For many investors and entrepreneurs, the first name that springs to mind when it comes to international business is “Dubai.” From around the world, folks travel here to conduct business and take advantage of the many lucrative incentives the region offers. And nowhere is this more apparent than in Dubai Silicon Oasis.
Dubai Silicon Oasis (DSO) is a government-owned Free Zone jurisdiction known for its technological capabilities, engineering prowess, and modern design. It’s home to a working population and business activities such as retail shopping, E-commerce, real estate, and more.
If you’re an investor interested in business setup in Dubai Silicon Oasis, we have the information you need! Below, we’ll walk you through everything you need to know about forming your new company in this region, including the benefits of choosing this region and the steps you’ll need to take for licensing.
Different License Types in Silicon Oasis Free Zone
When you form a business in DSO, you’ll have the opportunity to engage in a wide range of business activities. And depending on which business activity you choose, you’ll need to secure a specific license type. The available licenses include the following:
1. Industrial Licenses
Businesses operating under this license include manufacturers, importers of raw materials, producers of raw materials, and more.
2. Service License
A service license grants the owner to engage in service-based businesses, such as restaurants, hospitality, and more.
3. Trade License
A trade license allows you to import, export, and distribute commodities, sell goods, and more.
4. Special Licenses
This license type is given to businesses registered with Dubai’s Economic Department.
How to Set Up a Company in Dubai Silicon Oasis Free Zone
For business setup in Dubai Silicon Oasis Free Zone, there are several steps you’ll need to complete. And while the process is designed to be an easy, straightforward experience, many investors choose to hire third-party business consultants to help navigate the process. These consultant experts know UAE business practices, regulations, and legal requirements, ensuring everything goes smoothly with minimal red tape. However, if you choose to complete the application process independently, here are the steps you’ll need to take.
1. Choose a Business Activity
The Silicon Oasis Free Zone is home to dozens of different business activities, and you’ll need to choose one! This will require you to conduct research and build a well-formulated business plan.
2. Pick a Trade Name
Your new business will need a name! As such, you’ll need to submit a trade name request to the Dubai Silicon Oasis Free Zone Authority. You’ll want to take special care to ensure that your chosen business name does not include profanity or religious connotations.
3. Secure an Office Space
Your next step will be to secure office space for your business. This is another aspect of business formation in the UAE where professional business consultants can help!
4. Gather Documentation and Submit the Application
In addition to completing your license application, you’ll need to gather several essential documents to submit to the authorities. With these documents handy, you’ll want to submit your application through the online portal.
5. Pay Fees and Receive a License
After allowing several days for processing, you’ll need to pay any outstanding application fees. Once this is complete, you’ll receive your license approval. This license legally enables you to conduct business throughout Dubai’s Silicon Oasis Free Zone.
6. Open Corporate Bank Account
After receiving your license, you’ll need to contact a local bank to open a corporate account. Dubai is home to a wide array of nationally recognized banking institutions that can meet your needs.
The Benefits of Forming a Company in Dubai Silicon Oasis
As one can imagine, there are many advantages to operating a business in this jurisdiction. From well-established infrastructure to modern facilities and capabilities, there’s much for prospective business owners to enjoy in this region. Other key benefits include:
1. Strategic Business Location
Dubai is conveniently located in the gulf, making importing and exporting commodities easy and effective.
2. Multifaceted Business Activities
This region allows license holders to operate businesses with multiple models and business plans.
3. 100% Ownership
Businesses that operate in this region have the advantage of owning 100% of their company, with no need for local sponsorship.
4. Relaxed Taxes
In the DSO, you’ll not be responsible for paying personal, income, or corporate taxes.
5. Full Repatriation of Profits
DSO allows ex-pat business owners to return 100% of their profits to their home nation.
6. Quick, Hassle-Free Business Setup
Thanks to great work by the Silicon Oasis Free Zone Authority, forming your new business in the UAE has never been easier.
7. Exemption from Import and Export Duties
You won’t be responsible for paying import or export duties on commodities.
The Documents Required for Dubai Silicon Oasis Company Setup
When you form a business in this jurisdiction, you’ll be required to submit several crucial documents, including:
• Copy of Passport
• Passport Sized Photo
• Visa or Entry Stamp to the UAE
• Memorandum of Association
• Articles of Association
Dubai Silicon Oasis Company Formation Cost
When forming any business, it can be difficult to determine the total cost. Between licensing fees, startup costs, overhead expenses, and more putting a direct number on what you should expect to pay is a challenge. You can expect visa costs to run about AED 3,700, with the remainder varying depending on your visas, office spaces, and more.
When it comes to renewing your Dubai Silicon Oasis license, the process is cost-effective and hassle-free. You’ll simply need to submit an annual audit report, pay the renewal fee, and submit a signed lease agreement from your current facility. This process can be completed even if you’re not physically present.
You’ll want to speak with a knowledgeable business consultant like MSZ Consultancy to learn more about what you’ll need to pay for business setup in this region.
MSZ Consultancy Can Help You with Your Business!
Whether you’re starting a new restaurant or retail store or planning to open a manufacturing facility, MSZ Consultancy can help you handle the process. From beginning to end, our expert consultants have the inside knowledge to minimize costs and maximize profits.
We have experience working with small investors and large corporations alike. We can assist you with day-to-day tasks, processing crucial renewals, and interfacing with government authorities.
Are you ready to form your new business and take advantage of everything the Dubai Silicon Oasis offers? Give MSZ Consultancy a call at +971 52 544 1248, and let us provide you with a free quote on how we can take your investments to the next level!