Dubai Silicon Oasis is a free zone controlled by the Dubai Silicon Oasis Authority. It provides industrial, residential, and residential spaces. It is located on the road which connects Dubai to Al Ain. The government owns it and aims to promote industries based on modern technologies in a properly planned environment with world-class infrastructure and in-house services for businesses. Company formation in Dubai Silicon Oasis is a great way to start or boost your business, as it has all the facilities and a well-planned community spanning 7.2 million square meters. It is segmented into various zones that include industrial areas, residential areas, educational institutes, commercial areas, and public institutions.
The Dubai Silicon Oasis primarily concentrates on the electronics, technology, and engineering industries, which is an ideal place for these industries as it offers the facilities. Dubai is utilizing this free zone to proliferate innovation and business expansions through visions of this free zone as a technology park that can maintain a proper balance between business and residential spaces. Dubai Silicon Oasis Authority provides technically advanced infrastructure that supports business.
Steps for Company Formation in Dubai Silicon Oasis
The company formation in Dubai Silicon Oasis can be done remotely, and your company will be registered in 2-3 weeks. The process starts with selecting an office facility. Following are the steps for company formation in Dubai Silicon Oasis
Step 1 – Company Formation in Dubai Silicon Oasis
There are many types of licenses. Choose the one that will suit your business the most out of all the licenses Dubai Silicon Oasis offers. You should know all your business needs before you decide on the type of license because any unplanned move can harm your business.
Step 2 – Company Formation in Dubai Silicon Oasis
Prepare the necessary documentation, which includes
- Passport with a validity of 6 months.
- Passport-size photo.
- Visa or previous entry stamp in UAE.
- Trade license.
The above documents are required if a single person owns the business. If there are multiple partners, then the following documents are also required.
- Memorandum.
- Certificate of incorporation.
After compiling all the documents, the next important step is to pay the necessary fees for the registration process to proceed with the application.
Step 3 – Company Formation in Dubai Silicon Oasis
You will receive an establishment card containing information about your company, making it eligible for a residence visa.
Step 4 – Company Formation in Dubai Silicon Oasis
If you apply while in the UAE, seek an entry permit. Your visa status needs to be updated to a residence visa. If you are not in the UAE and you are making an application from outside the UAE, you will have to come into the country, get your entry permit stamped, and then proceed with a residency visa in place while presenting all the original documents.
Step 5
You must undergo a medical checkup and submit documents to process a residency visa.
Step 6
Apply for your Emirates ID on the official website of the Federal Authority of Identity, Citizenship, Customs and Port Security.
Step 7
You must go through the biometrics process at any Emirates ID centre.
Step 8
After you receive the results of your medical test and biometric, you can submit them for visa approval. Your electronic visa will be sent to you by email.
Step 9
After you receive your Emirates ID and your residency visa is issued, the government issues a plastic identity card, which is an important document for opening an account, paying fines or bills, renting a house or apartment, etc.
Step 10
The last step is to apply for opening a corporate bank account. Approval for this may take a few weeks.
Benefits of Doing Business in Dubai Silicon Oasis
The Silicon Oasis of Dubai is designed as a modern technological park offering great business facilities. The facilities include advanced communications, connectivity, electricity, and networks. Some of the advantages of company formation in Dubai Silicon Oasis are,
- It gives full 100% ownership to foreign investors.
- There are minimum to zero taxes. There is no personal, income, or corporate tax.
- Full control over your income and profits.
- It is located in a strategic location with access to all the markets, which boosts opportunities to grow your business.
- Setting up a business here is quick and easy with the available facilities.
- The Dubai Silicon Oasis is a place with an innovative infrastructure that supports your business.
If you work in this zone, you are exempt from all kinds of import and export duties; however, you can’t import anything into the mainland.
Business Activities Permitted in Dubai Silicon Oasis
Multiple types of activities are being conducted in the zone.
- Hospitality.
- Consulting.
- Marketing.
- Logistics.
- Trading.
- Office Manufacturing.
- Waste Management.
- Transport.
- Education.
- Tourism.
- Health.
- Storage.
- Aviation.
Dubai Silicon Oasis License Cost
The Department of Economic Development is responsible for issuing licenses, so you will need to contact them to get your license. With a single license, you can do almost seven activities that fall under the same category.
- A workstation package, costing around AED 35,000, is available. This package includes a business license, a business owner visa, and a work desk.
- If you opt for a business license and an office space, the package costs around AED 26,000.
Dubai Silicon Oasis offers multiple options, but you can choose the business license that interests you the most. The license alone costs around AED 12,000.
Dubai Silicon Oasis Business Licenses
Three main types of licenses are available and issued by the Dubai Silicon Oasis free zone. Those three types are
Professional Services License
The Professional Service License enables registered entities, including accounting firms and business consulting companies, to carry out their operations approved by the Dubai Silicon Oasis authority.
Industrial License
An industrial license allows a registered company to import and process raw materials, including assembly or manufacturing, packing, and then exporting.
Commercial License
A commercial license gives a company the right to import and export the products listed in its trade license.
Summary
When setting up a business, choosing the right free zone that suits your business the most and meets all its requirements is important. That place is a great choice for entrepreneurs targeting to begin with a business related to it.
If you are an entrepreneur and do not have any experience in company formation in Dubai Silicon Oasis, then we are here to help you through this process. Our panel has the experience to go through all of this process and help you in company formation in Dubai Silicon Oasis. Our other services are UAE Golden Visa, Business Licenses, Corporate Tax, and more.
