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Dubai World Trade Centre Free Zone (DWTC)

{NOTE: Kindly note that the authenticity of the below article is limited to the day of publishing this blog. As policies and rules pertaining to each freezone 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 freezone 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.}

 

A Quick View on Dubai World Trade Centre (DWTC) Free Zone

The Dubai World Trade Centre (DWTC) formerly known as Sheikh Rashid Tower, was established in the year 1979. The DWTC has been declared as a free zone in 2015 as per Law No (9) 0f 2015 by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and the Ruler of Dubai.

DWTC is situated in the heart of Dubai. The DWTC is close to World Trade Centre, Dubai International Financial Centre, Burj Khalifa and Emirates Tower, which all are the world- famous business hubs in Dubai. It covers the area of 2 Million+ Sq.ft comprising of more than 1400 companies representing from more than 40 industries.

The DWTC Free Zone provides a wide range of unique opportunities for businesses offering cost-effective business setup, free-zone licensing as well as hassle-free Branch licensing for Foreign Companies and UAE LLC Companies. The Free Zone was formed to attract local and International investments and also boost exhibitions and conferences in Dubai.

 

Q) Why investors have to consider Dubai World Trade Centre(DWTC)?

The Dubai World Trade Centre (DWTC) offers:-

  • Investor friendly environment in the heart of Dubai’s Central Business District
  • Strategic access to the entire region
  • Grade A commercial buildings
  • Award-winning developments
  • Single-landlord properties
  • Collaborative and traditional workspaces
  • Attractive packages for startups and SMEs
  • Proximity to world-class business events

 

Q) What are the types of licenses offered to set up the business in Dubai World Trade Centre(DWTC)?

  • COMMERCIAL LICENSE

Commercial License allows the registered entity to practice activities which are related to import, export and distribution of items and goods as specified in the license.

  • GENERAL TRADING LICENSE

General Trading License allows the registered entity for carrying out unrestricted commercial activities.

  • PROFESSIONAL LICENSE

Professional License allows the registered entity to carry out only services specified on the license within the free zone and elsewhere in the UAE. These include services such as event management, consulting, software, training, repair, catering, and human resources services.

  • EVENT MANAGEMENT LICENSE

Event Management License will be issued to those Entities who wants to organize Business and Leisure events, Meetings, Incentives, Conferences and Exhibitions.

  • E-COMMERCE LICENSE

E-Commerce license will be issued for platforms trading goods and services online in the UAE.

 

 Q) What are the types of entities that can be incorporated in Dubai World Trade Centre (DWTC)?

 

  1. Free Zone Company (FZCO)

A FZCO registration allows multiple Shareholders to form a company within the DWTC free zone.                        The Shareholders can be 2 to 10 individuals (people), non-individuals (company or companies) or a combination of both.

  1. Free Zone Establishment (FZE)

The investors are allowed to register a Free Zone Entity with a single shareholder within the Free Zone. A single individual or a single company can be a shareholder of the entity in the DWTC Free Zone.

  1. Branch of Foreign Company

The DWTCA allows companies outside the UAE to establish a branch in the DWTC Free Zone. The foreign branch can conduct all or some of the unique activities of the parent company. The branch needs to be owned 100% by the parent entity.

  1. UAE Branch

A UAE Branch registration allows companies holding a valid registration from a UAE license authority to open a branch within the DWTC free zone. A UAE Branch forms a legally dependent part of the Parent and conducts all or some of the operations of the Parent. A valid registration from a UAE license authority is required to open a branch.

 

Q) What is the Business set up process in a brief in Dubai World Trade Centre (DWTC) Free Zone?

Establishing a business with the DWTC Authority is simple. The streamlined five-step process begins with the submission of an application along with an initial set of documents. The Business set up process includes following:-

  • Submit application(s)
  • Receive initial approval
  • Submit final documents
  • Obtain Lease and License
  • Commence operations

 

Documents Required to Establish a Company in DWTC Free Zone

Type of the Entity

Documents required

a) Free Zone Company (FZCO)
  1. Company profile
  2. Copy of Emirates ID and residency visa of Shareholder(s), Director(s), and General Manager
  3. No Objection Letter from the local sponsor for General Manager (if applicable)
  4. Memorandum and Articles of Association of FZCO
  5. Board or Shareholder Resolution to establish the FZCO under the DWTC Authority (If the shareholder is a company or companies)
  6. Certified True Copy Certificate of Incorporation of Non-individual Shareholder OR Certificate of Registration ( If the shareholder is a company or companies)
b) Free Zone Establishment (FZE)
  1. Company profile
  2. Passport Copies of Shareholder, Director(s), and General Manager
  3. Copy of Emirates ID and residency visa of Shareholder, Director(s), and General Manager
  4. No Objection Letter from the local sponsor for General Manager (if the GM is UAE resident with work visa)
  5. Specimen Signature of General Manager
  6. Memorandum and Articles of Association of FZE
  7. Board or Shareholder Resolution to establish the FZE under the DWTCA (for non-individual shareholders)
  8. Certified True Copy Certificate of Incorporation of Non-individual Shareholder OR Certificate of Registration
  9. Memorandum and Articles of Association of Non-individual Shareholder
c) Branch of Foreign Company
  1. Company Profile
  2. Passport Copies of Director(s) and General Manager
  3. Copy of Emirates ID and residency visa of Director(s) and General Manager
  4. No Objection Letter from the local sponsor for General Manager (if applicable)
  5. Memorandum and Articles of Association of Parent company (attested)
  6. True copy Certificate of Incorporation or Association of the Parent company (attested)
  7. Board Resolution establishing a branch under the DWTC Authority, authorizing a Power of Attorney holder and specifying his/her level of authority (attested)
  8. Specimen Signature of General Manager
  9. Copy of Audited Account(s) of Parent for preceding 2 years, Certificate of Good Standing or copy of valid Trade License of the Parent company
 

d) UAE Branch

  1. Company profile
  2. Passport Copies of Director(s) and General Manager
  3. For UAE Residents: Copy of Emirates ID and residency visa of Director(s) and General Manager
  4. No Objection Letter from local sponsor for General Manager (if applicable)
  5. Specimen Signature of General Manager (to be attested by the DWTC Authority
  6. Copy of UAE valid registration
  7. Memorandum and Articles of Association of Parent company
  8. Board Resolution establishing a branch under the DWTC Authority, authorizing a Power of Attorney holder and specifying his/her level of authority
  9. Certificate of incorporation, if applicable

 

 

Q) What are the key benefits of licensing that Dubai World Trade Centre (DWTC) Free Zone offers?

  • 100% foreign ownership
  • Zero income and corporate tax for 50 years (renewable)
  • No restriction on hiring foreign employees
  • Freedom to initiate multiple options for legal operating structures Stable and clear regulation
  • 100% repatriation of all capital and profits
  • No restriction on currency and repatriation of funds
  • No restraints over capital nationality
  • Dual licensing opportunities

 

Q) What are all the Services offered by Dubai World Trade Centre (DWTC) Free Zone?

  • Registration Services
    1. Formation of a new legal entity as FZE or FZCO
    2. Formation of a branch of an entity lawfully existing outside the Free Zone (whether existing in the UAE or abroad)
  • Amendments of registrations
    1. Attestations of documents by registrar
    2. Ownership changes, transfer of shares and share capital amendment
  • License Services
    1. Issuance and renewal of Licenses and Business Operating Permits
    2. Amendment of License or Business Operating Permit terms
  • Cancelation of Licenses or Business Operating Permits (at the applicant’s request)

Suspension or revocation of Licenses or Business Operating Permits (at the Authority’s discretion)

  • Immigration Services
    1. Issuance of Entry Permits
    2. Issuance and renewals of Visas
  • Medical/fitness arrangement/examination
  • General Administration Services
    1. Administration support
    2. Issuing certificates for any purposes including no objection certificates

 

DWTC Authority offers an attractive business-friendly regulatory environment for Single and Multi-Family Offices to set up in Dubai

Building on its Free Zone Rules and Company Regulations DWTC Authority’s newly introduced Single Family Office (SFO) and Multi Family Office (MFO) Regulations and Licensing Schemes are in response to Dubai’s growing international status as a unique, stable and attractive destination for family wealth management. DWTC Authority’s Regulations aim to specifically address the needs of family-run institutions offering a new platform for families to set up their respective holding companies with DWTC Authority to manage their private family wealth and family structures from Dubai.

Through its SFO and MFO regulations and licenses DWTC Authority allows for two varying family office operating structures and solutions for High Net Worth families seeking more centralized models in flexible offshore jurisdictions to secure, consolidate and manage their investments and assets portfolio – spanning from real estate to diverse family business conglomerates.

 

  1. Single Family Office

A Single Family Office (SFO) can be established as a regular Free Zone Establishment (FZE) or Free Zone Company (FZCO), as an offshore entity founded by family members that can own and/or manage the affairs of a single family, with a specific License for management of Professional Services such as wealth, asset, investment, succession, governance, financial and/or legal affairs of a single family, its members, businesses, entities, trusts or foundations.

The SFO must be 100% owned by the same family and 100% of the SFO shareholding must be held by lineal descendants of the family.

 

  1. Multi Family Office

A Multi Family Office (MFO) is an entity founded by consultants, professional services providers or advisory firms that manage the affairs of multiple families and/or multiple SFOs under one roof. An MFO can also be established as a regular Free Zone Establishment (FZE) or Free Zone Company (FZCO) with a specific License for the Management of Professional Services and Provision of Administrational Services, whereby the services are rendered to multiple families, their members, businesses, entities, trusts and foundations of SFOs.

DWTC Authority’s MFO regulations place no restrictions on the ownership, structure, board requirements and minimum capital requirements of MFOs, other than the standard guidelines applicable to FZEs or FZCOs.

           

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 World Trade Centre Free Zone. 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.

 

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