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Dubai Technology & Media Free Zone Authority (DTMFZA) is mainly tasked with overseeing the establishment and registration of companies that intend to operate in Dubai Internet City.
DIC (Dubai Internet City) prides in being the largest ICT (Information, Communications and Technology) hub in the Middle East as well as in North Africa. From 2000, DIC has played a very strategic role in ensuring that it is able to develop a successful technology organizations’ ecosystem. In addition to this it has also played a very vocal role in enhancing Dubai’s vision into an economy that has its base on knowledge.DIC pays host to over 500 Fortune companies and multinationals with the inclusion of global players such as Facebook and LinkedIn. Further, it also hosts some of the most dynamic and vibrant technology SME’s (Small Medium Enterprises’) and all ICT value chain start-ups.
DIC enables easy extensive multi-lingual talent pool access with the ready availability of a wide variety of skills and industry competence. What’s more important is that is that DIC also provides top mark facilities that include state of the art offices, 24 hour security, hotel and other retail services, an efficient IT infrastructure and an economically viable environment for business thriving.
Commercial /Trading: Holders permitted to undertake imports and exports among other transactions.
Services: IT services, multimedia and internet, activities & projects associated with developing, installing, and or modification of software products.
Freelance permits: opportunities of operating as freelance professionals.
Free Zone Liability Company (FZ-LLC): a FZL-LLC is established as a separate legal entity with its shareholders as entities and or individuals. Each FZ-LLC requires having a minimum of one director with the minimum share capital being AED50, 000.
Branch of an already existing UAE or foreign company: A branch of a UAE or foreign company is not considered as a legal separate entity from its parent company but as a place of business that constitutes a legally department of the parent company. The business is required to conduct some or all of its operation inherent in the parent company’s business. No share capital requirement.
Companies in DIC enjoy a whole range of free zone benefits that include the exemption of corporate and income tax for 50 years. This edges out as the main reason why DIC is economically attractive for most investors to invest in.
You should provide a list of preferred company names for approval purposes. Usually, the authority strives to reserve the first choice.
At least one director / manager and no maximum (only individuals allowed but not corporate).
At least one shareholder and a maximum of five (can either be an individual or corporate).
Minimum share capital is AED 50,000 per each shareholder. The share capital should be deposited in the company’s bank account. Additionally, proof of the deposit should be forwarded to the authority before the issuance of the license.
It is required that the company should rent a facility and proof of this renting forwarded to the authority before being issued with the license.
The validity of the trade license stands at one year after which it should be renewed before the expiry date of the current license or within 30 days after the expiry.
Financial audits should be done annually but as of now, there is no provision that requires for the filing of the audit. Usually the reporting period is one year but companies are free to nominate their own reporting dates which should not be less than 6 months or more than 18 months.
The number of visas that your company is eligible for is mainly dependent on the office size of your company. By approximation, one visa per 10 square meters is available and this is assessed separately by the authority .In addition to this, the assessment is dependent on the business activities being carried out. Usually, the whole process takes about 4-7 working days but the duration is not fixed as there are approvals that need to be done by the Immigration Department.