The National Industries Park, previously known as Dubai Technology Park, was established in 2003 to encourage scientific activities and boost the progress of technology in the region. The landscape of business setup in National Industries Park is conducive for investors who wish to expand their technology firms into the Middle East Region. Strategically located in Jebel Ali Industrial Zone, the National Industries Park is spread across an area of 21 square kilometres.
Company formation in National Industries Park provides the investors direct access to a mix of plots of land, warehouses, prime office space etc. The National Industries Park offers Trading and Industrial licenses in collaboration with the Department of Economic Development (DED), which means such licensees can trade directly in Dubai mainland. Business setup consultants in Dubai can help investors to simplify the licensing procedures. Read ahead for more information on business incorporation in Dubai National Industries Park.
Types of Licenses in National Industries Park
The National Industries Park provides trade licenses in collaboration with the DED to enable foreign investors to carry out a wide range of business activities in Dubai. A license is mandatory to carry out any type of business activities in Dubai and hence the investors must be diligent in selecting a license that matches their business activities. Business setup consultants in Dubai can help the investors to choose an appropriate trade license. Stated below are the licenses permitted in the National Industries Park:
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A trading license in Dubai National Industries Park enables the holders to carry out the trading of goods.
By obtaining an industrial license in National Industries Park, investors can carry out manufacturing activities.
A service license in National Industries Park authorises the rendering of professional services.
An e-commerce license in National Industries Park is mandatory to carry out buying and selling of goods and services over electronic networks via any electronic means.
An innovation license in National Industries Park enables the investors to carry out the development of new products and services.
Types of Legal Entities in National Industries Park
Investors must determine a legal structure before applying for a license in National Industries Park. The legal structure or legal form is dependent upon the number of shareholders and the nature of the proposed company. Business set-up consultants in Dubai can help investors to determine a legal structure for their company. Based on these two factors, investors can select any of the following legal entities recognised by the National Industries Park:
Free Zone Limited Liability Company
A Free Zone Limited Liability Company (FZ-LLC) is an independent legal entity that can be formed with at least two shareholders. The shareholders can be individuals or corporate entities.
Branch of a Foreign Company
Foreign companies established outside the UAE are eligible for business setup in National Industries Park. They can establish their branch office within the National Industries Park and must carry out all or some of the activities of the parent company.
Branch of a Local Company
Companies incorporated within the UAE can establish a branch within the National Industries Park. The branch office doesn’t have a legal identity separate from the parent company. Business set-up consultants in Dubai can assist investors to set up branch offices.
Key Sectors of Focus in National Industries Park
The National Industries Park is designed as a centre for transfer, adaptation and localisation of technology. The Park has developed technology clusters in specific sectors whose target market represents a considerable portion of global demand. Foreign investors can set up a business in National Industries Park in the following broad sectors:
- Automotive & Spare parts
- Food & Agriculture
- Retail & E-commerce
Infrastructure & Facilities in National Industries Park
Foreign investors are required to sign a lease agreement to avail of premises suitable for the scope and nature of their business operations in the National Industries Park. The Park provides a wide range of lease options for various types of business activities. The process of business setup in National Industries Park offers investors several ready-built facilities including warehouses, factories, offices, staff accommodations and retail stores that are available for lease. Foreign investors planning to construct facilities in National Industries Park as per their specification and design are allowed to do so by leasing a Plot of customisable land of the required area.
Company formation in National Industries Park also gives direct access to amenities and utilities that are essential for the smooth conduct of daylily business operations. Providers of services related to telecommunications, electric works, waterworks and postal services are present in National Industries Park. They offer a diverse range of services even after company incorporation in National Industries Park such as obtaining phone lines, water and power connections and a post office box number. Investors can also avail themselves of the best business setup services in Dubai to enhance their business operations.
Benefits of Business Setup in National Industries Park
The process of business setup in National Industries Park offers a wide range of benefits for foreign entrepreneurs. Some of the major benefits are stated below:
- 100% foreign ownership
- No corporate tax
- No personal income tax
- Strategic location
- Proximity to Jebel Ali Port
- Easy access to airport and seaports
- All services under one roof
- Easy to hire foreign workers
- Excellent infrastructure
- Availability of suitable land area
- Exemption from customs duty for manufacturers under certain conditions
Compliance Requirements in National Industries Park
Free zone, mainland and offshore companies incorporated in the UAE fall within the scope of regulations such as Economic Substance Regulations (ESR), Ultimate Beneficial Ownership (UBO) and Anti-Money Laundering and Combatting Financing of Terrorism (AML-CFT). In line with this mandatory requirement, companies licensed by National Industries Park need to ensure complain e with ESR, UBO and AML-CFT laws. For UBO compliance, companies must disclose the details of their Real Beneficiary Owners at the time of incorporation and maintain the Real Beneficiary Register (RBR) and Partners or Shareholders Register (PSR).
Similarly, companies that fall within the scope of ESR must meet requirements such as filing of ESR Notification & ESR Reports apart from meeting the Economic Substance Test. Businesses that fall within the scope of AML-CFT should register in the goAML portal system of the Ministry of the Economy, develop an AML framework and appoint an AML compliance officer. Even companies under liquidation in National Industries Park must abide by these regulations or incur hefty penalties. Hire the best business setup consultants in Dubai to avail of ESR, AML and UBO compliance services.
Choose the Best Business Setup Services in Dubai, UAE
The process of business setup in National Industries Park enables the foreign investors to easily establish their presence in the lucrative markets of the Middle East region. However, a lack of knowledge about UAE laws and regulations may hurt their business ambitions. Choosing the bespoke business setup services in Dubai provided by Jitendra Business Consultants (JBC) helps foreign entrepreneurs to wedge this gap. JBC is one of the best business setup consultants in Dubai with over 20 years of experience.
Our knowledge about the UAE Immigration and Labour laws will help the investors to navigate the challenges of company formation in Dubai. JBC’s highly qualified consultants will guide investors through processes such as selection of business activities, determination of legal structure, applying for UAE Residence Visa, drafting & translation of legal documents etc. Our business setup services in Dubai also encompass bank account opening and compliance services related to ESR, UBO & AML-CFT. Hire our services today to ensure businesses are incorporated the right way.