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Dubai Science Park A Business Location with Lots of Opportunities
Dubai Science Park is the first and the only planned theme park of the United Arab Emirates. It is located in a desert area of Green City. The location is a part of the World’s Leading Site for the Promotion of Cyberspace and is recognized by UNESCO as a World Heritage Site. Dubai Science Park has achieved near universal acclaim and has drawn millions of visitors, making it the most popular tourist destination around the world.
Dubai Science Park has brought tremendous growth in the tourism industry and has become a major tourist and business attraction in the UAE. Dubai Science Park was established in 2021 and houses more than 350 businesses from international corporate giants to small local enterprises employing more than 3,000 people. All of them are undertaking activities related to the latest technologies and use of science and technology. Dubai became the first place in the Middle East to establish a science park.
The main aim of the Dubai Science and Technology Parks is to transform the business environment in the city. This is achieved by providing cutting edge research and development facilities, promoting innovation and opening the doors for international businesses to utilize the skills and the talents of the local workforce. Other planned developments include the establishment of an advanced research and development centre and a university.
Tourism in Dubai is booming day by day. People from all over the world visit Dubai for business purposes. Tourists can experience a number of exciting and novel forms of entertainment in Dubai like indoor and outdoor roller skating, water sports, fishing, jet skiing etc. There are a number of well-known tourist attractions in Dubai that attract travellers from all over the world. Dubai is also famous for some of the latest fashion houses emerging in the region. Some of these brands are Ghanaian Jewellery, Turkish Clothes etc.
The Dubai authorities have made it very easy for foreigners to buy property in the city. They have made it easy for foreign investors to apply for a business visa. The procedure is very simple and they can apply for their business visa either at the Dubai police or the Dubai ministries of interior or tourism. The required documents for the visa application are the identity proof, business license or a letter from the entrepreneur stating that the business has been licensed.
- The Dubai science park has proved to be a lucrative business for both national and foreign investors. The national market for the business is gradually increasing with the number of tourists visiting the city for business purposes on a regular basis. The city offers a number of options for all kinds of businesses, both small scale and large scale, manufacturing and trading. The foreign investors have shown a lot of interest in investing in this business because they get a good return on their investment. The Dubai government has also taken measures to regulate the activities of the foreign investors in the city.
Top 3 categories of licenses issued in Dubai to register a company
Depending on the nature of the activity a business entity plans to undertake, license in one of these categories will be issued:
1. Commercial License – is issued to a company who will engage in any kind of trading activity.
2. Industrial License – is issued to a company who will engage in manufacturing or any industrial activity.
3. Professional License – is issued to service providers, professionals, artisans, and craftsmen.
The Dubai Economic Department for Business Development in Dubai is the government agency who is responsible for issuing Dubai company/Business licenses. This department operates from several locations to deliver licensing services in Duabi, UAE.
- The very first step in the process of incorporating a company in Dubai is getting an effective legal name for the business entity. One can choose any name for the company including the name of the company, its address, the name of its director and the management team, and many more. The legal name of the company must comply with the laws of the country where it is incorporated. An expert firm will help you choose the name of the company accordingly. Another factor that you need to take care of is that the name of the company should not be confusing.
- Once you have selected the name of the company, you have to get the ownership of the business. If you are not aware of how do I start an LLC in Dubai, this aspect is the responsibility of the firm that you have chosen to do the task for you. As far as the ownership of the business is concerned, you need to get in touch with an experienced business lawyer who will help you carry out the procedure legally. Once you are done with the process of incorporating the company in Dubai, you need to register it at the Companies Registry. You will have to provide all the details about the nature of the business, the owners and the type of trade that you undertake. All these details are mandatory and you need to submit them along with the application form in the database maintained by the Registry.
- After getting the registration of the company, you need to register the company. This process can be done online or by visiting the Companies Registry office in the city. You need to pay a nominal fee for the registration and you need to provide the latest contact information of the directors to the registry authorities. If you are still wondering how do I start an LLC in Dubai? then you need to know that all this entire process can be completed within three months from the time of filing the first set of forms.
- Now, you need to decide about the capitalization of the business. This decision depends on your requirements and the profit margins that you can get from the business. For instance, if you are running a small retail business, then you can start a limited liability company with a capital of only a few thousand dollars. However, if you are planning to set up a manufacturing business, then you need to have a business plan that will include figures regarding the investments, profits, losses, etc. That is the reason why it is necessary to have a well-written business plan before starting the business.
- The next step in the process of how do I start an LLC in Dubai is to find a name for your company. It is not mandatory to choose the name of the company when you apply for its registration. But, if you are going to establish a limited liability company, then you have to use the name of your company or brand. Again, you have to select a trademark that will be able to represent your company and its products. For instance, if you are dealing in the manufacturing of sports equipment, then you can choose the name of the brand or you can even purchase a trademark from the trademark department of the United States Patent and Trademark Office.
- After you have chosen the name of your company and trademark, you need to register the name. This is done by filing the appropriate paperwork with the concerned office. However, you must remember that even if your company name is already registered, it does not mean that the name cannot be changed anytime in the future. Therefore, you have to keep this factor in mind. Even if you have registered your company’s name, you should still check on it once in a while so that you can make the necessary changes as and when necessary.
- One important point that you have to consider when you want to set up an LLC in Dubai is the formation procedure. You will have to complete the set of procedures and formalities required to get a legal registered company up and running. In addition, you will also have to abide by certain laws, regulations and rules in order to become functional as a business unit. In order to deal with these requirements, it would be better if you seek help from a company that specializes in establishing a limited liability company in Dubai. You can discuss the details of the company’s formation with this company and you can also take a look at the services that they are offering to get the ball rolling.
There are certain rules and regulations that have to be followed by the company or individual wishing to start a business in the science park. These laws and regulations are clearly mentioned in the terms and conditions of the franchise agreement. It is always advisable to consult an attorney before making any investment. This will ensure that you get fair compensation for your loss if the business fails.