The Dubai Silicon Oasis free zone is a government-owned free zone in the Dubai Silicon Oasis Authority. This includes commercial, residential, and industrial spaces. Business setup in Dubai Silicon Oasis gives a well-planned community spread the 7.2 million square meters. The free zone is segregated based on industries, educational institutes, commercialized locations, public and residential facilities.
In addition, forming a corporation in Dubai Silicon Oasis gives a blended concept that majorly concentrates on involving commercial activities in related technology, engineering, and electronics fields.
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The Dubai government set targets to encourage a creation-led economy, hence providing facilities for advanced technology-based industries and supporting the requirements for business growth of the region.
This initiative has stimulated the Dubai Silicon Oasis Foundation, which caters to corporations giving internet-related business, mobile services, software technologies, and more.
The Dubai Silicon Oasis Authority, the regulatory body, gives cutting-edge technologically developed infrastructure, support with funding & capital, business investments, entrepreneurial support along with reach to professional monitoring, and much more.
Types of Licenses for Business Setup in Dubai Silicon Oasis
There are many kinds of Dubai Silicon Oasis licenses to select from. These involve running licenses like the service license that permits a registered business to hold only particular services; that allow the holder to practice activities regarding the export, import, and distribution of products and commodities as stipulated.
Dubai Silicon Oasis Authority also grants a specific license recognized as a business operation permit. It is a particular license granted by the Dubai Economic Department to corporations running in the administrative zone of the free zone. Along with granting several licenses, DSOA also welcomes a variety of corporation kinds. These comprise branches or existing international and local corporations, Free zone corporations, Free zone Establishments, and existing Economic Department registered corporations.
Steps for Business Setup in Dubai Silicon Oasis
The steps for Dubai Silicon Oasis company formation are –
- The first mover is a present application form, you would also be needed to register on the customer portal of Dubai Silicon Oasis.
- Next, you have to get pre-approval, subject to documents examined, invoices, and initial approval.
- Now you need to get an e-agreement, which comprises the lease contract and a digital contract, which would be sent to your registered email.
- Next, you would be needed to sign a rental agreement and return it to the Dubai Silicon Oasis Authority as well as the letter of bank share capital.
- The need to get an e-license and e-registration.
Advantages of Business Setup in Dubai Silicon Oasis
The free zone facilitates modern technology, communications, networks, and electricity. In addition, Dubai Silicon Oasis free zone is formed as a hi-tech ecosystem technical park giving the best registration of a corporation, with an oversupply of benefits. A few of the benefits of forming a business in Dubai Silicon Oasis comprise the following –
- Full overseas ownership of a company
- No personal, corporate, or income taxes
- Strategic destination increasing possibilities
- Complete repatriation of profits and capital
- Creative infrastructure
- Leasing choices
- The rapid and seamless formation procedure
- Free from all export-and import duties
Documents Required for Business Setup in Dubai Silicon Oasis
The procedure of forming a corporation in Dubai Silicon Oasis is simple and also very less documents are required that are –
- Passport copy
- Letter of Intent
- No Objection Certificate for UAE residents
- Business plan
- Bank statement, reference letter, or audited financial report
Once it gets approved, then you have to make payment of the required fees and present your legal documents prior to finally signing your contract and sharing capital proof. Giving your application is accurate and complete, you can require to form your company within a week. Any inaccuracies in your application and documents, although, can cause delays and the possibility of application rejection – costing you money and time.
To avoid this, several business people decide to act with business formation consultants to handle the procedure of application on your behalf. When acting with such professionals you are generally only required to give a few common documents and some hours of your time for a consultation, the business setup agency would take care of the entire process.
Cost of Business Setup in Dubai Silicon Oasis
The company formation cost of Dubai Silicon Oasis is relatively low, making the free zone specifically famous with business people who are looking for a very affordable way to company ownership. As the free zone is open to several corporations kinds of various sizes, this can be tough to decide the exact cost of company formation. Although, there are costs reasonably comparable to several other free zones in the sector.
Dubai Silicon Oasis has a scope of office space choices with land and warehousing for growth, all of that can have a large keeping-on cost. What’s of course, although, is that whether you’re going it alone or with hundreds of workers, there is likely to be a Dubai Silicon Oasis package that fits your budget and requirements.
Also read: DMCC Free Zone Business Setup