The venture that is business setup in Dubai is done by businessmen around the world to start making their ideas come to life or to expand their organizations to gain more profit. With this, a lot of business owners tend to look for locations overseas that are conducive to the activities that their businesses carry out or locations that are reachable by the customers that they cater to.
Needless to say, the United Arab Emirates (UAE) has been one of the business hubs in the world where investors find it to be a good place to cater customers, invest, and expand.
The things that the free zones that the UAE can provide meet the exact needs and requirements of the business owners, hence the growing number of business setup that happens in the UAE every year. This is also one of the reasons why the UAE has a skyrocketing economy.
Undeniably, there are thousands of companies in the UAE swarming each mainland and free zone. However, if business owners are after establishing a business that caters the human resource industry and the likes, there is a free zone area that is dedicated for such. The Dubai Knowledge Village is the exact location that these business owners are looking for. It has the advantages of any other free zones and more. Many have already carried out a business set up in Dubai Knowledge Village and much more are looking to do so.
What and Where is Dubai Knowledge Village?
It was in 2003 when the Dubai Knowledge Park (DKP) was established as part of the TECOM group. It is designed and made specifically for human resource management or institutions, and it is the world’s first free zone to be so. For the purpose of having the country to develop as a knowledge-based economy, it was formed and founded. The plan seems to have happened and the goal has been reached.
This is indeed an education free zone for it opens a lot of programmes not just in human resources but also in other areas. Certificates and diplomas are even-handed to the students when they finish their courses that only last for a certain period. The certificates are of the highest caliber coming from the business partners of DKP that are considered to be excellent.
Since it is specifically made for the industry of human resources and institutions, the DKP has support and solutions for business owners with their companies. Not to mention, the infrastructure and facilities that it provides to the investors completely help them to properly and effectively conduct their operations that are education-related, helping people in learning.
Business Setup in Dubai Knowledge Village
Investors who are looking to expand their business setup in Dubai Knowledge Village can choose from setting up a branch office or a free zone limited liability company. Those businessmen who want to establish fully can do so by choosing to work as freelancers or form a company altogether. Basically, they can choose from setting up a business with three formation types: Free Zone Limited Liability Company (FZ-LLC), Branch of a Foreign/UAE Company, and Freelancer.
There is a number of benefits that free zones offer, and DKV gives 100% foreign ownership wherein the investor can have 100% ownership of their own business and not need a local sponsor, tax exemption that doesn’t require them to pay corporate and income taxes to the government as they operation inside the zone, 100% repatriation of capital/profits, no currency restrictions, low-cost operations, excellent infrastructure, excellent support services, etc.
With these advantages, which are admittedly huge, plus the fact that it is fully dedicated to a certain industry so it can focus to providing the needs of the companies, investors are coming in to form a company.
Steps in Conducting Business Setup in Dubai Knowledge Village
The steps in forming a company in Dubai Knowledge Village is fairly straightforward like any other free zone. The basic steps to be followed in setting up a business in Dubai Knowledge Village are listed below. It is a simplified version of what really goes into processing the business setup in Dubai.
- An application form is needed to be prepared and submitted along with the requirements.
- The requirements include the copies of the shareholders’ and manager’s passports and a business plan.
These are the only things that the businessmen need to prepare in order to take the first step in setting up a business. After these steps, the consultants can take it out of your hands so you can simply wait for your trade license and other needed documents to start operating.
MAF – Consulting Middle East is widely experienced in this field, having extensive knowledge because of dealing with this kind of affairs for more than 30 years.