Dubai Knowledge Park Business Setup | DKP Company Formation

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Dubai Knowledge Park (DKP) free zone caters to the development and management of human resources and the promotion of the country as a knowledge-based economy. It is also popularly known as Dubai Knowledge Village. Dubai Knowledge Park was established in 2003 as a part of the TECOM group. It offers programs in multiple fields such as Consultancy, Human Resource Management, Training, and Personal Development.

Types of company licenses at Dubai Knowledge Park 

One can opt for commercial, services, and freelance licenses at DKP. The various types of legal structures that are available include the following:

1. Free Zone Limited Liability Company

It is a wholly-owned company or an independent legal entity where at least one director is required.

2. Branch office of a UAE Company

It does not get a separate legal entity and conducts operations of the parent company’s business.

3. Branch office of a Foreign Company

With no minimum share capital prerequisites, it is 51% locally owned.

4. Freelance Permit

This gives an individual the liberty to operate as a freelance professional.

Benefits

The benefits of Dubai Knowledge Village Business Setup are: 

• 100% foreign ownership permitted. 
• 100% repatriation of profits. 
• 100% repatriation of capital. 
• No personal income tax.
• No corporate tax.
• Presence of all the global, regional, and local industry players. 
• Well-built and good infrastructure. 
• Business-friendly legal framework. 
• Well-equipped conference and meeting areas. 

Suitability

Dubai Knowledge Park is suitable for: 

1. Vocational training setup
2. Educational institutes
3. Human resource consultancies
4. Management start-ups
5. Freelancers

Permitted business activities 

The various business activities that are permitted in the DKP are Professional and Management Development Training, Computer Training, Language Training, Fine Arts Training, Child Skills Development Training, Tutoring Services, Technical & Occupations Skills, Human Resources Consultancy, Research & Development, Content Development, Assessment and Testing, Executive Search, Freelancers and Association (Non-Profit).

Products

The various products offered by Dubai Knowledge Village include: 

1. Commercial Offices

It includes an office or floor spaces that are available in the shell and core state. Some of the premier clients in these commercial spaces are City and Guilds, Hays, Monitor Group, etc. 

2. Business Centre 

Be it hot desks or fully furnished offices, which are ready to use, Dubai Knowledge Park has it all.

3. Retail

These spaces are perfectly suitable for companies that offer support services like pharmacy, restaurants, vending machines, newsagents, etc. Some of the current retail partners are KFC, Starbucks, Photocopy Centres, Pharmacy, and others. 

4. Kiosks

These are the small retail outlets that can be used as coffee bars etc.

Dubai Knowledge Village Company Formation Process 

                                            Steps involved in business setup at Dubai Knowledge Park

The major steps involved in the formation of a company in Dubai Knowledge Village are as follows: 

1. Submission of application 

2. Submission of documents and the necessary payment 

3. Signature and Collection 

Documentation requirements for Dubai Knowledge Park Company Registration

The documents required for approval are: 

1. License Application  

2. Registration Application   

3. Business Plan of the proposed company 

4. A copy of the Certificate of Incorporation 

5. Valid passport and visa copies of managers and directors of the proposed company and the legal representatives (if any)  

Individual Shareholder requires the following documents for company formation at Dubai Knowledge Park: 

Application for Registration 

Personal KYC 

Board Resolution concerning the establishment of the company 

Bank letter providing confirmation of the deposit of the share capital 

Corporate Shareholder requires the following documents for company formation at DKP: 

Application for Registration 

Corporate KYC duly attested from the UAE Embassy 

Board Resolution as to the establishment of the entity 

Parent company documents such as Certificate of Incorporation, Memorandum of Association, and Articles of Association 

Other documentation such as application forms and specimen signatures 

Branch office requires the following documents for company formation at Dubai Knowledge Park: 

Application for registration 

A Board Resolution as to the establishment of a branch  

Corporate Documents of the Parent Company which are Certificate of Incorporation, Memorandum of Association, and Articles of Association   

Business Plan 

A Letter from the parent company for the appointment of Manager 

Company profile 

There are other documents that are required to be signed to complete the formation process of a company. These documents are Office Lease, Articles of Association, Memorandum of Association, License, and Certificate of Incorporation. 

Some of the featured partners in the Dubai Knowledge Park are CIPD, Innovative HR Solutions, City and Guilds (MESA), International Centre for Culinary Arts, Society for Human Resource Management, and many more. 

Frequently Asked Questions 

Dubai Knowledge Park (DKP) Business Setup

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Is there access to UAE Double Taxation Treaties in DKP? 

Yes, there is access to Double Taxation Treaties. 

Does Dubai Knowledge Park allow the import and export of goods? 

Yes, it is allowed. 

What are some of the prominent companies at Dubai Knowledge Park? 

Some of the prominent companies in the free zone are the Institute of Chartered Accountants of India and the Institute of Management Accountants. 

Are accommodation facilities available in Dubai Knowledge Village (DKV)? 

Yes, accommodation facilities are available in close proximity. 

Is a warehousing facility available at DKP? 

No, it is not available. 

Source: https://nrdoshi.ae/dubai-knowledge-park-business-setup-dkp-company-formation/

Masdar City Free Zone, Abu Dhabi

 

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Driven by the Abu Dhabi Economic Vision of 2030, Masdar City Free Zone (MCFZ) is a business community in Masdar City. It houses companies ranging from start-ups to SMEs and multinationals. It is a prime destination for global business, and Abu Dhabi International Airport is in its proximity. Furthermore, it offers direct connectivity to all areas of Abu Dhabi and the UAE. 

It offers a comfortable environment for businesses to

operate. The competitive pricing, comprehensive support system, and synergy springing from the City’s unique innovation ecosystem together combine to offer a great deal of value-add to all its partners.

It’s e-portal allows investors to set up a business with a completely online process. A plethora of support services are provided to tenants, which include One-Stop-Shop, registration, licensing, and various other development and leasing options. 

Unique benefits Offered by Masdar City Free Zone 

It is an emerging global destination where businesses can thrive and flourish.

1. Quick Setup: It takes just five working days to obtain a license to start operations. 
2. One-Stop-Shop: It offers a quick and easy setup. 
3. 100% Foreign Ownership: There is no need for local sponsors.
4. 100% Tax-Free: There are no corporate and personal taxes. 
5. Freedom of Repatriation: The investor can freely take away capital and profits to his country.
6. Research and Development Hub: Partnership with Khalifa University. 
7. Knowledge and Talent: A critical mass of sector-related expertise and talent. 
8. Cost-Effective: Economic licensing and office space. 
9. Strategic Location: Strategically located between Abu Dhabi and Dubai. 
10.  No import duties: 0% duties on goods imported.

Legal Structure 

Masdar City Free Zone offers quick and straightforward company incorporation options to entrepreneurs and accordingly, as per the Masdar City Company’s Registration Regulations, one can opt for any of the following legal structures: 

1. Free Zone Limited Liability Company 

2. Branch of a foreign/offshore company 

3. Branch of a UAE based company 

Services offered by Masdar City Free Zone for Business

Registration and Licensing 

Masdar City Free Zone, through its One-Stop-Shop, offers a wide range of services, which include registration and licensing services, business and leasing opportunities, and numerous other support services. It also provides a variety of licensing tariff options that can be selected according to the activities and financial plans of the company.

The following are the various broad categories which are eligible for the issuance of a license: 

Renewable Energy

Clean Tech and ICT

Marketing and Events

Human Resources

Energy Industry

Healthcare Services

Service Providers

Property Development Services

Regional HQ, Trading and Holding Companies

Business Centre and Data Centres

Oil and Gas Services

Retail, Food, and Beverage

Support Services include 

Visa Services along with medical checks

Dependents Sponsorships

Emirates ID Card processing

Customs administration

PO Box Set-up

Facilities and Property Management

Abu Dhabi Chamber of Commerce membership

Document Authentication

Meeting room and conference facilities

Business and Leasing Services 

Office Space : 

It offers office space catering to the needs of all sizes of business. Be it Flexidesks in a shared workspace, serviced and executive offices, or a larger core and shell unit, it has it all. 

Land :

It offers a mixed-use community living along with sustainability. The land is available for both buying and leasing for developers. 

Build to Suit :

Large organizations can partner with Masdar City Free Zone to engineer bespoke commercial, retail, residential, recreational, educational, healthcare, and corporate spaces. 

Masdar City Free Zone Company Formation Process

Company Name Reservation 

An investor needs to reserve the company name with an initial online payment of AED 2,000. The Free Zone will submit the form for approval to the Abu Dhabi Department of Economic Development. Upon approval of the name, an email will be sent by the free zone to the investor.  

The investor then needs to complete the application for a license and provide the business plan of the company and legal documents.  

Masdar City Free Zone will check the completed application, and any shortcomings will be informed and followed up. 

Documents Submission

Then the e-services platform has to be accessed, and submission of the required detailed information and documents has to be done. 

All submitted information and documents and reviewed and accordingly approved. Then the organization’s legal documentation is issued through the system (Resolution, Articles of Association, Memorandum of Association). The advisors also reach out to the client to present their existing lease options. 

License Issuance 

Then the legal documentation is needed to be signed, and the lease process and payments are finalized, either through a personal visit or courier service. 

After all this, the license and certificate of registration/incorporation are finally issued, which can be accessed online. 

Source: https://nrdoshi.ae/masdar-city-free-zone-abu-dhabi/ 

10 ways to improve budgeting and forecasting

 

Every organization – big or small – is required to perform budgeting and forecasting to ensure that the business processes remain in the flow. Moreover, these cannot go wrong; otherwise, the result may turn out to be bad. However, businesses are required to make efforts to execute them correctly, efficiently, and effectively.

We provide you the ways that can improve your budgeting and forecasting exercise:

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1. Define your goals

A company’s goals, objectives, strategies, and expectations are their key points of action. These must be clearly defined before venturing into the exercise of budgeting and forecasting. The budget must incorporate these points to avoid any conflicting situations between the budget and strategic aspects of the business. Budgets and forecasts, which are specific, clear, realistic, and in line with the organization’s targets, achieve more success. 

2. Plan it before budgeting it

Build your plans before moving on to budgeting and forecasting. A budget based on random guesses will falter in the future, while if it is based on calculative plans, it results in better decision making. The owners and the top management must ensure that planning is not based on budgets, but it is the other way round. Budgets must follow the strategic plans and hence, must allow for contemplation in case of opportunities and threats.   

3. Keep it updated and flexible

The situation of the company, trends, and challenges in the industry, and the economic scenario keep on changing. A static budget, which does not reflect these changes, leads to a more problematic situation and challenging times, while a flexible budget allows for changes. Therefore, companies must adopt rolling forecasts so that the numbers reflect the impact of these factors continuously. A quarterly or monthly budgeting works better as it allows us to make the necessary alterations in the budget as per the changes in the company.  

4. Look for multiple scenarios

The budgeting and forecasting process must be conducted for various scenarios. Some positive and some negative trends and challenges may affect the company, and all these must be accounted for to develop different scenarios. The basic premise is to be as close as possible to the current economic trends and external market situations, which is difficult since the budget is based on predictions. Therefore, it is a prudent decision to develop optimistic, normal, and conservative scenario-based forecasts for different situations. 

5. Involve more people

It is important to shoulder the responsibility of budgeting and forecasting with other teams. The departments or function teams can do the budgeting and forecasting for their team and submit to the finance team. Then the finance team can collate, check for alignment with company goals and expectations, and prepare the final version for the company as a whole. Therefore, communication with the other teams is a key prerequisite.

6. Every detail is important

A company must pay attention to all the small and big particulars and transactions happening in the company. These details may pertain to anything like economic scenario, competitive landscape, regulatory landscape, internal transactions, customer behavior, supplier relationships, and others. All these small details can influence the financials of a company and forecasts and hence, must always be tracked. 

7. Include actionable steps

Budget and forecasts are just predictions and projections of the future based on historical data and trends. These forecasts may be conservative or liberal; however, making just forecasts does not help. This process must mention the actionable steps required to be taken to achieve those forecasted numbers. Only then, the idea will convert into a reality. Moreover, these action points must be shared and communicated across the company to walk in the same direction with the same enthusiasm.

8. Embrace regular monitoring and reporting

Organizations must allocate people to monitor the budgeting and forecasting process frequently and report the inaccuracies if any. The exercise must be reviewed at every step to find misalignments and reported for corrections. With regular monitoring, the management can identify the glitches and complications before they become uncontrollable. The organization must ensure to put the best step forward for this exercise for a better ROI.

9. The right tools are vital

Multiple types of software are available that make the budgeting and forecasting process simpler and easier. It is helpful to have such software for this process. Cloud-based systems are the current trend as they can be accessed anywhere, are less time consuming, and generate interactive results. Such interactive software generates forecasts that are flexible, secured, reasonable, accurate, quick, and error-free.

10. Give it the importance it deserves

Budgeting and forecasting is a critical process for any organization. It cannot be treated as a small, irrelevant exercise of numbers. It deserves the same attention as a key client project gets. The organizations must discuss it well at the top level, formally initiate, plan the entire process, track at each step, report to the concerned authorities, and resolve in the case of disputes. Everyone in the company must be on the same page about the completion of the budgeting and forecasting process within the deadlines in alignment with organizational strategy. 

Organizations must understand that though budgeting and forecasting are grueling tasks, but are a critical one that cannot go wrong. It has to go in the right direction.

Therefore, organizations must focus on the points mentioned above to develop accurate and efficient budgets and forecasts that will drive the forward march of the organization.

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N R Doshi & Partners

NR Doshi & Partners helps the clients in the budgeting and forecasting process. They have the knowledge and experience in this process for various industries and domains and various large and small organizations. They do the budgeting and forecasting as your business needs it and as your management wants it.  

Call us if you are looking for help with your budgeting and forecasting exercise! 

Business Setup in Dubai Outsource City (DOC)

Dubai Outsource City (DOC) is a United Arab Emirates based business park for local and international companies looking to work in the field of outsourcing services. It was launched in 2007 as Dubai Outsource Zone to provide state-of-the-art facilities to outsourcing companies. It houses more than 160 businesses from insurance, hospitality, banking, financial, government and travel industry. 

Why Dubai Outsource City (DOC) 

• DOC is located at a strategic location 
• It provides unique visa solutions 
• A range of commercial spaces are available to choose from with 24×7 security and access 
• Various licensing options to setup a business in DOC 
• Dubai Outsource City provides Business setup support and access to students for part-time roles 
• No currency restrictions 
• Groundbreaking infrastructure with ample parking space and high-speed internet 
• 100% repatriation of capital and profits is allowed for a Dubai Outsource City company 
• DOC provides Significant opportunities for channel and market growth 

Legal Structure

Free Zone Limited Liability Company 

One can form a Free Zone Limited Liability Company. An FZLLC has a separate legal identity and individuals and corporates can be its shareholders.  

Branch office of a UAE Company  

A branch office of a UAE Company does not have a separate legal entity and it conducts operations of parent company’s business.

 

Branch office of a Foreign Company  

DOC allows branch office of a foreign company to incorporate with no minimum share capital requirements.  

        

License Types at DOC

1. Commercial license

This type of license is provided for the companies that are engaged in trading or the buying and selling of goods. A business activity chosen under the classified commercial activity is required to have a commercial license. 

2. Services license

This type of license is given to the businesses that are providing services. They can be service providers, artisans and/or craftsman, professionals etc. 

3. Trade license

Trade license is issued to the businesses that are involved in industrial and manufacturing activities. It includes manufacturing of food products, metal casing etc.  

The type of activities permitted in DOC

Document Management, IT Management, Customer Care, Transaction Processing, Operations Support, Property Management Services, Hotels and Leisure Facilities and Regional Headquarters. 

The various kinds of services offered by DOC

Incorporation and licensing, Recruitment services, Immigration service, Land leasing, Affordable on-site housing, Business centre services, Research centres, High speed internet connectivity, IP telephony, Interactive Voice Response (IVR) facility, Automatic call distribution, Predictive dialing systems, Satellite communication services and Technical support.

Dubai Outsource City provides offices spaces for 

1. Call Centres

2. Data Centres

3. Regional HQ

4. Shared Services Centre

DOC Company Formation Process

Step by step company registration process at Dubai Outsource City

Step 1- Submit application form for approval. The details of the company are filled out. 

Step 2- Submit the legal documents needed for company registration. 

Step 3- Sign the Memorandum of Association and Articles of Association. 

Step 4- Deposit the required share capital. 

Step 5- Signing and returning of the customer confirmation letter and making of the required payment. 

Step 6- Signing of lease and personal sponsorship agreement. 

Documents required for DOC Business Setup

Complete list of documents

• Business plan 
• Board resolution 
• Proof of share capital 
• Application form for a license 
• Registration fee and license fee 
• Specimen signature of the manager 
• Agreement of personnel secondment 
• Personal details of the shareholder(s)
• Application form for company registration 
• Coloured copy of passports of the manager/director(s)/shareholder(s) 
• Original Memorandum of Association (MOA) and/or Articles of Association (AOA) 
• Certificate of Authorization for the GCC Standardization Organization (GSO)

 Guidelines for submission of legal documents 

Comply with the requirements

• All the legal documents that are more than one page in length are to be sealed under Powers of Attorney and need to be accompanied with a valid passport copy of the Attorney. 
• The Authority reserves the right to request any extra documents if it may deem required, as and when necessary. 
• The Authority has the right to ask for extra attestation by the UAE Embassy or the other Embassies, as may be necessary.
• Power of Attorney and/or Board Resolution for the Manager must state the Manager’s full name as per passport including nationality and a valid passport number.
• All the legal documents should be in Arabic and / or English. Documents that are in any other language must be accompanied by a certified Arabic or English translation. 

Source: https://nrdoshi.ae/business-setup-in-dubai-outsource-city-doc/