As we enter a more advanced and digital era, the world has become more reliant with new technologies designed to ease our way of living. This has resulted in more companies engaged in Information Technology (IT), increasing the demand for IT services and products all over the world.
Why should you open an IT company in Dubai?
With the continuous development and success of Dubai towards a more diversified economy, Several IT and software companies emerge in the Emirate due to the promising business environment and world class facilities available for technology-based companies.
Aside from this, Dubai’s minimal business requirements and ease of doing business are good reasons to convince startups, SME’s, and business empires to set up their IT Company in Dubai.
As a Dubai-based company, you will benefit from the following:
● Zero corporate and personal taxes
● 100% foreign ownership
● Full repatriation of capital and profit
● Access to local and international markets
● Access to double tax agreements
● Well-developed facilities and wide network
● Banking and financial solutions available
● Visa allocation
Top choice authorities in Dubai for an IT company
The UAE offers attractive packages and benefits for IT companies who are looking into maximizing the nation’s reach to local and nearby international markets. Dubai, in particular, due to its open and inviting economic environment, is the most sought after Emirate for such business activities.
the Emirate currently houses different free zones that focus on developing IT and software companies, catering to their specific needs to reach a full potential in the market.
Among these is Dubai Silicon Oasis, one of the leading IT hubs in the Middle East and government-owned authority in Dubai, with world class IT infrastructures, facilities and data center; Dubai Internet City, on the other hand, is home to leading information and communications technology (ICT) brands, designed to support their infrastructure and continuous expansion in the Emirate. Dubai Multi Commodities Centre (DMCC) and Jebel Ali Free Zone have flexible packages packed with advanced features and services from which your IT company will greatly benefit from.
To access the local market and target the vast network of opportunities in the Emirate, it is advisable to set up a mainland company in Dubai through the Dubai Department of Economic Development (DED).
Steps in setting up an IT company
To start your IT business in Dubai, follow these easy steps:
1. Identify your chosen authority, business license and activities, and company name. Each business jurisdiction and authority is different from each other. Weigh all your options and consider the type of IT business activities that you will choose and pick the best possible authority who can maximize the potential of your business. A company name is vital as well as this will be the registered name of your business and will be recorded in the authority of your choice.
2. Prepare required documents and payments. Ensure that you have a complete set of documents to avoid delay in processing your business license. In general, you would need to prepare the following:
For Individual shareholders:
● Accomplished Company Setup Onboarding form
● Scanned copy of visa page (if UAE resident)
● Scanned copy of UAE Entry Stamp
● Scanned copy of Emirates ID
● Scanned copy of Passport
● Passport size photo for all individual shareholders
For corporate shareholder
● Accomplished Company Setup Onboarding form
● Original and attested copy of Board Resolution
● Scanned copy of Trade License
● Scanned copy of Memorandum of Association
● Scanned copy of Certificate of Incumbency
● Scanned copy of share certificate
● Scanned copy of the passport of UBO’s
● Scanned copy of the passport of Manager
● Scanned copy of Manager’s visa (if UAE resident)
● Proof of address of the signatory
● Passport size photo of Manager
3. Finalize the details of your business license package. This includes your office/desk options, visa allocation, and other services included in your chosen package. These will help you begin your business in Dubai and will even save you time and money.
4. Open a corporate bank account. Opening an account in one of the local banks in the UAE will help you manage your finances well. There are no currency restrictions in Dubai, giving you an advantage into reaching out to your home country (if foreign investor), or even to nearby international markets.
How can IBG Consulting help?
Starting a company in Dubai may be a straightforward process, but can be tricky at times. To assist you in deciding what’s best for your company, IBG Consulting offers its services to you. Located in Dubai, the heart of UAE’s diverse economy, IBG is a team of dedicated individuals equipped with years of experience in helping local and foreign investors aiming to build a sustainable empire in the Middle East.