Dubai Silicon Oasis was established in the year 2004 and is completely owned by government of Dubai under Dubai Silicon Oasis Authority. It has Dubai’s first smart city which is named as Silicon park. It is also a home for Dubai Technology Entrepreneur Campus which is the largest startup campus in the Middle East.It is a business hub which is rich in hi-tech innovation and highly advanced technology.
- In house immigration and Visa services which operates directly with Dubai Naturalization and Residency Department (DNRD)and immigration departments.
- Customs services through its Dubai Customs branch.
- Municipal services including building certification and construction approvals.
Types of companies approved by DSO:
DSOA approvesfollowing types of companies:
- A Free zone establishment (FZE): An FZE is a legal entity incorporated/registered by a single shareholder.
- A Free zone company (FZCO): An FZCO is a legal entity incorporated/registered with a minimum of two shareholders.
- A branch: Whether in the UAE or abroad, businesses are able to register its branch in the Dubai Silicon Oasis. The activity of the branch must correspond directly to the business activity of the head office.
- DED registered companies: Companies already established with the Dubai Economic Department (DED) and who wish to operate in the Administrative Zone in DSO (i.e. in non-DSOA property) should apply for a Business Operation Permit.
Capital requirements for FZE / FZCO:
Minimum capital required is AED 100,000.
- For FZE – each share in multiples of AED 100,000
- For FZCO – each share in multiples of AED 10,000
Types of licenses available for business set up in DSOA:
- Trade license
- Service license
- Industrial license
- Business Operation Permit
- Entrepreneurial Business License
How to start a company in DSO?
Following are a list of documents required to begin with:
- Application form
- Letter of Intent
- A business plan
- Company profile and brochure
- Annual audited financial report in case of a branch
- 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
Additional requirementsthat 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
- Certificate of registration of an existing company or entity, license. Or certificate of incorporation of an existing company or entity attested and notarized by the UAE Embassy.
- Submission of the relevant documents and the application form to DSOA.
- Initial approval to be obtained from DSOA.
- Office space needs to be chosen as per the requirements of the business and submit the lease agreement to the authority.
- Corporate documents to be obtained from DSOA.
What are the Competitive advantages of setting up business inDSO?
- 100% foreign company ownership and 100% repatriation of capital and profits
- No restrictions on currency and employment
- No corporate tax, income tax, Import or Export tax.
- Easy and speedy company set up and licensing procedures
- Direct access to MENA markets
- High class infrastructure
- Investment incentives
DSO offers facilities to businesses operating within DSO which includes:
- Light Industrial Units used for multiple uses for Warehousing and Manufacturing
- Land for development company’s own facility
- Running Track around the lake
How to close or liquidatea company in DSO?
Entities which are unable to continue the operations of their company in DSO need to initiate the process of liquidation. Following is the process required for the liquidation process in DSO:
- Submission of notice to DSOA, which must be provided 3 months before the date of liquidation.
- Board resolution must be provided regarding the liquidation of the company. In case the company has foreign shareholders or it is a company having the parent company in a foreign country then the company needs to get the resolution attested and authorized from the UAE embassy located in the country from where the shareholder belongs, and the Ministry of Foreign Affairs, UAE, must legalize the same.
- Lease agreement to be cancelled and keys of the office, shop or warehouse to be submitted.
- The certificates and permissions provided by the Dubai Silicon Oasis at the time of company formation will be taken back at the time of liquidation.
- The company should obtain a no due letter from Dubai customs department, DSOA Government Services Department, DSOA Finance Department, DSOA IT Section, Facilities management clearance and utilities department.
- Liquidation report needs to be prepared by the DSO approved auditors and submitted to DSOA.
Why choose Spectrum Auditing?
Spectrum Auditing is an expert firm in the Company Formation and Company Liquidation process. Our passion and heart lie in serving the clients and we aim at utmost client’s satisfaction. We are registered Auditors under the Ministry of Economy UAE and also registered Tax Agent from Federal Tax Agency UAE, Dubai providing dedicated Audit, Accounting, Tax services and various Business Advisory Services complying regulatory requirements.
Reach us to have a frills free life in your journey in Dubai, UAE. We at Spectrum will assist you in taking care of all the legal procedures involved in the registration and de-registration of your company in DSO.
Call us today for any kind of assistance at +971 4 2699329 or email us at [email protected] to get all your queries addressed. Spectrum is your partner in your success.