Dubai Academic City (DAC), was established after the successful development of Knowledge Village (DKV / KV) near Dubai Internet City, with the official launch in May 2006. The intention is for Academic City to be a base for schools, colleges and universities, while Knowledge Village will house training institutes and educational service organisations. Total area of DAC is expected to cover 129 million sq ft and the development is scheduled to be completed by 2012.
Why set up a company in Dubai Academic City?
Dubai Academic City covers an 18 million square kilometers area and is home to 25 academic international academic institutions. Apart from the skilled and educated workforce foreign investors will benefit from when opening a company in Dubai Academic City, there are other advantages, such as in other free zones. Businessmen will be allowed to set up 100% foreign owned companies and 100% tax exemptions from the personal income and corporate taxes for 50 years. They will also benefit from customs duty exemptions. Other benefits for foreign enterprisers in Dubai Academic City are:
– Modern infrastructure,
– Access to modern technology systems,
– Support for company registration,
– Quick and simple company incorporation procedures,
– Business-friendly atmosphere,
– Simple visa proceedings.
Types of Companies in Dubai Academic City
Dubai Academic City provides opportunities to foreign investors to build and grow their business. Here are the types of companies that can be incorporated within DAC.
1. Free Zone Limited Liability Company
Such companies possess their own legal identity. The amount of incorporation depends upon the nature of the business.
2. Branch of a Foreign or Home Company
DAC welcomes any foreign or home company to initiate its branch in DAC campus.
This provides a platform to individuals who want to be a freelancer professional and thereafter can establish their sole proprietor company on their own name.
Company licensing regulations in Dubai Academic City
Business licenses in Dubai Academic City are released by the Dubai Creative Clusters Authority, that issues documents for the following types of companies:
– Free zone limited liability companies,
– Branch offices.