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Dubai has been a magnet for business and tourist attraction for the past decade, providing all the benefits that a person need. In fact, the tourism industry yet alone has brought millions of foreign investors in the country which has provided economic benefits for investors and government too. Locals on the other hand also play a major role in the development of the country. In the past decade, Students don’t consider the Middle East for their career development. Now everything is changed because of the state of the art universities and training institutes opened in Dubai. In order to promote High-Quality education system in the region, Dubai Knowledge Village was launched. Dubai Knowledge Village, also known as DKV is basically a country’s free zone where the main focus is to promote education in the region. Whether there are training institutes or education-related companies, you will find every related to this field in Dubai Knowledge Village.
Established in 2003, Dubai Knowledge Village is under the supervision of TECOM group. A businessman who is looking forward to promoting the education industry either its an institution or human resource management has found that Dubai Knowlege Village is the only free zone in the world that is designed to cater the country’s knowledge-based economy. Some of the famous universities Belgium, Canada, UK, Ireland, Russia, Iran, and Australia have established a separate branch in the DKV. Some of the famous institutions include the University of Wollongong, The British University and Eton Institute. With over 450 business partner, DKV has established itself as a business hub for professional development.
Business setup in DKV consist of easy steps, but don’t take this procedure for granted. There is a lot of professional consultancies required during the process. Business setup in DKV can be carried out by having a valid license and formation types. DKV based companies are licensed and registered by the Dubai Creative Cluster Authority (DCCA). A detailed procedure of company formation is provided below.
Benefits of Company formation in Dubai Knowledge Village Free Zone
It is important to check for business entities allowed in a specified free zone. The list of allowed activities at DKV are as follows:
1. Branch of Foreign/UAE Company
A branch is a legally dependent part of a Foreign/UAE parent company(No minimum Capital is required). It can conduct all the same business operation as a parent company. Documentation requirements are:
For Branch of a Foreign/UAE Company/Establishment:
2. Free Zone Limited Liability Company
It is a separate legal entity established as shareholders/Individuals and/or Corporate entities. The capital requirement varies for each business activity.
For FZ-LCC Shareholder/corporate person:
If you want to work as a sole proprietor for your business organization then Freelancer permit is best for you. It allows you to work as your own birth name as opposed to the brand name.
After you have filled your application form and submitted it to the designated authority, it will take up to 4 weeks for approval. Once your application is approved, the authority will issue an initial approval letter for your business. Upon which you’re ready to choose your office space in DKV and decide whether you’ll require a regulated contractor. After this, your lease agreement will be prepared. Once all this procedure is done, you will be issued a valid business license with a spare capital certificate.
Company formation in DKV is approved by Dubai Technology and Media Free Zone Authority (DTMFZ). The 6-step procedure for company formation in DKV are as follows:
Minimum Capital Requirement
Branch establishment (e.g, Schools and Universities) have no minimum capital requirements. FZ-LLC are required to have a minimum requirement of AED 50,000.
Setting up a business in Dubai Free Zone is a profitable venture for business owners and investors around the globe. Most of the free zones in Dubai has some sort of restriction for company formation, but DKV has a completely different business approach for company formation. DKV free zone provides Easy registration process, Leveraging on Shareholders, Infrastructural Benefits Fewer Licensing formalities.
At setup Dubai business we have a dedicated team of consultants who have the right expertise in Dubai Knowledge Village Business set up. We provide complete solution of Company formation, Visa approval, Business plan, licensing services, Office formation, legal translation services, consultancy and much more. We encourage our clients to start working on your business operation and let us worry about the application and documentation process. Together we can make a better future for our talented individuals. For any legal assistance, Send us a quick inquiry. Drop in your details and our representative will call you back.