Are you planning to set up a business in Dubai?
Dubai Techno Park (DTP) freezone is a renowned technology hub in Dubai. This is the right location to start any business in the technology domain. Why so?
Let’s start with the benefits of setting up your business over here.
What are the Perks of doing business in DTP?
Top 5 (and obvious) benefits of business setup in Dubai Techno Park freezone:
- 100% repatriation on your profits.
- 0 limitations on currency exchange.
- You can hire foreigners without constraints.
- 100% foreign ownership over your business.
- Lease agreements can extend up to 15 years.
If you’re convinced, then let us discuss the requirements as well.
What are the requirements for Setting up a business in DTP?
Since DTP is coming under the Jebel Ali Freezone Authority (JAFZA) … its requirements will depend on the organization type you select.
Make sure that you arrange the following documents. It’s a necessity if you want to set your business:
- Your business plan.
- Your bank reference letter.
- The application form for business setup.
- Your partner and manager’s passport copy.
- Official authorization from the DTP freezone authority.
- Memorandum of Association (MOA) with notary and certification
Once you’ve arranged these documents, it is time to deep dive into the company formation steps.
Step By Step Process for Business Setup in DTP –
Since you have read this article so far, I’m sure that you’re at least open to the idea of setting up your business in DTP. 5 steps for starting your business:
Step 1- Selecting your Business Activity
1st step is to decide on which business you are going to pursue. The license you get and its cost will depend on this.
Your choice will determine your company’s format, scale, and operations.
Step 2 – Pick your Company Structure
Choose the structure according to your company. Different jurisdictions have different frameworks. So be careful while you’re choosing.
Step 3 – Choosing the Best Fit location
Select a location that aligns with your chosen activity. This will make or break your business dreams.
Step 4 – Obtaining Your Trade License
Next, you need to get a trade license. Your trade license category will depend on the business activity.
Do arrange the required documents (you’ve read them above).
The Dubai Department of Economic Development is the authority for giving the licenses.
Step 5 – Opening your Corporate Bank Account
The final step requires you to open a business bank account. It can be complex due to the various procedures involved.
For simplifying this process, it’s advisable to seek help from business setup consultants. It’s a smart way to get the heavy lifting done while saving your time and money.
What Business can you start in Dubai Techno Park (DTP) Freezone?
The DTP Freezone is among the most sought-after business hubs in Dubai. You can build your business in any of the following domains:
- Law Firms
- Real Estate
- Life Sciences
- Fishing Industry
- Agriculture Sector
- Insurance Services
- Consulting Services
- Healthcare Facilities
- Oil & Gas Operations
- E-commerce Ventures
- Industrial Development
- Non-Governmental Organizations
- Information and Communication Technologies
You must be having a lot of queries right? Why don’t you get in touch with us? We are from Commitbiz Management Consultants.
We’re handholding foreigners in setting up their businesses in Dubai Techno Park. Let us book a free consultation call. Here we’ll answer all your queries, and give you a detailed roadmap to follow.
Imagine experts answering every possible query you’re carrying. Don’t treat this as a necessity, treat it as a luxury. Book your call now.