot-Watt University, and Manipal Dubai, among more than 450 other partners.
Structures permitted within the free zone of Dubai Knowledge Village
Free Zone Limited Liability Company (FZ-LLC)
In order to register a company at Dubai Knowledge Village, companies must obtain approval from the Authority of Dubai Technology and Media Free Zone. In addition, shareholders can be both corporate entities and individuals.
Benefits of establishing a business in Dubai Knowledge Village
Taking advantage of the business setup of Dubai Knowledge Village, any entrepreneur has the opportunity to gain a thorough understanding of human resources. The skill-focused business model has encouraged key industry players to join this one-of-a-kind free zone. Moreover, the main aim of the free zone is to cultivate and grow Dubai's talent pool as well as position the UAE as a knowledge-based economy. For example, the following benefits are associated with setting up a company in the free zone:
100% foreign ownership
No personal, income, or corporate taxes
Dynamic international community
Full repatriation of capital and profits
Strategic location boosting opportunities
Simple and quick set up process
The process of obtaining a license from Dubai Knowledge Village free zone takes between 4-6 weeks. Establishments in Knowledge Village in Dubai are licensed and registered by Dubai Creative Clusters Authority (DCCA).. DKV free zone issues specific kinds of licenses, these include the following:
Dubai Knowledge Village license renewal
It is a highly straightforward and cost-effective procedure for businesses to renew their licenses in the Dubai Knowledge Village free zone. Since the company's second renewal, you will have to submit an audit report to the Dubai Knowledge Village free zone every year.
The renewal process for your company will also require the payment of renewal fees and the submission of a signed lease agreement for your facility. A benefit is that your physical presence in the UAE isn't required for the renewal process and can be completed through an agent.
Business liquidation in Dubai Knowledge Village
A company can also be dissolved without the physical presence of the owner if it is represented by an agent. However, there is a government fee associated with the liquidation process.
Company liquidation takes about 1 month to be completed and involves the following steps:
Cancellation of visas
Termination of the lease agreement
Closure of bank account