Innovation has affected human lives generally. It has made the whole globe a little town, wherein each individual is straightforwardly or by implication connected to one another through a typical organization. Worldwide innovation goliaths and web-based media stages have made humans arrive at simple.Businesses like HP, Google, Microsoft, Intel, Facebook, etc. have made human beings addicted to technology. The far and wide development of innovation has reached past geological limits and in this way the idea of tech-park appeared. Dubai TechnoPark is a case of innovation center built in Dubai, situated in the Dubai Industrial Zone.
Dubai TechnoPark was set up in 2003 with a point of developing the innovation division of the Emirates. It covers a region of 21 million square feet and supports 133,000 representatives.This tech-hub is a free trade zone and acts as a home for various MNCs dealing in the field of technology, innovation and tech-research. The hub is centrally located between the Al Maktoum International Airport and Jebel Ali seaport.
Benefits of Setting Up a Company in Dubai TechnoPark
The free trade zone acts as a magnet pulling different investors for different businesses. The investors that enter into a contract to establish their business in this technopark can avail the following benefits:
1. A Simple Regulatory System
This helps to carry out business legal proceedings easily.
2. Tax-Free Economy
This helps to lower the burden of individual tax on investors.
3. Multiple Currencies
A business can be carried out dealing with multiple currencies, and a bank account can be opened for all different currency types.
4. Skilled Workforce
Dubai has got a bunch of skilled workforces. Dubai International Academic City (DIAC) opens a platform wherein they nurture the entrepreneurship and leadership skills and convert them into business leaders which are capable of driving the economy.
5. Long-Term Lease
This helps the investors to get a long-term lease of up to 15 years.
6. No Restriction on Hiring
Hiring foreign employees is permitted in Dubai TechnoPark.
World-class infrastructure is provided to run business activities smoothly.
8. One-Stop Service
Types of Companies in Dubai TechnoPark
The technology hub comprises of:
- On-Shore Companies (these operate in the local market)
- Free Zone Companies
- Offshore Companies (allows full foreign ownership)
- Limited Liability Companies
- Sole Proprietorship Companies
- Civil Companies
- Branch Offices
A branch office can be of one of the following types:
- Branch of Free Zone Establishment (FZE)
- Branch of Free Zone Company (FZCO)
- Branch of Gulf Cooperation Council (GCC) Business
- Branch of Foreign Business
Key Industries in Dubai TechnoPark
Apart from being a renowned name in the technology sector, Dubai TechnoPark also focuses on the following areas:
- Life Sciences
- Industrial Development
- Information and Communication Technologies (ICT)
Types of Licenses in Dubai TechnoPark
Business license act as a pass which is essential to acquire, in order to start any company. The technology park in Dubai offers different licenses, such as:
1. Trading License
Essential for import, export, storage, and distribution.
2. Industrial License
For manufacturing industries and assembly heads.
3. Professional License
For dedicated and specialized professionals in specific areas.