Dubai Knowledge Park (DKP)

A Quick View on Dubai Knowledge Park:

Dubai Knowledge Park (DKP) formerly known as Dubai Knowledge Village was established in 2003 as a Part of the renowned TECOM Group and is owned by Dubai Holding’s subsidiary TECOM Investments.

It serves as the purpose of developing the talent pool in the UAE and promotes the knowledge-based economy. It is the world’s exclusive talent development free zone, that shelters human resource management, recruitment, consultancy, executive search, vocational training and professional development companies.

Dubai Knowledge Park is a one-of-a-kind learning hub that brings together the finest educational and vocational programs in consultancy, human resource management (HRM), personal development and training. Some of the notable companies in Dubai Knowledge Village includes Cisco, Stanton Chase and many more to pen down.

 

Q) To whom all it is best suited to set up a business in Dubai Knowledge Park?

S.no

To whom all it is best suited for?

1

Vocational training setups

2

Education Institutes

3

Human Resource consultancies

4

Management startups

5

Freelancers

 

Q) What are the various business activities Dubai Knowledge Park welcomes?

S.no

What are the business activities it welcomes?

1

Consultancy

2

Technical and Occupational Skills

3

Management Development

4

Educational Services, Institutes, and Universities

5

Free Lancing

6

Research and Development

7

HR

 

Q) What are the types of licenses offered to set up the business in Dubai Knowledge Park?

S.no

Types of licenses offered to set up the business in Dubai Knowledge Park

1

Commercial Trading

2

Service License

3

Freelancer permit

 

  1. Q) What are the various business types can be incorporated in Dubai Knowledge Park?

 

S.no Business Type Explanation

1

Free Zone Limited Liability Company (FZ-LLC) This is a company formed as an independent legal entity with its own shareholders. The minimum capital requirement for incorporation depends on the business activity.

2

Branch of a Foreign/UAE Company A branch is considered a legally dependent part of its parent company, even if its place of business is not in the main company’s headquarters. (No minimum capital required).

3

Freelancer The Freelance permit offers the ability to operate as a freelance professional The permit identifies you as a sole practitioner It enables you to conduct your business in your birth name as opposed to a brand name.

 

Q) What are the types of offices spaces that are offered in Dubai Knowledge Park?

S.no Types of office spaces Dubai Knowledge Park offers? Explanation

1

A Hot Desk A shared office space, which can accommodate multiple clients at a time. These are ideal for freelancers who need a formal space for an office setup.

2

Open Offices Single office in a shared environment, furnished with an executive desk and chair, a storage cabinet and pedestal with lock and key. An open office is similar to a cubicle.

3

Executive Offices Furnished office space with an executive desk and a chair, a storage cabinet and pedestal, and visitor chairs. Office sizes vary between 100 and 250 sq. ft.

4

Executive Suites Completely furnished offices with a private reception, a small meeting room and an Executive Office.

5

Commercial Offices These are unfurnished floor/office spaces in Dubai Knowledge Park, rented out to businesses who can then furnish them to suit their individual business requirements.

 Note:

  • Dubai Knowledge Park also offers AXS and IN5 services

 

Q) What is the process to set up a company in Dubai Knowledge Park?

S.no Company Set up process

1

Identifying the legal form of company

2

Choosing an activity from Dubai Knowledge Park activity list

3

Applying for name and initial approval

4

Payment of fees

5

Signing of Dubai Knowledge Park company registration and incorporation documents

6

Processing Business Immigration card

7

Applying for Dubai Knowledge Park residence visa

8

Opening a bank account

 

Q) How to renew a license in Dubai Knowledge Park?

S.no For renewing the license

1

Cost of Renewal is less expensive than that of cost of incorporation.

2

Payment for renewal along with the signed lease agreement for the next year to be submitted.

 

Q) What is the process to liquidate a company in Dubai Knowledge Park?

S.no Process to Liquidate

1

Cancellation of the visas

2

Termination of lease agreement

3

Closure of the bank account

4

Clearance from Customs in case the entity had a trading activity in the license

 

Q) What are the competitive advantages to setup a business in Dubai Knowledge Park?

S.no

Competitive advantages

1

 Simple setting up process

2

No personal income tax and corporate tax

3

100% on foreign ownership.

4

100% profits and capital repatriation.

5

Well maintained infrastructure.

6

Presence of well-known global, regional and local industry players.

7

Dubai Knowledge Park free zone partners also benefit from partnership with government and regulatory authorities.

 

Why 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 the 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 Dubai Knowledge Park. Call us today for any kind of assistance at +971 4 2699329 or email us at info@spectrumaccounts.com to get all your queries addressed. Spectrum is your partner in your success.

 

 

Article contributed by Aishwarya Parthasarathi, Intern.

Email info@spectrumaccounts.com to get all your queries replied.

 

FTA Approved TAX Agency