- February 2, 2019
- Posted by: MSZ Consultant
- Category: Business Setup, FREEZONES IN UAE
Business setup in Dubai Knowledge Park
Dubai Knowledge Park has previously been known as Dubai Knowledge Village.
Dubai Knowledge Park (DKP) is the world’s only Free Zone area for human resources management, professional learning and educational excellence in the city of Dubai. DKP objectives to develop the region’s talent pool and also to found the UAE as a knowledge-based economy. Dubai Knowledge Park provides facilities for corporate training and also learning institutions to operate with 100% foreign ownership.
Benefits of Company Formation in Dubai Knowledge Park
- 100% Foreign ownership
- 100% Freedom from taxes
- Easy visa issuing procedures
- 100% Repatriation of assets and profits
Legal Structure of Business Entity
- Free Zone – Limited Liability Company (FZ-LLC)
- Branch of Foreign Company
- Branch of UAE Company
New Incorporation of a FZ-LLC
- FZ-LLC is a separate legal entity
- Shareholders as individuals and/or entities.
- All FZ-LLC is required to have at least one director.
- Minimum paid up capital requirement is AED 50,000.
Branch of an Existing Foreign or UAE Company
- A branch of a foreign or a UAE company is not a separate legal entity, it is an extension of the parent company.
- No share capital required.
What are the required documents for setting up a FZ-LLC in DKP?
Required Documents for provisional approval is following below
- Completed Application for Company Registration (required only if starting a FZ-LLC)
- Completed Application for License
- Business Plan as per the template
- Passport copy of Manager, Director’s and also Shareholder’s
Required documents for submitting before a Certificate of Incorporation and License will be issued
- Application form for Registration.
- CV of the individual shareholder’s.
- Original Reference letter (for individual shareholder’s).
- Board Resolution (notarized and legalized)
- Power of Attorney for the Manager (notarized and legalized).
- Valid Passport copy of the shareholders, manager and also the director.
- No Objection Certificate from the current sponsor of the manager in the UAE (if applicable).
- Specimen signature of the Manager, director’s and also Shareholder’s.
- Copy of the Land Lease agreement
- Bank Introduction letter to assist the proposed FZ-LLC to open a Bank Account in the UAE
- Proof of Share Capital
- Memorandum of Association and also Articles of Association of the proposed FZ-LLC.
Easy steps for starting a Free Zone Limited Liability Company in DKP
Step 1: Submit Application for Provisional Approval along with required documents
Activities under the ‘Human Resources Development’ license segment must be granted a permit from the Knowledge & Human Development Authority (KHDA) in order to obtain a commercial license to operate in DKP.
If the application is provisionally approved then the authority will issue a Provisional approval letter.
Submit Legal Documents for Company Registration
Step 3: Issuance of Customer Confirmation Letter by DKP
After approval of the application, DKP will issue the Customer Confirmation Letter (CCL)’ which includes the Company details, Office details and also the Payment Details
Sign and Return Customer Confirmation Letter and also Make Required Payments
Sign Memorandum of Association and Articles of association & Collect Bank Introduction letter (applicable only if establishing a FZ-LLC)
Deposit Share Capital (applicable only if establishing a FZ-LLC)
You have to Sign the Personnel Sponsorship Agreement (PSA) and also the Lease Agreement
Finally, collect the original commercial license/permit. FZ-LLCs also collect constitutional documents (Articles of Association and Memorandum of Association and also the Certificate of Incorporation)
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