Investors focussing on the pharmaceutical and biotechnology sectors can find a conducive atmosphere of business setup in Dubai Science Park. Dubai Science Park was launched in 2015 by merging two prominent free zones named Dubai Energy and Environmental Park (Enpark) and Dubai Biotechnology and Research Park (DUBiotech). Managed by Tecom Group and regulated by Dubai Development Authority, the free zone offers lucrative and affordable business setup opportunities for science entrepreneurs.
Dubai Science Park has a wide range of licenses, progressive policies and facilities to foster the ambitions of entrepreneurs in the field of science and innovation. Foreign investors can quickly open a company within the free zone with the help of business setup consultants in Dubai. Read ahead for gaining more insights on company formation in Dubai Science Park Free Zone.
A Brief Introduction to Business Setup in Dubai Science Park
Dubai Science Park was established by Tecom Group to extend support to the entire value chain of the science sector, including a community of scientific entrepreneurs and SMEs. The free zone community, over the years, has posted rapid growth by becoming home to more than 350 companies. Dubai Science Park now employs over 3600 professionals in diverse sectors such as energy, life sciences, and the environmental field. Furthermore, the landscape of business setup in Dubai Science Park fosters scientific entrepreneurship by creating partnerships with reputed science-related institutes. Scientific innovators can apply for a license in the free zone through the best business setup consultants in Dubai.
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Licensing Activities in Dubai Science Park
Investors should apply to DDA to obtain a business license from Dubai Science Park. The free zone provides several activities to enable lucrative opportunities for foreign investors. Business set up consultants in Dubai can help investors to choose the right activity for their proposed company. The following are the broad categories of licensing activities in Dubai Science Park:
- Agricultural, Forestry, Horticulture
- Medical/Scientific Devices or Equipment
- Speciality Supplies
- Diagnostics and Analysis
- Life Science Services
- Life Science Associations
- Renewable Energy
- Energy Efficiency Equipment
- Air and Environment
- Water and Wastewater
- Recycling and Solid Waste
- Green Building
- Organic Products
- Association (Non-Profit Organisations)
- Conformity Assessment and Certification Agency
Types of Legal Entities in Dubai Science Park
The process of business setup in Dubai Science Park is so flexible that the investors are allowed to select from various legal structures. Legal structures are determined based on the number of shareholders and the nature of the proposed company. Stated below are the type of legal entities permitted in Dubai Science Park:
Free Zone Limited Liability Company
Foreign investors can establish a Free Zone Limited Liability Company (FZ-LLC) in Dubai Science Park with at least two shareholders. However, the number of shareholders should not exceed 50. The liability of the shareholders will be limited to the held by each shareholder in the company.
Branch of a Foreign Company
Companies established outside the UAE can open a branch office in Dubai Science Park. The branch company doesn’t have a separate legal personality from the parent company. However, the activities of the branch and the parent company should match.
Branch of a Local Company
Locally established UAE companies can set up a branch office in Dubai Science Park. The activities of the branch should be consistent with that of the parent company. Investors with access to business setup services in Dubai can easily establish their branches within the free zone.
Individuals can apply for a freelance permit in Dubai Science Park to work as independent professionals. Applying for a freelance permit in Dubai Science Park involves easy procedures. Business set up consultants in Dubai can help investors obtain a free zone freelance permit quickly.
Facilities in Dubai Science Park
Companies engaged in scientific and innovative activities require world-class facilities to operate. Having the wrong facilities may affect the day-to-day operations of the company and curtail business growth eventually. Choosing the right facilities in the free zone can be easier by availing of business setup services in Dubai. Mentioned below are some of the facilities available for company formation in Dubai Science Park:
Laboratories are one of the most critical facilities for scientific businesses. Dubai Science Park offers an eco-friendly LEED-certified Laboratory Complex, designed as per the highest global standards. The Laboratory Complex in Dubai Science Park is ideal for scientific sector businesses that are engaged in activities such as research and product development, testing, diagnostics, manufacturing, production etc. The Laboratory Complex is equipped with facilities such as air exhaust and ventilation systems, acid-resistant drainage, a pH neutralisation system and other technical features.
Warehouses in Dubai Science Park are built to serve requirements including storage, showroom, distribution, logistics and light manufacturing for the science sectors. Each warehouse comes with a mezzanine floor for the office and pantry. Business setup consultants in Dubai can shed more light on the facilities within the free zone.
Dubai Science Park has a wide range of strategically located office spaces that offers a vibrant and supportive environment for businesses to grow and thrive. The Dubai Science Park Towers offers world-class commercial spaces with ample space, convenient parking, effective facility management services, as well as advanced security systems. The towers provide the business owners with retail outlets and restaurants along with landscaped common areas.
Light Industrial Units
Light Industrial Units in Dubai Science Park come with ready infrastructure and grade-A build standards. The facilities include state-of-the-art fire protection systems, dedicated service roads for heavy vehicles and forklifts, and 24/7 security.
Benefits of Business Setup in Dubai Science Park
By setting up a business in Dubai Science Park, foreign investors are entitled to the following benefits:
- 100% ownership
- Quick & easy business setup process
- Zero income tax & corporate tax
- Customisable commercial spaces
- No limitations on currency
- Complete repatriation of profits & capital
Compliance Requirements in Dubai Science Park
Businesses licensed by Dubai Science Park are liable to meet regulatory requirements such as Ultimate Beneficial Ownership (UBO), Economic Substance Regulations (ESR), and Anti-Money Laundering and Combating Financing of Terrorism (AML-CFT). Companies under liquidation in Dubai Science Park are also required to meet these requirements. Failing to meet these regulations will lead to hefty penalties and other severe consequences. Having access to business setup services in Dubai can help the companies navigate these regulatory challenges.
Choose the Best Business Setup Services in Dubai, UAE
The process of business setup in Dubai Science Park is flexible and straightforward. However, the process may go wrong if the documentation or other procedures are wrongly executed. Investors applying through business setup consultants in Dubai such as Jitendra Business Consultants (JBC) can avoid such unforeseen circumstances. JBC is one of the leading providers of business setup services in Dubai with over 20 years of experience.
JBC’s highly qualified consultants can help the investors obtain a license within a few days. Our extensive knowledge of UAE immigration laws and labour laws will come in handy while applying for a visa, sponsoring the family or opening a bank account. We also provide compliance services related to UBO, ESR and AML-CFT. Call our executives today to ensure a speedy company formation process in Dubai Science Park.