TEXMAS and the Ports Customs and Free Zone Corporation (PCFC) has joined together to found Dubai Textile City (DTC) for the advancement of Dubai in the textile market. Nowadays, DTC is considered to be a huge textile center.
The government aims for DTC to be a civilized market that creates favorable conditions for everyone and for trade relationships in the international market. Its goal is to have Dubai as well to be seen as an international platform for the textile industry.
One of its perks is that the location has storage facilities where traders can have their products kept. Moreover, they have facilities that make the business owners convenient in the location, such as warehouses, offices, showrooms, etc. This will help them with their venture in the textile market to be even more effective.
Business setup in Dubai Textile City, like any other business setup in Dubai free zones, is done through a procedure that is expected to be followed by investors who wish to be one of the Dubai freezone companies in DTC. If followed correctly, the planned business setup in Dubai Textile City will be finished on time.
Although it seems to be fairly easy to do, business setup in Dubai shouldn’t be taken as a simple matter at all. This is why business setup consultants in Dubai should be contacted to further advise you on what you should and shouldn’t do. They know the ins and outs of business setup in UAE free zones and every information that you should know before you finally decide on where you want to establish your business in. Also, they are the ones who have helped in setting up UAE and Dubai freezone companies successfully.
Being in contact with business setup consultants in Dubai means that you can obtain the information that is most needed so you can list down all the pros and cons before you open a company in Dubai. In addition to that, with their help to provide you the Dubai freezone company setup cost and Dubai free zone license cost, you can be well prepared financially. Having the estimate on the Dubai free zone company registration fees can further aid you in pinpointing just how much you would need in the beginning of your venture. This information can all be filed for your future reference. It can also help you with your forecasts on how much would be spent for the growth of your organization and how long it would take you to gain them all back in the period of your operation.
Even if the company formation consultants in Dubai seem to be merely answering your questions on Dubai free zone company formation cost and other things like the documents required for trade license renewal in Dubai (that can serve as a reference in the future), it doesn’t mean that that is the only purpose they have here. They are around and contacted by you to help you to have a lighter load or to have no load at all when it comes to your dilemma in dealing with business setup in Dubai free zones.
In this case, it is therefore imperative to choose the right team that delivers the quality service that you need in order for your free zone company setup to be finished in no time
Needless to say, the UAE remains to be a conducive location for investors to have an investment or expand their company. Because of this, freezone company formation in the UAE is a well-known activity for the reason that a long list of locations is available for the investors so they can choose which one fits their business industry more.
The solutions and facilities that Gold and Diamond Park offers completely meet the needs of the business in this industry. Adding to that, Dubai free zone benefits are also available to be availed by the companies in Gold and Dimond Park.
100% foreign ownership
Unlike in the UAE mainlands, wherein a local sponsor is needed before one can go forward in having a business formation in Dubai (in which the local sponsor gets 51% of the business’ shares), freezone company formation means that the businessman can have 100% ownership of the company that he will establish.
Gold and Diamond Park is conveniently situated on Sheikh Zayed Road. It is at the heart of Dubai, making it accessible for everyone and for all areas.
Even if the value-added tax (VAT) has been applied to some goods and services all over the UAE, it shouldn’t be seen as a negative altogether because the government hasn’t mandated just yet that income and corporate taxes should be paid. This is a huge advantage for investors who are looking for this kind of tax exemption.
Companies in Gold & Diamond Park have the opportunity to have the benefits that this zone offers. Aside from the ones stated above, more advantages are listed below:
- 100% repatriation of capital and profits
- Hiring of expatriate workers
- Central air conditioning plant connections to each unit
- Central gas distribution system to each unit
- Healthy purpose-built work environment with proper ventilation systems, exhaust facilities, and provision of acid disposal waste collection
- 24/7 security personnel and video surveillance, fire alarms, and fire defense systems
- Excellent retail center facilities and atmosphere, serving tourists and shoppers
A businessman should know the allowed business activities in the location he has chosen before proceeding with his decision of having business formation in Dubai. The DTC has a few allowed activities in their zone. It is only focused and limited to trading in textile-related products.
It’s been more than 30 years and FAR – Farhat Office & Co. is still around to provide business setup services in Dubai and in every part of the UAE. Our knowledge in this field gives us the edge among others because we have the answers in our sleeves to all your questions, such as Dubai free zone company registration fees and any pressing questions that you need answers to.
We offer the services that are listed below when you partner with us as your business setup company in Dubai. We will take care of your free zone company registration Dubai.
- Applying and following up on behalf of the client until the collection of the Certificate of Business Registration (Trade License)
- Representing the client in front of the authorities
- Assisting the client in bank account opening
- Assisting the client in account opening with the Ministry of Labour
- Assisting the client in account opening with the UAE immigration
Assisting the client in leasing a premise as an address for the business
The procedure of processing your business setup in business setup in Dubai Textile City will range from 2 to 4 weeks.
Documents Required for Free Zone Company Registration Dubai—Dubai Textile City
- Passport copies of the shareholders
- Passport copies and CV (resume) of the manager
- Personal information sheet of each shareholder and manager (template will be forwarded by Farhat Office & Co.)
- Proof of trade name reservation (part of the process—task of Farhat Office & Co.)
- Proof of initial approval for the activities (part of the process—task of Farhat Office & Co.
- Notarized Memorandum of Association (MOA), Article of Association (AOA) (Farhat Office & Co. will draft it for you and will assist you in order to get them notarized by a local notary public); in case the shareholders cannot appear in front of the local notary, they can appoint us (Farhat Office & Co.) as a legal representative so that we will be able to act on their behalf
- Notarized and attested Power of Attorney appointing Farhat Office & Co. as your legal representative so that they can act on your behalf/on behalf of the shareholders (template will be forwarded by Farhat Office & Co).
- Lease agreement (a document) showing a physical address for your new business—Having a physical address is mandatory for onshore business in the UAE. The minimum space required is 550 sq. ft. (around 60 sq. m). Your registration agent Farhat Office & Co. can assist you while searching for your physical address. Clients should not enter in any lease contract before we get the initial required approvals.
- Capital—we suggest a minimum authorized capital of AED 150,000 (USD 41,000 approximately). The capital structure is as follows: 51% to be registered for the name of the local citizen “partner” and 49% to be registered for the foreign partners. This formula can be changed by the Ministry of Economy upon the request of the investors, and the Ministry will look into the matter. The Ministry will assess and evaluate, and they will agree in case the business/the project will add material value to the state/country’s economy. Depositing/paying the authorized capital is not mandatory in most cases.
Additional Requirement Applicable for Corporate Shareholders (Legal Person)
- Board resolution to be resolute by the board of directors of your existing company/entity at the place of origin, expressing their intent for establishing a new setup abroad—it must be attested by the UAE Embassy (template will be forwarded by Farhat Office & Co.).
- Certificate of registration or business license or certificate of incorporation of your existing company/entity at the place of origin—it must be attested by the UAE Embassy.
- Memorandum of Association (MOA) of your existing company/entity at the place of origin—it must be attested by the UAE Embassy.
- Article of Association (AOA) (if any) of your existing company/entity at the place of origin—it must be attested and notarized by the UAE Embassy.
- There are cases that a concerned party may require documents and other requirements
- In some business activities, such as health care, law firm, education training, transportation, construction and contracting, engineering consulting, etc., no objection and permission will be required as mandatory requirements. If your business requires such pre-approvals and/or permissions, there will be an additional cost and additional professional fee for Farhat Office & Co.
Dubai Company Registration Cost:
The below table shows the estimated Dubai freezone company setup cost in Dubai Textile City, which also includes the Dubai free zone license cost. If need be, you can contact us for further clarification and information.
|Dubai Free Zone Company Formation Cost – Dubai Textile City|
Table of Estimated Government Cost and Professional Fees
|Trade License Option/Activity||Cost in USD||Cost in AED|
|Industrial License||USD 2,570||AED 9,375|
|Specific Trading||USD 2,570||AED 9,375|
|Oil & Gas||USD 3,425||AED 12,500|
|Real Estate||USD 5,135||AED 18,750|
|Aviation||USD 5,135||AED 18,750|
|General Trading License||USD 5,135||AED 18,750|
|Specific Services||USD 2,570||AED 9,375|
|Oil & Gas||USD 3,425||AED 12,500|
|Freight Forwarding||USD 2,910||AED 10,625|
|Real Estate||USD 5,135||AED 18,750|
|Aviation||USD 5,135||AED 18,750|
|Our Firm’s Professional Fees||USD 5,000||AED 18,365|
ATTENTION – NOTE