Company Formation In Dubai Knowledge ParkPosted by Bruce Wyane on June 27th, 2019 The Dubai Knowledge Park was established in 2003, and is the world's only free zone that is focused on Human Resource Management and learning excellence. Conveniently located next to the stunning Palm Jumeirah, it is home to hundreds of businesses of all shapes and sizes - NGOs, HR management and consultancy firms, testing centres, and more. Dubai Knowledge Park has grown into the region's knowledge hub with thousands of students studying in world-class universities like University of Wollongong, Middlesex University and University of Manchester. DKP also hosts many training institutes, that offer courses in everything from hair styling to crypto trading. Start with a desk-space optionCompany formation in Dubai Knowledge Park requires physical space. Leasing a bespoke space at the onset can be onerous, especially for consultancies that wish to test their courses in the market. This is true even for training institutes that are well-established elsewhere, but would like to test the market at a low cost. DKP's desk space options are suitable for freelancers and solo entrepreneurs because they offer two visas and an economical package. It allows businesses and startups to make use of the DKP's business facilities, including conference centers, on an ad-hoc basis. However, it may not be the best option for those looking to employ others, and the company will have to upgrade to a full office in case the business needs more than two visas. Be in the company of world-leadersWhat's common between Amity University, City & Guilds, CIPD and Hult International? They all have institutes in the Dubai Knowledge Park! The DKP, and it's sister free zone - the Dubai International Academic Centre (DIAC) have managed to create an ecosystem where students can choose from world-class institutions and universities, and create a culture of learning and innovation. Location Dubai Knowledge Park is located within new Dubai, and close to all major residential developments like Dubai Marina, JLT, Emirates Living and Jumeirah. It has a direct connection to Sheikh Zayed Road, and also to Dubai Metro and Dubai Tram. A large number of people working in DIC also live within 10 minutes of the free zone. Multiple shareholders Company formation in the DKP is attractive for large corporations because the free zone allows 100% foreign ownership, and more than one shareholder. Free Zone Limited Liability Companies (FZ-LLCs) that are newly established are allowed multiple shareholders, which can be either individuals or corporate entities, or a mixture of both. Range of activities In addition to training and educational activities, Dubai Knowledge Park also authorises human resource consultancies, an activity that is not available in most free zones in Dubai. Straightforward registration process The DKP company formation process is comprehensive, ensuring all you need is in order once your business is up and running. The free zone forms part of the Dubai Creative Clusters Authority, a well established regulator of many such free zone clusters in Dubai. To process your license application, they will require documents such as:
Shareholders may be asked to attend a brief meeting with the free zone's officials as well. The registration process usually takes about a month, but the application process varies greatly from one company to another depending on several factors, such as:
Straightforward corporate bank account setupThe free zone staff can advise you on the bank that is most suitable for your needs, and will also arrange meetings with your chosen financial institutions. DKP is rated as highly trustworthy by UAE banks, which is sure to play a factor in a smooth account-opening process. Sponsor dependants with ease Getting a residence visa for you and your dependents is a fairly straightforward process, as long as you and those who you intend to sponsor meet the entry criteria. The process itself consists of five main steps:
However, it is recommended that you first consult an expert in setting up UAE free zone businesses. They will be able to provide advice and guidance to ensure that filing for an application will take you straight to the visas you need. SETTING UP A BUSINESS IN DUBAI KNOWLEDGE PARK Advantages of company formation in Dubai Knowledge Park
In addition to this, company formation in the DKP can derive benefits from the extensive network of double-tax avoidance treaties that the United Arab Emirates has signed with countries worldwide, including countries such as India, Pakistan, Singapore, China, Malaysia, Canada, Germany, Italy, Austria and Holland. Dubai offers the additional benefits of a very high standard of living and a vibrant expatriate community with people from over 180 nations living and working in the region. LICENSESA wide range of service activities can be chosen for company formation in Dubai Knowledge Park.
COSTSThe following are the costs associated with company formation in Dubai Knowledge Park: Registration fee - US$ 960 (AED 3,520) License fee (per segment) - US$ 4,110 (AED 15,020) Share Capital* - US$ 13,700 (AED 50,000) - This has to be deposited in an account in the name of the company. Can be subsequently used as working capital. You can choose between business centre spaces and offices in the Dubai Knowledge Park. The company would be eligible for 1 visa for every 8 square metres of office space. Executive Desks (2 visa option ) - US$ 6,880 (AED 25,000), with a refundable deposit of US$ 1,362 VISASThe company will have to apply for an Establishment Card, in order to commence the processing of visas. An additional document required is a Power of Attorney, in case a PRO is appointed. Establishment Card – AED 1,770 (US$ 482) Power of Attorney – AED 1,500 (US$ 410) The next step will be applying for the visas. Here are the approximate costs: Employment Visa – applicant outside the country – AED 3,280 (US$ 894) Employment Visa – applicant inside the country, no status change – AED 4,120 (US$ 1,125) Employment Visa – applicant inside the country, with status change – AED 4,910 (US$ 1,340) Visa Guarantee (refundable deposit) - AED 2,500 (US$ 682) Medical Test, Emirates ID – AED 1,240 (US$ 338) Find yourself looking forward to setting up in the Dubai Knowledge Park? What will your next steps be? There are several steps you'll need to accomplish, with varying levels of difficulty and requirements depending on the type of license you are applying for and the kind of business you are planning to run. It is recommended that before going through the process, you already have a trusted company expert by your side to guide you through your application, ensuring that you go through the entire process as efficiently as possible.
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