Dubai Silicone Oasis is a Free Zone fully owned by Dubai government. It is meant to become a "technology oasis" by supporting technology-based businesses.
Today DSO is a technology park which hosts more than 2 000 companies. It is also a residential district with about 60 000 tenants.
DSO's facilities include "Plug and Play" offices, Light industrial units, conference rooms. Offices are fully fitted, connected to Internet and VoIP, have 24 hour security. DSO's range of high quality facilities would suit small businesses or big enterprises.
It also promotes it's daughter Free Zone DTEC, where IT specialists are welcomed to register their start-ups. A company can be registered at DTEC for the first couple of years, after which it is expected to move to Silicone Oasis authority.
DSO recently started implementation of a new project called "Silicone Park". It is a part of Dubai government's "Smart City" initiative, which is meant to become a developed and sustainable community with the help of modern technologies.
Dubai Silicone Oasis is a place worth visiting, living and doing the business at.
TRADING AND SERVICE LICENCE COSTS IN DSO FREE ZONE
Number of visas depends on office size
|LICENSE TYPE||VISAS INCLUDED||TOTAL COST|
|Trading / Service / license + office 40 sqm||no visa||AED 103,470 $28,350||download breakdown|
|Trading / Service / license + office 40 sqm||1 visa||AED 108,162 $29,650||download breakdown|
|Trading / Service / license + office 40 sqm||2 visas||AED 112,855 $30,950||download breakdown|
|Trading / Service / license + office 40 sqm||3 visas||AED 117,547 $32,250||download breakdown|
DOCUMENTS FOR DSO FREE ZONE SETUP
Yes, you can have a company registered outside Dubai, but reside in Dubai or any other Emirate. You do not have to live in the same Emirate where your visa belongs to. You can also have a bank account in a Dubai branch of any UAE bank of your choice.
No, you have to visit UAE personally. It is a requirement of a UAE Central bank which all local banks have to follow. Personal visit is required to make sure that the client is known by the bank.
Normally you can get a debit card for your newly opened company if there is only one shareholder. You can also have a credit card, but it will be given against a fixed deposit. As for the loan, it is possible to get it, but you need to show company operations and profits to the bank. Upon checking your company's turnovers and profits, a bank may approve a loan. We recommend applying for it at least after one year of company's operations.
Officially an office of a free zone company has to be located only within the free zone where this company was registered. If you need an office in Dubai, you have an option to rent a space in a Business center and use it either a few times per month or daily, depending on the package that you choose. However, the free zone minimum required space (flexi desk) cannot be cancelled.
A flexi desk is an obligatory requirement for any company eligible for resident visas. UAE government obliges to have it because it's the minimum physical office space, that a company who has any individual under its visa must have. Apart from that, flexi desk is helpful for bank account opening. The compliance department of the banks needs to see that a company has some kind of office or at least a small physical seat, where it can be working from.
VAT obligations of the company depend not only on the place of its registration, but on the place where its business takes place. To start with, VAT comes into picture once your taxable turnover reaches 375 000 AED. Taxable turnover means the turnover which was done in the UAE. If your company is registered in a Free Zone, but the trading takes place abroad (for example you sell goods from India to Africa), that turnover is not considered taxable, because the transactions are taking place out of UAE. It means that you do not have to pay VAT. But if you have a free zone company and import goods to UAE, you have to add 5% VAT to your Invoices and pay VAT. If your company is registered in a designated free and sells the goods to another designated free zone or within the same zone, VAT does not appear.
UAE is free from income tax and corporate tax. It has only imported tax 5% for the goods that you bring into the country and VAT 5% for the trading or service transactions that happened in UAE.
Everything depends on your business model and requirements, but a free zone setup is the most suitable for the majority of the business needs. Free Zone company has 100% foreign ownership unlike mainland where you need a local partner or agent, it can be eligible for resident visas, allows doing business both in and out of UAE, more favorable by the banks in comparison to offshore companies, can have a flexi desk space instead of an executive office like in mainland companies. Free Zone is a good way to start a business for reasonable fees and without unwanted obligations.
We do our best when we setup your company in such a way that would make account opening easier for you. Knowing your background and your business model, we can give you our estimation about the chances of successful account opening. The approval of the account fully depends on the bank. Each case goes to a few departments of the bank where it has to be approved before the account gets opened. If the bank has any questions or needs clarifications, it will contact you directly with the inquiries. The more clear picture about your business you give to the bank, the higher your chances of account opening are. Being a consultancy company, we cannot guarantee opening of a bank account, because it depends on the factors which do not depend on us. However, we do our best to prepare you and your company for smooth and fast account opening.
Yes, the company should be renewed annually. The cost of the renewal is usually less than the setup cost. It depends on your company package. You can get the price by downloading the Estimate from this page. Renewal does not require personal presence of the owner and can be done by your agent. After company renewal, the new license has to be shown to the bank in order to extend the bank account. It is always included into our renewal service.
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