DIC was founded in 1999, and since then, it has developed a prosperous ecosystem for technology organizations and has been carrying forward Dubai’s vision of transitioning into a knowledge-based economy by providing its service to many fortune 500 companies and multinational organizations, including Facebook and LinkedIn as well as successful technology. DIC additionally expects to advance enterprise and advancements so as to additionally build up the innovation fire up biological system in Dubai, and for that it has dispatched the In5 Innovation Hub and First Steps Business Center which gives benefits like imaginative spaces, specific industry habitats, preparing and mentorship programs, network wide systems administration occasions, and admittance to speculators with least duty and sunk costs which conveys the conveniences organizations need while limiting the expenses related with entering another market.
Process of Company Formation in Dubai Internet City Free Zone
A step-by-step guide to the process of setting up a business in Dubai Internet City is as below:
- Application submission
- Review of application
- Acceptance of provisional approval letter
- Submission of legal documents
- Legal document review
- Customer confirmation letter
- Initial payment
- Lease agreement and personnel sponsorship agreement
- Trade license insurance
- Balance payment
Types of Licenses in Dubai Internet City Free Zone
Mainly there are five types of license you can obtain and they are;
1. Software License
A product permit can be acquired when the action is identified with creating, introducing or potentially adjusting programming results of the organization or of an outsider.
2. Telecommunication and Network License
A media transmission and organization permit can be acquired when the action is identified with creating, introducing, adjusting, and additionally working organizations or offering important types of assistance intended for working organization based applications or administrations for self or for outsiders.
3. E-Commerce License
An e-commerce license is obtained when the activity is related to individual services and products to third parties through electronic media such as an internet search engine, portal, website, social media, etc. for the purpose of facilitating sales activities.
4. IT Service License
IT-administration permit is acquired when the action is identified with creating or potentially giving normalized repeatable IT-administrations which may likewise incorporate security arrangements, limitation, preparing, and corporate learning.
5. Internet and Multimedia License
An internet and multimedia license can be obtained when the activity is related to developing and/or distributing internet or multimedia content.Different exercises may incorporate appropriating merchandise or administrations by means of the web, for example, by giving an online stage and going about as a go between various organizations or numerous people. Extra exercises may incorporate giving various applications through an organization.
PROS of Business Setup in Dubai Internet City Free Zone
The economic rules of DIC enable companies to avail themselves of a number of ownership, taxation, and customs related benefits which are guaranteed by the law for a period of 50 years. This free zone is home to over 2 million IT people around the world. The key privileges that attract the investors to set up a business in DIC are:
- 100% foreign ownership
- Full repatriation of capital and profits
- No tax on the corporate or personal income for 50 years
- Exemption from customs duty
- Freehold offices for sale and lease at reasonable rates
- Flexible office solutions
- Pre-existing infrastructure geared towards information technology companies
- Communication infrastructure based on next-generation technologies
- Dynamic international community
- Digital voice and high-speed data services at competitive rates
- World’s largest commercial IP telephony network
- Opportunities for market development, networking, and business interaction