Know UAE Freezones: Dubai Internet City
Introduction
The Middle East's economic and investment prospects have long been actively promoted by the United Arab Emirates (UAE). The development of free zones, which provide numerous advantages and incentives to companies looking to base their operations in the area, is one of the major elements influencing the nation's economic performance.
As part of the Dubai Government's strategic objective to develop a knowledge-based economy, Dubai Internet City, often known as DIC, was founded in 2000 at the forefront of promoting business and investment opportunities in the Middle East. It is operated within the jurisdiction of the Dubai Development Authority (DDA). DDA implements transparent regulations following international standards, ensuring that companies operating in the free zone can effectively compete globally.
Dubai Internet City (DIC) is a free zone known for innovative and technology businesses on a global scale. It attracts entrepreneurs and companies specialised in various tech services, including software, artificial intelligence, cloud computing, virtual reality, network solutions, e-commerce, big data analysis, IT services, telecommunications and blockchain technologies.
Benefits of Setting up in Dubai Internet City
- 100% Foreign Ownership: DIC allows foreign investors to have full ownership of their businesses.
- Tax Advantages: Companies operating within DIC enjoy tax benefits, including zero personal income tax and zero customs duties on imports and exports.
- Streamlined Business Setup: The free zone offers a hassle-free and quick company registration process. It is an ideal destination for startups and established companies looking to expand in the region.
- Networking Opportunities: DIC fosters a vibrant community of tech entrepreneurs, startups, and established global corporations, providing ample networking opportunities for businesses to collaborate and grow.
- Access to Talent: With its proximity to leading universities and research institutions, DIC offers access to a pool of skilled talent worldwide, making recruitment easier for tech companies.
- Convenient location: The free zone is advantageous in the middle of Dubai, giving it quick access to Sheikh Zayed Road, one of the main thoroughfares linking important UAE emirates.
- Tech Ecosystem: Internet City offers a comprehensive dedicated ecosystem for tech businesses with spaces to develop innovative ideas.
Type of Companies in Dubai Internet City Freezone
In Dubai Internet City Free Zone, the following activities are permitted:
1. Limited Liability Company in the Free Zone(FZ-LLC)
2. A branch of an existing foreign or a UAE company
Features of Internet City Freezone
There are three zones ideally for different types of businesses:
1. Technology Park- Companies engaged in design, content generation, and the entertainment sector will discover Dubai Internet City's creative hub as an ideal location for their operations.
2. Creative Cluster- This zone is designated for enterprises in the technology, media, and telecommunications sectors.
3. Marketing Square serves as the headquarters for businesses specialising in marketing, advertising, and public relations services.
In addition, the following amenities are also available to entrepreneurs in Dubai Internet City:
1. Innovation Center
2. Co-working locations
3. Commercial areas
4. Dedicated Spaces for conferences and events
5. Networking opportunities
6. In5 centres for creative startups
Business Activities Available in Internet City
DIC primarily focuses on tech-related industries, including but not limited to:
1. Information Technology (IT) Services
2. Software Development
3. Telecommunications
4. E-commerce
5. Consultancy
6. Artificial Intelligence (AI)
7. Internet of Things (IoT)
8. Cloud Services
9. Gaming and Animation
10. Cyber Security
Conclusion
Dubai Internet City consistently attracts innovative enterprises and entrepreneurs worldwide thanks to its prime location, first-rate infrastructure, tax advantages, and business environment.
The freezone is in a prime position to be a key player in determining the direction of the digital industry in the region and beyond as long as the UAE's commitment to encouraging innovation and technology is robust.
How can Ascent Partners help?
Ascent Partners is a boutique consultancy providing bespoke, end-to-end corporate services ranging from company formation to accounting, bookkeeping, and compliance services for entrepreneurs looking to set up their next venture in the UAE. We work alongside to strategise, startup, and scale businesses in the UAE and the broader region.
With a combined experience of 50+ years, our expert consultants provide reliable and unparalleled guidance throughout all strategic phases of a business' evolution.