Dubai Internet City or DIC is a free zone established by government of Dubai in the year 1999 and inaugurated in the year 2000, which is an Information Technology park. It is a member of Dubai Holding Subsidiary, TECOM Investments. It provides a knowledge economy ecosystem which is designed to facilitate the business development of Internet and Communications Technology (ICT) companies. DIC is an innovation hub that will boost technology, education, new media, and sciences. It is now home to some of the largest multinationals in the world such as Facebook, LinkedIn, Google, Dell, Intel, Huawei, Samsung, SAP, Microsoft, IBM, Oracle Corporation, TataConsultancy, 3M, SunMicrosystems, Cisco, HP, Nokia, Cognizant and Accenture, as well as UAE based companies. It is located abutting to other industrial clusters such as Dubai Media City and Dubai Knowledge Village. DIC currently has over one and half million square feet of prime commercial office space, in which over 1500+ companies with over 20,000+ workers are based. There are 25 low, mid, and high-rise office structures in the area. Dubai Internet City is one of the most developed free trade zones in the Emirate and also has one of the fastest growing Gross Domestic Products in the UAE. Types of companies approved by DIC:

1. Free Zone Limited Liability Company (FZ-LLC): It can be owned by 1 to 50 individuals or corporate shareholders with a minimum share value of AED 1,000 and a minimum share capital investment of AED 50,000.
2. Branch of a Foreign Company: where the applicant is a foreign registered corporate person and doesn’t have any capitalization requirement.
3. Branch of a UAE Company: where the applicant is a UAE registered a corporate person and doesn’t have any capitalization requirement.

Types of licenses available for business set up in DIC:

• Software license
• Telecommunication and Network license
• IT service license
• E-commerce License
• Internet and Multimedia License
• Trade License

What are the documents required in the setup / start of a company in DIC? Setting up a company in DIC requires following list of documents:

• Application form
• Letter of Intent
• A business plan
• Company profile and brochure
• Annual audited financial report of the entity or a 6 months bank statement of the shareholder(s)
• Bank reference letter (Original for each shareholder)
• CV and passport copy of shareholder and manager
• No objection letter from the sponsor, if it is a UAE based company
• Initial approvals from third party authority for the Media, IT, Pharmaceutical etc.
• A legal representative

Additional requirements that may be asked for depending on the type of license are:

• Attested and notarized Memorandum of Association/Article of Association. It must be attested from the UAE Embassy at the place of origin.
• Board resolution to be resolute by the board of directors for your existing company/entity at the place of origin. Expressing intent of establishing a new setup abroad. It must be attested and notarized by the UAE Embassy (template will be forwarded by our firm).
• Certificate of registration (if applicable) for your existing company or entity, license. Or certificate of incorporation of your existing company or entity attested. And notarized by the UAE Embassy.

Steps involved in registering a company in DIC:

1. Submit an application for initial approval along with Business plan and passport copy of shareholder(s) and manager(s).
2. The Dubai Internet City Authority will review the application and the documents and grant provisional approval. They will also give the list of documents needed for registering the business (Within 15 days these documents are needed to be submitted to the authority).
3. The provisional approval is to be accepted by getting it signed, and stamped sent back to the authority.
4. DIC will then review the sent documents, and if approved, will send you the Customer Confirmation Letter to the DIC. This has to be signed, stamped and sent back to the authority.
5. The DIC, after receiving your letter, will issue an invoice for the initial payment.
6. After the initial payment is made, DIC will issue Personnel Sponsorship Agreement and an office space Lease Agreement, the same has to be signed, stamped and returned to the authority and after then, business license is issued by the authority where the business can be commenced.

What are the Competitive advantages of setting up business in DIC?

• No tax on personal income, corporate taxes and customs duty for 50 years guaranteed by law
• 100 per cent foreign ownership
• Market development opportunities
• Full repatriation of capital and profits
• Low-cost operations
• No currency restrictions and capital mobility
• World class communications infrastructure on new innovative technologies

 What are the reasons for liquidation of a company in DIC? There can be different cases behind closing down a company. Here are some of the reasons which may force company owners to decide on closing down a company in Dubai Internet City:

1. If most of the shareholders of the company decide to liquidate the company
2. If the company faces too much loss which makes it lose half of its capital
3. If the court orders for the liquidation
4. If an important person of the company leaves it

How to close or liquidate a company in DIC? Entities which are unable to continue the operations of their company in DIC need to initiate the process of liquidation. Following is the process required for the liquidation process in DIC:

• Board resolution: The decision to liquidate the company is taken formally in the form of a board resolution. The shareholders also pass the resolution regarding the appointment of a liquidator who will carry out the entire liquidation process and the resolution must be attested by the Notary Public.
• Official Letter from Liquidator: After the board resolution, the liquidator(A registered