Dubai Media City Company Setup
Dubai Media City was founded in the year 2000. It is situated in one of Dubai tax-free zones and ever since then it has evolved quite marvelously. It was thought out by the government to have this zone built to aid the UAE’s booming media sector. Now, with plenty of trade setup in Dubai Media City, the UAE is filled with news agencies, advertising, production and publishing etc., making it a media hub of the world.
Dubai Media City Free Zone is home of around 1,300 Dubai free zone companies. Every kind of media business is permissible in this region. For all the right reasons investors from all over the world choose this location to establish business setup in Dubai Free Zones. At the moment, Dubai Media City company setup has brought multiple global media gurus to this particular location, for example CNBC, MBC, CNN, Reuters, Sony, etc. Establishing a company in Dubai Media City has become extremely profitable option for investors.
SETTING UP IN DUBAI MEDIA CITY
Business setup in Dubai is a standard setting that approximately all investor want when they go into the country. And for some time now, company setup in Dubai has been widespread. As a Dubai free zone authority, the TECOM free zone always helps the UAE economy when it comes to drawing investors to carry out business formation in Dubai.
Dubai Media City companies relishes a variety of Dubai free zone benefits. For one, Dubai free zone company formation asking price can be considered as one of its benefit. So let’s discuss some of the facts to guide you whether setting up in Dubai Media City is the profitable option for investors.
Flexi-desk Choice: Visas are always going to be a concern when forming a company in Dubai, and as Dubai Media City delivers on this cause of concern and its flexi-desk visa choice are not the most kind in the region. Permitting one visa for every flexi-desk package makes the free zone perfect for freelancers and entrepreneurs. This gives them the liberty to make use of DMC’s numerous business facilities on an ad-hoc basis. However, it is not the most preferred choice for individuals intending to employ others. Looking at the price at around AED 25,000 is a bit high compared to others in the region.
No Requirement For Office Space: For those who intend to work even more comfortably than a flexi-desk, DMC permits investors to set up business without the requirement of office space at all. Also allowing to utilize the free zone as your registered company’s address, as well as accessing to Dubai Media City’s Business Centre which gives visa and document processing, distribution and mail collection, and gives right to use the meeting rooms along with a large variety of services.
Though, there are exceptions. Businesses that operate in certain industries, for example publishing or other related activities have to retain physical office space to set up in the free zone. If you fall into such kind of business or require additional permanent office space, there are a lot of choices offered such as DMC’s commercial office units offered in sizes to meet everyone from sole capitalist to international corporations.
Registration Process: Company formation in Dubai should not to be taken for granted. The Dubai Media City company formation procedure is both flexible and systematic enough to guarantee everything is in exact order once the business is started. DMC needs certain documentation to process license application, as well as passport copies, incorporation certificate and a thorough business plan. It is certainly not strange for shareholders to attend a short conference with free zone officials. The entire registration process generally takes about three months. The process and timeframe may vary depending on the kind of license you are applying for, the trade you carry and the business size.
The Ultimate Hub For Media Industry: Dubai Media City is predominantly eye-catching for those in media-related industries. DMC is the hub for media related industry professionals of over 20,000 individual and filled with networking and shared opportunities. The free zone also provides a esteemed office address and location for those desiring to make an impact in the global media industry.
Industries allowed to set up in DMC consist of media, media freelancers, marketing and advertising, communications, consultancy, event management, and non-profit organizations. Lastly, in contrast to many other free zones in the area, DMC-based media companies are, in some situation, permissible to carry on government contracts.
Straightforward Process To Attain Your Corporate Bank Account Set up: Company formation in Dubai, like elsewhere in the world provides you an extensive list of ‘to-dos’. One of the most imperative is making sure you have someplace for your customers to send funds. DMC makes setting up your bank account simple: free zone staff can not only inform you on the top bank to suit your requirements but they also organize meetings for you with your selected banks if required. In addition to the above mentioned, Dubai Media City is regarded by UAE banks as most reliable which can support a smooth account opening process.
Trouble-free Process To Sponsor Dependents: Acquiring a visa through Dubai Media City is typically simple for both you and your dependents. As long as you meet certain criteria, it is probable to apply for visas for your employees and dependents. The process contains entry permit, medical fitness test, status adjustment, Emirates ID registration and visa stamping. But it is always recommended to seek advice from an expert in setting up UAE free zone businesses. They will guide on the entry criteria for staff and dependents before you begin to fill an application.
Set up With Several Shareholders: One feature that makes Dubai Media City mainly admired with big corporations is that it permits formation of company with more than one shareholder. Newly formed Free Zone Limited Liability Companies (FZ-LLCs) are permissible to commence business multiple shareholders which can be with individuals or other corporate entities.
Key Location: Dubai Media City situated at a prime location in Dubai free zones. It is around 20 minutes away from Dubai International Airport and has a wide-ranging road links putting bordering emirates within easy access, DMC is ideal for conducting business both in Dubai and internationally.
DMC is located in the Middle East, Africa, and South Asia’s junction that makes it easily accessible. Dubai Media City is a worldwide media hub. DMC provides shareholder with facilities that meet the required needs of media-related companies so they can function effectively.
Complete Foreign Possession:
In the UAE mainland, free zone company arrangement can only be conducted with a local supporter. This person will acquire 51% of the shares in the company that you will form. Though, establishing a freezone company has the benefit of having 100% ownership of your own company. A local sponsor will not be required in a free zone.
Value-added tax (VAT) has been put into practice at the beginning of 2018. It is applicable to some product and services. There is still a wide range of benefits for business owners who want to spend. Though, the government has not administered the companies to account for corporate and income taxes. There are multiple businessmen seeking this kind of tax exemption and this free zone has this benefit to offer.
There are many other benefits that Dubai free zone company registration can offer to you when you start the business. The following benefits are listed as follow:
- High-tech teleport, uplink and play-out
- Swift broadband and telecommunication access
- Facilities related Production, post-production and studios
- Expansion opportunities
- Complete repatriation of profits and capital
- Customs duty exemptions for goods and services
- A exceptional environment that lets businesses to network and collaborate effectively with other industries
- Top-notch infrastructure to aid growth of the cluster
- Easy process of incorporating business
- Company laws and legal framework are industry friendly as well as stress-free
- Offers business partners with a wide range of government services, including licensing, visa, traffic, and postal services
- Round the clock visa service
- Immigration process is fast-track
- Networking opportunities are immense
FREE ZONE COMPANY FORMATION IN DUBAI
So now that you are convinced on the advantages of setting up your business in Dubai Media City, there are various steps that must be undertaken, some intricate, some not so much. Usually the primary thing to consider is to decide your business activity. From there you can make a decision on your company name, complete and file your registration official procedure with the related authorities, bank account opening, and apply for the required visas.
However, the particulars of this procedure will rely massively on the kind of license you are applying for and the sort of business you wish to conduct. That’s why prior to these steps, the initial port of call must be to seek company setup agents advice who will direct you through each and every important part of the application, eventually ensuring the whole process will need not more than a few hours to process.
TYPES OF COMPANIES IN DUBAI MEDIA CITY
Foreign investors intending to start companies in the Dubai Media City Free Zone may set up the following types of companies:
- Free zone companies.
- Branch offices of foreign and local companies.
Free zone companies in DMC are required to have at least share capital of 50,000 AED which must be submitted before the company’s incorporation in Dubai. Companies working in the TV and radio broadcasting group must give a minimum capital of 2,500,000 AED.
LICENSING OF DUBAI MEDIA CITY COMPANIES
The company must apply for an appropriate license regardless of the type of company one chooses to register in Dubai Media City. The types of licenses that are required are as follow:
- Radio or Television broadcasting license;
- Film management or distribution license;
- Marketing and Media services license;
- Entertainment and Music license;
- News bureau license;
- Publishing license;
- Web designing license.
COMPANY REGISTRATION PROCESS IN DUBAI MEDIA CITY
To set up a company in DMC, company should file the subsequent documents with the Dubai Technology and Media Free Zone Authority (DTMFZA):
- Feasible business plan;
- Application forms for incorporation and licensing of the company;
- Memorandum of Association and Articles of Association;
- Valid passport of the shareholders and directors of the company;
- Resolution approved by the management board, in case of branch offices.
It is imperative to identify which business activities are permissible in a certain site before plummeting in to free zone company formation in the UAE. In Dubai Media City company formation following business activities are permitted which include, Broadcasting, Publishing, Advertising, Public Relations, Research, Music and Post Production.
The processing time for your business setup in Dubai Media City will take from 2 to 4 weeks.
Basic requirements for Business Setup in Dubai Media City are Application form , Letter of Intent , Your existing company booklet , Annual financial report or shareholder(s) preferably 6-month bank statement for the shareholder and is not applicable for fresh registration, Passport Copy of the manager and his CV, Passport Copy of shareholder(s) and their CV’s, Original bank reference letter for each shareholder, No Objection certificate by the present sponsor for the manager if a resident of UAE and a UAE employment visa-holder, signature’s approval(s) from the arbitrator authority(s) in case your business activates needs any such approvals, e.g., media, IT, pharmaceutical
Further Documents Needed For A Corporate Shareholder and For Branch
Notarized and Attested Memorandum of Association and Article of Association and it should be attested from the UAE Embassy at the country of origin.
Board resolution to be determined by the board of directors for your existing company at the country of origin, expressing plan of forming a fresh setup in a foreign country and it should also be attested and notarized by the UAE Embassy.
Certificate of registration for your current industry, certificate of incorporation and license of your current business attested and notarized by the UAE Embassy
When the entire above mentioned are complete, your business license should be issued along with the share capital certificate provided the capital is paid in full.