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Dubai Science Park Free Zone

Dubai Science Park Free Zone

Dubai Science Park (DSP) is a free zone community that serves the entire value chain of the science, health and pharma sectors, fostering an environment that supports research, creativity, innovation and passion, ensuring a supportive ecosystem for businesses to establish sustainable and positive change.

 

Major benefits of setting up a company or company formation in Dubai Science Park (DSP):

  • 100% foreign ownership
  • 100% repatriation of capital
  • 100% exemption from personal income tax, corporate tax, service tax, import and export tax
  • Onsite customs
  • No currency restrictions

 

The holistic experiences available in Dubai Science Park (DSP) include:

  • Residential community
  • Retail services
  • Fitness
  • Healthcare
  • Hotels
  • Schools

 

Business Activities permitted in Dubai Science Park (DSP) Free Zone:

  • Research & development
  • Support services
  • Management
  • Manufacturing
  • Consultancy
  • Import/Export
  • Marketing & sales promotion activities
  • Warehousing & logistics
  • Storage
  • Marketing

 

Facilities offered in Dubai Science Park (DSP) premises:

  • Office space
  • Laboratories
  • Business centers
  • Warehouses
  • Plots of land

 

Proposed activities under Dubai Science Park (DSP) Company setup:

Therapeutics/ Food/ Environment/ Agricultural, Forestry & Horticulture/Specialty Supplies/ Medical/ Scientific Devices or Equipment/ Diagnostics and Analysis/ Life Science Services/ Life Science Associations (Non-Profit)/ Regional Headquarter/ Renewable Energy/ Energy/ Energy Efficiency Equipment/ Air & Environment/ Water & Waste Water/ Recycling & Solid Waste Transportation/ Green Building/ Organic Products/ Association (Non-Profit Organizations)/ General Segments related activities can be carried out in DSP.

 

Types of Licenses available at Dubai Science Park (DSP):

  • Commercial license
  • Industrial license
  • Service license

 

Types of entities allowed in Dubai Science Park (DSP):

  • Free Zone Limited Liability Company
  • Branch office

 

Share capital in a company at Dubai Science Park (DSP):

  • FZ-LLC: AED 50,000/- to AED 300,000/-
  • Branch Office: AED Nil/-

 

Audit requirements at Dubai Science Park (DSP):

An audit report is mandatory for all free zones falling under Dubai Development Authority (DDA) during renewal and Dubai Science Park (DSP) is part of DDA. However it is advised to have the books of accounts audited to understand the status of the business financial position and its profitability. Once the Corporate Tax Law comes into effect, DSP may also require the DSP free zone licenses to submit their yearly audit reports to get the benefit of 100% corporate tax free status.

 

Frequently Asked Questions:

  • How long does it take for company registration to be completed at Dubai Science Park (DSP)?

Once all the required documents and necessary payments are completed, it usually takes 10 working days, which includes, 7 working days for the initial application approval and 3 working days for issuing the license.

 

  • Can I own different businesses within Dubai Science Park (DSP)?

Yes, it is possible but subject to the Dubai Development Authority (DDA) rules and regulations.

 

  • Can I set up a scientific office in Dubai Science Park (DSP)?

Yes. Dubai Science Park has signed an MOU with the Ministry of Health which allows our registered business partners to apply for scientific office approval.

 

  • What is the minimum lease period for starting a business at Dubai Science Park (DSP)?

1 year.

 

  • What types of business can I set up at Dubai Science Park (DSP)?

Companies and Entrepreneurs focused on life sciences, medical, wellness and pharmacies, environmental sectors, etc.

 

Corporate tax applicability to the companies in Dubai Science Park (DSP):

Corporate tax law is going to be applicable for all the companies registered in UAE including the free zones in UAE. The UAE Corporate tax is going to be effective for the financial year beginning on or after 1 June 2023 for the businesses in UAE. Corporate tax will be levied at zero percent on the taxable income (adjusted net profit) of the businesses in the free zones as long as they comply with all the regulations of the respective free zone and do not do any business with the mainland companies, otherwise there is a possibility of levying 9% corporate tax on the taxable income (adjusted net profit) in excess of AED 375,000. Hence companies in the Free Zones need to make sure that they are complying with all the regulations of the free zone and do not do any business with the mainland entities to enjoy the benefit of zero percentage of UAE corporate tax.

 

{NOTE: Kindly note that the authenticity of this article is limited to the day of publishing this blog. As policies and rules pertaining to each free zone keeps changing from time to time based on the necessity of the respective authority, it is hereby advised you to check the website of the concerned free zone directly to get the latest update on the same. We do not assume any liability if you have taken any decision based on the information provided in the article. We have ensured that the presented information to the visitor is legible to the maximum extent possible so that all the information is available in one page, at one go. Thank you.}

 

DTAA between UAE & India

How can Spectrum help you set up a business in Dubai Science Park (DSP) Free Zone?

Spectrum provides an easy and simple start-up process for companies seeking to set up offices in Dubai Science Park (DSP). Spectrum’s dedicated team will guide you through the process, answer your questions, provide the necessary forms, and serve as your primary point of contact to support you through the whole process.

Spectrum 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.

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.

 

AUTHOR

Amrutha M

Accounts Executive
 



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balaram

Balaram Vuchidi

Managing Director

+971 50 9866 466 [email protected]
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