Dubai Knowledge Park, formerly Dubai Knowledge Village, is a free zone dedicated to professional development centres and companies engaged in both soft and hard skills, from business to music, culinary arts, languages, coaching and much more. The environment of business setup in Dubai Knowledge Park is ideally suited for companies providing vocational programs in consultancy, human resource management (HRM), personal development and training.
Dubai Knowledge Park is part of the free zone clusters managed by Tecom Group. However, the free zone is being regulated by the Dubai Development Authority (DDA). DDA regulates key aspects of company formation in Dubai Knowledge Park such as license issuance, license renewal, liquidation etc. The free zone offers world-class infrastructure, excellent connectivity to major trading hubs, unique trade licenses, a wide range of business activities as well as a straightforward business incorporation procedure. The licensing procedure can be expedited with the help of business setup consultants in Dubai.
Types of Legal Entities in Dubai Knowledge Park
Foreign investors often think that the process of business setup in Dubai is highly complex and challenging. However, it’s a wrong notion and setting up a business in Dubai Knowledge Park can be easily completed by needing certain requirements. For instance, the process can be completed quickly if investors can resolve certain legal steps such as accurately determining the legal structure of a company.
A legal structure or legal form can be identified based on the number of shareholders or the nature of the entity. Entrepreneurs with access to bespoke business setup services in Dubai can easily navigate such steps. There are mainly three types of legal structures recognised by the Dubai Knowledge Park free zone. They are
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Free Zone Limited Liability Company
Free Zone Limited Liability Company (FZ-LLC) is an independent legal entity. An FZ-LLC in Dubai Knowledge Park can be formed with at least two shareholders. Business set-up consultants in Dubai can advise the entrepreneurs on the requirements to set up an FZ-LLC.
Branch of a Foreign Company
Companies established outside the UAE are allowed to open a branch office within Knowledge Park free zone. Investors should note that a branch company is not an independent entity as its legal identity is dependent on its parent company. It means the activities of a branch company must be consistent with that of its parent entity.
Branch of a Local Company
Apart from foreign companies, UAE-registered entities are also allowed to open branch offices in Knowledge Park. The branch office of a UAE-based company is required to carry out all or some of the activities performed by its parent company. Business set-up consultants in Dubai can simplify the licensing process of branch companies.
Individuals who wish to work independently can opt to be a freelancer in Dubai Knowledge Park. Applying for a freelancer permit in Knowledge Park enables the individuals to register under their birth name instead of a company name. It is advisable to apply for a freelancer permit through the business setup advisers in Dubai.
Business Activities in Dubai Knowledge Park
Dubai Knowledge Park offers a wide range of activities related to training and HR services. Foreign investors need to exercise diligence while choosing business activities. Wrong selection of activities is highly likely to derail the company’s operations and future growth. However, investors with access to business setup services in Dubai is unlikely to face such obstacles as they provide advice on selecting activities. Some of the major activities in Dubai Knowledge Park are listed below:
- Professional and Management Development Training
- Computer Training
- Language Training
- Fine Arts Training
- Child Skills Development Training
- Tutoring Services
- Technical & Occupations Skills
- Human Resources Consultancy
- Research & Development
- Content Development
- Assessment and Testing
- Executive Search
- Association (Non-Profit)
Office Space Options in Dubai Knowledge Park
All investors, especially startup owners, desire to have access to the best facilities at affordable prices. Such entrepreneurs often wish to start their operations immediately once the license is issued. Office spaces in Dubai Knowledge park are cost-effective and provide the flexibility to start immediately. Some of the popular types of flexible office spaces in Dubai Knowledge Park are given below:
- Flexi-Desks / Hot Desks
- Open Offices
- Executive Offices
- Executive Suites
Commercial Spaces in Dubai Knowledge Park
Foreign investors can choose from a diverse range of strategically located, tailor-made commercial spaces that provide a dynamic environment for companies, students and academics to grow and thrive. Big companies such as Hays, CIPD, SHRM, SAE Institute, Manchester Business School, MENA College of Management, Manipal Academy of Higher Education etc use the world-class commercial spaces in Dubai Knowledge Park. Consult with Business setup experts in Dubai to know the costs and other details of commercial offices.
Benefits of Business Setup in Dubai Knowledge Park
Dubai Knowledge Park is a free zone, which means the companies are not bound by many of the UAE laws such as the commercial companies law. Companies are required to operate as per the implementing regulations set out by the DDA. This means businesses are at an advantage and are not exposed to many stringent requirements such as local sponsors. Apart from that Dubai Knowledge Park offers the following benefits to foreign investors:
- 100% foreign ownership in companies
- Complete repatriation of profits and capital
- Zero corporate tax and personal income tax
- Exemption from customs duties
- The flexible company incorporation process
- Strategic location
- Excellent connectivity through land, sea and air
- World-class infrastructure and amenities
- Wide range of business activities
Process of Business Setup in Dubai Knowledge Park
Setting up a business in Dubai Knowledge Park is simple and the license can be collected within a few days. However, investors need to strictly follow all the steps and meet all the documentation requirements to quickly receive the license. Information about document drafting and other requirements can be provided by business setup consultants in Dubai. The following steps must be executed to register a company in Dubai Knowledge Park:
- Select a business activity
- Determine a legal structure
- Reserve a company name
- Sign a lease agreement
- Submit all the documents
- Receive the license
- Apply for visas
- Open a corporate bank
Compliance Requirements in Dubai Knowledge Park
Companies licensed by Dubai Knowledge Park must meet certain compliance requirements such as Economic Substance Regulations (ESR), Ultimate Beneficial Ownership (UBO) and Anti-Money Laundering & Combatting Financing of Terrorism (AML-CFT). Companies under liquidation are also required to meet ESR and UBO requirements. Failing to comply with these regulations will lead to hefty penalties and severe consequences such as suspension of trade license and exchange of information with foreign competent authorities. Business setup consultants in Dubai can help the investors meet ESR, UBO and AML-CFT regulations.
Choose the Best Business Setup Services in Dubai, UAE
The launch of Dubai Knowledge Park has helped to enhance the status of Dubai as a leading provider of professional development and HR services. The process of business setup in Dubai Knowledge Park is favoured by foreign investors due to its strategic location, well-designed office spaces, and easy incorporation procedure. However, it is advisable to avail bespoke business setup services in Dubai to remove the hurdles associated with the license application, documentation, visa processing etc.
Foreign investors who aim for a hassle-free company registration can hire the services of business setup consultants in Dubai such as Jitendra Business Consultants (JBC). Our consultants can impart the legal know-how and expertise to expedite the process of company incorporation in Dubai. Our consultants can help the investors to navigate complex procedures such as document drafting, visa processing, bank account opening etc. We also help the companies avoid hefty penalties by providing compliance services related to ESR, UBO & AML-CFT. Company registration in Dubai becomes easier with JBC’s guidance and assistance.