Free zone is a particular geographical area in the emirate where 100% foreign ownership is allowed. Free zones do not require partnership with a UAE citizen or with a local service agent.
DUBAI MEDIA CITY (DMC) is a freezone with focus on media. It operates under the umbrella of Dubai Holding and Tecom Investments.
DMC hosts 1,400+ companies including such world-known companies as CNN, BBC, Reuters, etc.
Dubai Media City is located in the heart of “New Dubai”. It boarders with Dubai Marina to the west, with Palm Jumeirah to the north and with Sheikh Zayed Road, the most important road of Dubai, to the south.
Dubai Media City has more than twenty commercial buildings, where one can find a suitable office for rent.
Dubai Media City supports various types of legal entities.
Sole proprietorship.
It is a simple business form that is owned and managed by a single person.
Partnership.
A partnership is a commercial company in which two or more people share ownership and earnings.
Limited Liability Company (LLC).
A popular option among foreign companies that provides its stockholders with limited liability protection.
Branch Office.
This structure is an extension of an existing foreign company that operates under the same name and legal structure.
Freelancer.
For a person wishing to provide certain services independently, under a freelance permit.
The main type of a business license in Dubai Media City is service. However, there are different categories of licenses available depending on a company’s activity.
-Business Information Services License
-Consultancy and Retail License
-Event Leisure License
-Media Marketing Services License
-New Media Media Support Service License
Almost everything related to media is allowed in Dubai Media City. The key activities include:
-Advertising and Communication
-Media, New Media, and Marketing Services
-Event Management and Support Services
-Business Information
-Freelancing
-Media Associations
-Media and Marketing Consultancy
Among the advantages of starting a business in Dubai Media City Free Zone are:
-100% foreign ownership. DMC allows for 100% foreign ownership of firms, eliminating the requirement for local partners.
-Favorable tax policy.
-100% Profit Repatriation. Foreign companies can freely repatriate their profits without limits or currency exchange regulations.
-Strategic location. DMC is located in the very heart of Dubai, providing entrepreneurs with quick access to global markets and transit networks.
-State-Of-The-Art Infrastructure. DMC has cutting-edge infrastructure, such as high-speed internet access, advanced media production capabilities, and modern office spaces.
-Residence visa. All foreign entrepreneurs including freelancers are entitled to get a UAE residence visa after incorporation in DMC.
To set up a company in DIFC the following documents and procedures are required.
1. Share Capital Requirements.
According to the type of business entity established, DMC requires a minimum share capital of AED 50,000 (USD 13, 698).
2. Requirements for Office Space.
Most businesses must have a physical office address within DMC. Coworking spaces, serviced offices, and dedicated office units are among office options.
The key documents required for a company setup include:
-Feasible business plan
-Application forms for incorporation and licensing of the company
-Memorandum of Association and Articles of Association
-Valid passport of the shareholders and directors of the company
-Resolution approved by the management board, in case of branch offices
Depending on a company’s structure and a license, foreign entrepreneurs are entitled to a 1- or 2-year residence visa when opening a company in Dubai Media City. The visa can be prolonged after its expiration along with a company’s license.
The visa cost varies from AED 3,300 to AED 5,100 excluding extra fees.
minimum share capital requirement amounts to AED 50,000 (USD 13,698).
1 year only, as in any other emirate, after which the license needs to be renewed.
DMC requires all companies registered with free zone to submit audit reports on an annual basis.
Company’s license shall be renewed prior to its expiration date to avoid any penalties or annulment of registration.
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