About TECOM Free Zone
TECOM encompasses 11 business communities under the management of Dubai Holdings, a sovereign investment vehicle for the government of Dubai. Each of these communities focuses on a specific sector. Founded in 2005, the communities have grown in scope and consolidated based on the needs of the Dubai business sector.
As of 2019, the 11 business communities are arranged under the following names:
- Dubai Internet City (DIC)
- Dubai Outsource City (DOC)
- Dubai Media City (DMC)
- Dubai Studio City (DSC)
- Dubai Production City (DPC)
- Dubai Knowledge Park (DKP)
- Dubai International Academic City (DIAC)
- Dubai Science Park (DSP)
- Dubai Industrial Park (DIP)
- Dubai Design District (d3)
- Dubai Wholesale City (Dubai WC)
These business clusters are home to over 6000 companies ranging from start-ups to international corporations with a total workforce of 90,000. These companies are some of the leading firms in the city such as Khaleej Times, Dubai Eye, CNBC Arabia, Microsoft, Dell, Siemens, amongst others.
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The Dubai Development Authority (DDA) is responsible for the incorporation of companies in the free zone areas and Dubai Design District (d3). In Dubai Industrial Park (DIP), licensing is handled by the Dubai Department of Economic Development (DED).
The DDA aspires to standardise the company incorporation requirements across the board, however, minor sector specific variances still exist. A consultant can help clarify the specific nuances of each of the jurisdiction.
With the growth in freelancers across the UAE, a freelance package introduced in 2018 for the low price of AED 7500 has electrified the local entrepreneur community. With this package, you can start invoicing in a relatively short period with minimal requirements. It is, by far, the most popular freelance option through a free zone in Dubai.
TYPES OF LICENSES:
A TECOM Free Zone company can operate under these types of licenses:
Documents Required to Start a Company in Freezone Areas & d3
Please check with a consultant to find out the latest requirement, at the time of publishing these were the required documents:
- Application for registration;
- Ultimate beneficial owner declaration form;
- CV of all shareholders, directors and general manager;
- Bank reference letter;
- Passport copies for the shareholders, directors and general manager;
- NOC for the general manager from the current UAE sponsor (if applicable);
- Registry Identification Code (RIC) form for directors & manager;
- If a foreign shareholder has an existing UAE residence visa, a NOC from the sponsor is needed;
- If a company, instead of an individual holds the shares, they need to be notarized and attested. If they are held by a foreign company, you will need to have them legally translated to Arabic and then attested by the home government, UAE Embassy and UAE Ministry of Foreign Affairs.
Timeframe for Business Setup in TECOM
There is no standard time frame for business license issuance via TECOM. The timeframes greatly vary based on the nature of your business. If you apply for a freelance permit, it is issued in a few days. If you apply for an industrial license, it takes several months. Generally, the more external agencies are involved, the greater the time frame required to get a license.