Dubai Internet City (DIC) operates in the Technology and Media Free Zone and is one of the largest information technology parks declared as a free zone by the Dubai Government. Dubai Internet City Free Zone is also the largest ICT (internet, communication and technology) network in the Middle East and North Africa. Dubai Internet City Free Zone was created in 2000 and is now home to some of the largest multinationals in the world. The DIC was also the first free zone to develop the concept of business park that also provides accommodation to employees in the IT sector in Dubai. The DIC Free Zone is promoted as the perfect place for foreign investors addressing emerging global markets. The following industries benefit from incentives and support from the authorities in the Dubai Internet City Free Zone:
- investors opening IT companies,
- companies in the network and telecommunications industry,
- civil companies,
- consultancy companies,
- property management companies,
- companies in the tourism industry.
You can also watch our video on Dubai Internet City Free Zone:
What are the advantages foreign investors benefit from in the Dubai Internet City Free Zone?
In terms of taxation, companies in the Dubai Internet City Free Zone have the following benefits:
- no tax on personal income for 50 years guaranteed by law,
- no tax on the corporate income for 50 years,
- no tax on customs duty,
- full repatriation of capital and profits.
Moreover, full foreign company ownership is allowed in the Dubai Internet City Free Zone. The registration procedure is quite simple due to the Dubai Companies Act provisions.
What are the requirements for establishing a company in the Internet City Free Zone in Dubai?
Investors wanting to set up a company in the Dubai Internet City Free Zone are required to deposit a share capital of 50,000 AED. The company must also have at least one director and open a bank account with a local bank. The following step will be to draft the articles of association for the new company and submit them with the Dubai Internet City Free Zone authorities. The investor will then be required to apply for the appropriate business license. The following documents must be submitted with the authorities:
- a business and a financial plan,
- a description of the main activity the company will undertake,
- copies of the shareholders and directors’ passports.
It takes about four weeks for all formalities to be completed and the business license to be issued.
For additional information about company registration, we invite you to contact our company incorporation agents in Dubai.