When it comes to the landscape of business setup in Dubai, foreign investors can’t avoid the industry-specific free zones such as the Dubai Media City. Launched in 2001, Dubai Media City succeeded in attracting more than 1500 companies from 140 countries. Dubai Media City is a global hub for media-related businesses such as publishing, broadcasting, online media, advertising agencies, production houses, and newsgroups. For the investors and freelancers, the best business setup consultants in Dubai make the business setup procedure easy and quick at affordable price packages.
A Brief Introduction to Dubai Media City
Dubai Media City was established to make Dubai the centre of media businesses. The free zone has completed over 20 years of operation, which heralds its quality, efficiency and reliability. Over the course of 20 years, the free zone has succeeded in being the most vibrant media free zone in the UAE.
The free zone is being regulated and managed by the Dubai Development Authority (DDA). DDA issues the licenses to the companies operating in Dubai Media City. Furthermore, the authority oversees all the other processes, such as license renewal and liquidation. The process of business setup in Dubai Media City is efficient and flexible, thanks to the progressive administration of DDA.
Benefits of Company Formation in Dubai Media City
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Dubai Media City has cemented its status as the Middle East’s most progressive media community. The free zone houses the world’s largest media brands as well as local media companies. Setting up a business in Dubai Media City is a golden opportunity to be part of a thriving community where freelancers, startups and large media businesses co-exist. Company formation in Dubai Media City guarantees the foreign entrepreneurs the benefits of 100% ownership, total repatriation of profits apart from a highly developed media infrastructure.
The following are some of the other major advantages of incorporating a company in Dubai Media City Free Zone:
1. Distinctive Cluster Ecosystem
Dubai Media City offers a unique collective environment where a work campus is dedicated to the businesses falling under a specific industry value chain so that they can interact and collaborate effectively towards a common business goal.
2. Integrated Coworking Spaces
Business setup in Dubai Media City gives the investors access to a dynamic business environment in a wide range of shared and private spaces, Flexi desks, shared and private offices, meeting rooms and more. The coworking spaces are fully integrated and ready to use, which enables SMEs, startups, and freelancers the opportunity for affordable business setup in Dubai.
3. Easy Business Setup Procedure
While setting up a company in Dubai, most foreign investors are worried about the potential delays in getting their trade license issued. However, company incorporation in Dubai Media City is mostly hassle-free, and the free zone regulations are less stringent compared to the mainland. Further, the investors can always avail the services of the best business setup consultants in Dubai who will free the investors from the hassle of dealing with the free zone authorities.
4. Address in a Prime Location
Dubai Media City is one of the most centrally located free zones in the emirate that provides investors with a prestigious business address. The free zone is just 20 minutes away from Dubai International Airports. Extensive road links make Dubai Media City easily accessible from other emirates in the UAE.
Business Activities Permitted in Dubai Media City
Identifying business activity is the first step in setting up a business anywhere in Dubai. Investors should first check with Dubai Media City to see if their desired activity is permitted in the free zone. Instead of approaching the Free Zone Authority directly, the entrepreneurs can call the best business setup consultants in Dubai who will simplify this process for them. Below is a list of some of the major activities permitted for business setup in Dubai Media City,
Media & Marketing Services
Business & Information Services
New Media & Media Support Service
Event & Leisure
Consultancy and Retail
Media and Marketing Consultancy
Advertising and Communication
Process of Business Setup in Dubai Media City
Investors need to submit a properly filled application and relevant documents to commence the process of business setup in Dubai Media City. A minimum share capital is required to be deposited to start a business in Dubai Media City. The process of business setup can be completed in the following steps:
- Fill out and submit the application form to the free zone authority. To ensure proper submission, the assistance of business setup consultants in Dubai can be availed.
- Submit all the documents for approval from the authority. Wait for approval from the authority.
- Sign Memorandum of Association in the presence of shareholders. Drafting of MoA will be done by the best company formation specialists in Dubai on behalf of the investors.
- Sign the lease agreement and collect the license
Documents Needed for Business Setup in Dubai Media City
Along with the application, the following documents are required to be submitted,
(a) Business plan
(b) Colour copy of the passport of manager/director/legal representative
(c) Original MOA and AOA
(d) Board resolution
(e) NOC from residency visa sponsor
(f) Proof of share capital
(g) Managers’ specimen signature
(h) Registration and License fee
Compliance Requirements in Dubai Media City
Companies operating in Dubai Media City are liable to meet various reporting requirements such as Ultimate Beneficial Ownership (UBO), Economic Substance Regulation (ESR) and Anti-Money Laundering and Combatting the Financing of Terrorism( AML-CFT). Business owners, with the help of business setup consultants in Dubai, must assess their compliance status. Failing to meet these requirements will lead to hefty penalties and reputation damage. Companies undergoing liquidation in Dubai Media City are also required to meet these requirements.
Avail of the Best Business Setup Services in Dubai
Due to the easy business setup procedure and world-class infrastructure, foreign investors seeking to set up a media business in Dubai must consider Dubai Media City as their first choice. Right from choosing the business activity to securing a trade license, there are a host of processes involved that can be made easier with the help of the best business setup consultants in Dubai. Having an experienced business setup adviser like Jitendra Business Consultants (JBC) provides the entrepreneurs with the benefits of legal know-how, market knowledge, and assistance in dealing with the authorities.
JBC has a team of highly qualified business setup consultants in Dubai, UAE, well-versed in labour laws, immigration laws and the free zone regulations. JBC helps the investors draft the MoA and provides help with visa processing, bank account opening etc. With JBC by the side, company formation in Dubai Media City becomes easy. Thereby the investors can achieve their business goals.