The beginning of a new century also brought the enabling of a new free zone in Dubai: Internet City. The Dubai Internet City Free Zone was ready to operate in 1999 and opened its gates for the first time in 2000. This was also the first free zone to accommodate the development of information and technology communication companies in the Middle East. At the moment, Dubai Internet City is one of the most developed free trade zones in the Emirate and also has one of the fastest-growing Gross Domestic Products in the UAE.
Our company formation agents in Dubai can assist foreign investors seeking to open companies in Dubai Internet City.
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Types of companies available in Dubai Internet City
Opening a company in Dubai Internet City Free Zone is very attractive because it offers full foreign ownership. Also, in order to cater to the need of small and large investors, the Dubai Technology and Media Free Zone Authority (DTMFZA) allows for the following types of companies to be set up here:
- free zone companies;
- branches of UAE companies;
- branches of foreign companies.
The free zone limited liability company (FZ-LLC) is the most employed type of business in Dubai Internet City as it allows to have a natural person as a shareholder, a natural person and a corporate entity as shareholders, or corporate shareholders alone.
Setting up a company in Dubai Internet City Free Zone
In order to open a FZ-LLC in Dubai Internet City, the shareholder or shareholders must deposit a minimum capital of 50,000 AED, while for branch offices there is no minimum amount imposed by the DTMFZA.
The founder will also be required to file the following documents with Dubai Internet City’s authority:
- passport copies of the founders;
- passport copies of the managers and directors;
- details of the legal representative;
- a business plan;
- a license prescribed application form.
Where one or more of the shareholders are foreign companies, a resolution passed by the management board and the Certificate of Incorporation must also be included in the list of documents. The company must also have the Memorandum and Articles of Association prepared.
For assistance in opening a company in Dubai Internet City, please feel free to contact our Dubai company registration consultants.