Dubai Health Care City is a free zone launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai in the year 2002, to meet the demand for high quality, patient centric health care and to attract tourists for medical services and treatments.
It is a hub for medical services in the UAE. DHCC is also home to academic institution the Mohammed Bin Rashid University of Medicine and Health Sciences, part of the Mohammed Bin Rashid Academic Medical Center.
Types of companies approved by DHCC:
Foreign investors, individuals and companies, may choose between two types of business entities when establishing a company in Dubai Health Care City:
- A Free zone Limited Liability Company (FZ-LLC)
- Branch offices
Branch offices are available for foreign companies seeking to have a permanent establishment in Dubai. Corporations are also allowed to set up free zone companies in the DHCC.
Types of licenses available for business set up in DHCC:
- Commercial License
- Professional License
- Clinical License
What are the documents required in the setup / start of a company in DICC?
Setting up a company in DICC 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
- Initial approvals from the third authority(s)
- A legal representative (Negotiator)
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.
- 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.
Steps involved in registering a company in DHCC:
- Decide on the Business Activity
- Decide on the Corporate Structure
- Select a Business License for Your Business
- Select a Trade Name
- Register Your Business involves the following steps:
- Signing the reservation agreement and paying the administration fee as well as the deposit of 10% for the annual rent in order to preserve the DHCC facility
- Submit the application for reservation and a business plan and pay the processing fee
- Submit the documents for company registration, pay the fees for registration and license
- Sign the constitutional documents and collect the bank letter and board resolution
- Deposit the share capital and return the proof of capital letter to the DHCC
- Sign the lease agreement and collect the license
What are the Competitive advantages of setting up business in DHCC?
- 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
- High investment opportunities
- Access to excellent health care professionals
- Hassle-free company registration and legal framework
What are the reasons for liquidation of a company in DHCC?
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:
- If most of the shareholders of the company decide to liquidate the company
- If the company faces too much loss which makes it lose half of its capital
- If the court orders for the liquidation
- If an important person of the company leaves it
How to close or liquidate a company in DHCC?
Entities which are unable to continue the operations of their company in DHCC need to initiate the process of liquidation. Following is the process required for the liquidation process in DHCC:
- 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 audit firm in Dubai – Spectrum Auditing and Accounting is a registered audit firm) has to present a confirmation letter accepting the responsibility of carrying out the liquidation of the company in DHCC.
- Application for Liquidation: An application with required documents as required for liquidation has to be submitted to the free zone authority to initiate the liquidation process. The DHCC officials will verify the documents and will notify the management.
- Notification of Liquidation: A notification about the liquidation of the company should be published in a local newspaper to announce the company’s liquidation. There will be a 45-day grace period granted by the DHCC during which any creditors or clients can come up with any claims over the company.
- Vat and Branch Deregistration: The company management should apply for VAT account deregistration with the Federal Tax Authority (FTA). The management should also ensure that they have shut down the branches or subsidiaries if they have any.
- Clearance letter from Service providers and Customs: The company should obtain a no due letter from the utility service providers and also customs clearance letter if applicable.
- Cancellation of Visa, Bank account: The entity must cancel the visas of the employees, and also close the bank account and obtain a closure letter from the bank.
- Liquidation report: The official liquidator will submit the liquidation report to the free zone authority.
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 DHCC. 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.