Dubai Internet City Free Zone represents the largest area in the Middle East dedicated to the field of communication technology and internet. Created in 2000, the Dubai Internet City (DIC) is now the home of some of the largest companies in the field on internet and technology. DIC offers great business opportunities and an attractive taxation system; our lawyers in Dubai can present to you the DIC business environment and can help foreign investors set up their operations in Dubai.
Licensed business activities in DIC
DIC is set out as an international business place for local and foreign investors who have businesses in the field of communications or internet technology. If you want to open a company here, the DIC authorities will provide a business license for the following activities:
- • software – companies receive a software license for the development and maintenance of software;
- • internet and multimedia – the license is issued for the development and distribution of internet and multimedia products and services;
- • telecommunication and network – licenses are issued for businesses which provide network services;
- • IT services – the license is provided for companies which offer IT training and learning.
Even while freelancing isn’t always a reliable source of income, you can still bring your family along. You can sponsor your dependents if you have a freelance visa for Dubai. After the permit and earning a particular amount of money, you can sponsor family members. Another option is to sponsor staff to work for you.
You might want to watch our video presentation explaining how you can set up a business in DIC:
Legal structures in DIC
When opening a company in DIC, an investor can choose from two different legal structures, available under the DIC legislation:
• branch of a local or foreign company, which is a dependent legal structure, but does not require a minimum share capital at the incorporation;
• free zone limited liability company, which can have a single shareholder, but maximum 50 (individuals or corporate) and which requires a minimum share capital of AED 50,000. Our Dubai law firm can provide you with further details about the registration process in DIC.
Taxation advantages in DIC
Companies in the Dubai Internet City Free Zone have the following taxation benefits:
- • the DIC legislation does not apply a tax on personal income for 50 years;
- • in the first 50 years of business activity in DIC, the company is exempted from paying the corporate tax, provided certain requirements are met;
- • exemptions on customs duty.
Companies set up here can have full foreign ownership and the investors are guaranteed with the right to a full repatriation of company’s profits.
You can also become eligible for an investment visa in Dubai if you have already invested in Dubai and are older than 55. When you purchase a residential property with a minimum value of AED 2 million, you can move here as a retiree. Our law firm can advise on how to secure such a visa through retirement.
If you need further information on the Dubai Internet City Free Zone, our lawyers in Dubai can offer you details on the business market in DIC and can represent you during the incorporation process.