Before you decide to set up a business in Dubai’s Silicon Oasis Free Zone, there are some things you should consider. These include how to register your business, what it costs, how to license your business, and what the workstation package will cost. It is also important to consider how your business will diversify and what kind of support services are possible.
The type of business that you are registering and licensing in Dubai Silicon Oasis Free Zone will affect the cost. There are many legal entities available to you. You can either create an Entrepreneurial Business Licence (FZCO), or a Free Zone Company.
It is relatively inexpensive to establish a business in Dubai Silicon Oasis. You should have a budget before you start. It is possible to speak with a local agent to discuss customized packages tailored to your requirements.
Once you have chosen the legal entity, it is time to submit the documents. The four major areas of the “free zone” can be used to establish your company. These are the Connect Zone and Administrative Zones, as well as the Digital Park, Digital Park, and Lake Park. The type of license that you get will depend on your net worth, revenue, and other factors.
You should have your business plan and any other documentation verified before you submit them. This is to verify that you are allowed to conduct business in the country. You can do it remotely or on-site.
It is important to include in your business plan the activities you intend to carry out. Your business should have a unique name that represents your business activities.
Your proof of address will also be required. This should be dated within three to six months of the date your company registered. Or, you may request a printed copy of your business license.
Once you have all of the required documentation, you are ready to start the process of forming a Dubai Silicon Oasis company. Fill out the application form and send it to authorities. They will examine the documents and issue an electronic agreement.
A local agent can help you set up a company in the zone. They will also be able to provide information about the incentives available.
Support services for businesses
Learn about the services that can help you start a business in Dubai. The UAE government is extremely welcoming to new businesses. However, setting up a company takes some time and effort. These business support services are available to help you make sure your new company is legally and professionally ready for success.
First, ensure the company is compliant with the laws of Dubai Silicon Oasis before setting up a business. A detailed business plan will be required to describe the goals and objectives of your new business. This plan will include future activities.
Dubai Silicon Oasis offers the ideal location to establish a company. It offers world-class infrastructure, offices, warehouses, and residential spaces. It is located near major highways, airports, and other important locations.
Dubai Silicon Oasis offers many licenses. There are Trade Licenses that allow you to export and import products. Industrial Licenses allow you to manufacture products and process materials. They allow you to provide certain services and are also available as Service Licenses.
Dubai Silicon Oasis provides a range of business support services that include startup incubation and venture capital financing. All aspects of visas and customs clearance can be handled by the team at Dubai Silicon Oasis.
The size of your business will affect the cost of setting it up in Dubai Silicon Oasis. For example, a small company with only a few workers can set up in Dubai Silicon Oasis starting at around 20,000 AED. But, larger companies with more employees will have to pay higher.
Dubai offers tax-free business opportunities. The UAE does not have a corporate income tax like other countries. You can also repatriate any profits that you earn.
Hiring a business consultant can help with your visa application as well as other issues. A professional with experience can provide valuable information on current economic conditions and other relevant issues.
For entrepreneurs, it is a great option to set up a company within the Dubai Silicon Oasis Free Zone. There are many services available to assist you in achieving your business goals.
Establishing a Dubai Silicon Oasis company is as simple as choosing a legal entity. You can choose from FZCO or FZE depending on the nature and purpose of your business.
The next step after you have chosen a legal structure is to get the required licenses. Make sure that the license you are granted is appropriate to the business type you plan to run.
If your business involves manufacturing and exporting goods, an industrial license will be required. An industrial license in Dubai allows you to import raw materials, process them, and then package them. Additionally, you can export, distribute, and manufacture the final product.
The second step is to acquire office space in Dubai Silicon Oasis. You have two options: rent an office in a DSOA building or buy your own space. Each has its advantages and disadvantages.
Dubai Silicon Oasis offers affordable office space. A single office may cost between AED 20,000 and AED 35,000 depending on the number of people employed.
Fill out the application form to apply for a business license. The registration process will require you to provide the legal name and address of your company, as well as a copy of your CV. This information is required to evaluate your business model.
It is relatively simple to get your company established in Dubai Silicon Oasis. There are many workspace options to choose from and you have access to various amenities like parking, pre-installed Internet, and voice and data connections. You can hire a consultant to assist you in the registration process if you are ready to move forward with all your plans.
A well-planned budget and the guidance of a local agent will help you quickly set up a new Dubai company. A community that has modern business facilities, a swimming pool, and many shops and restaurants will support you.
Diversification strategy for the economy
Dubai has made great strides in diversification despite being heavily dependent on oil for around 90% of its GDP. These include pursuing policies and initiatives to facilitate the economy’s transition from dependence on oil. Additionally, the government is taking a more demand-oriented view of economic development.
Diversification has the primary goal of reducing dependence on volatile oil export revenue. This can be achieved by expanding certain economic sectors. A diversified economy is more resilient to volatility in oil price fluctuations. Malaysia, Indonesia, and Mexico are some of the countries that have successfully implemented diversification strategies. These countries have helped economic growth by focusing attention on the development and commercial diplomacy of other countries.
The International Monetary Fund (IMF), in a study, found that economic diversification leads to sustained economic growth. Diversification is a challenge for many countries that are heavily dependent upon petroleum for the majority of their economy.
The UAE is in a unique position as it has successfully diversified its economy despite falling oil prices. It has made a strong commitment to economic diversification.
The UAE has yet to diversify its economy fully, but the Government is optimistic about the future. It is making use of its free-zone network to attract international investments. The government also encourages crowdfunding, venture capital, and crowdfunding for SMEs.
Private developers are still reluctant to do so. Private developers have criticized the supply-driven model of economic development. Accordingly, the private sector has encouraged the country to look for alternative funding sources in order to diversify its economy.