With the name coined from the geographical co-ordinates of Abu Dhabi (24° North, 54° East), Twofour54, launched in 2008, aims to accelerate the media industry of Abu Dhabi. It is an amalgamation of 550+ media companies, 800+ freelancers, 80+ entrepreneurs, and 4000+ media professionals.
It acts as a destination where people are motivated to innovate, collaborate, and create. They aim to provide everything ranging from world-class production facilities, talent development initiatives, and training, to business support services.
It has the vision to be the capital for content creators. Twofour54’s mission is to build a creative ecosystem inspiring world-class content and fostering the success of the media industry of the region. They are built on the values of dedication, respect, collaboration, entrepreneurship, professional excellence, and creative thinking. It houses the biggest brands and media houses in the industry, such as CNN, BBC, National Geographic, Fox, the Financial Times, and others.
Benefits of Abu Dhabi
- Centre of the world.
- Makes up 65% of UAE’s economy
- Numbeo has ranked it as number one safest city in the world
- Connects to the world’s major cities by way of direct flights
- Home to 200 nationalities
Additional benefits enjoyed at Twofour54
- 100% ownership
- 0% corporate tax
- 0% income tax
- No minimum share capital requirements
- Cost-effective office space solutions
- Easy and quick setup
- Technical staff which is highly-skilled
- Free zone status
- Online Briefing Room
- Strong and dedicated Freelance Relations team
- Fully waived registration and license fee for the first two years
- Marketing and Sales support
- Chance to network with over 550 international and local companies
- Facilities of a dedicated business team
If you set up your business at Twofour54, you can also apply for an onshore license from the Abu Dhabi Department of Economic Development, giving you more freedom and access to greater opportunities.
Visas are also available for all sizes of companies. A person working individually can obtain a visa for himself/herself. While on the other hand, for bigger organizations, there is no upper limit on the numbers of visas, and the process is equally easy. There are caps of visa depending upon the size of the premises. It is also easy to sponsor visas for your dependents, and it can be done through a straightforward process.
Easy three-step setup:
- Submit your business plan or form.
- Sign the required commercial, regulatory and legal documents.
- Provide any applicable payments, collect the license and start.
Once the license has been accepted, the corporate bank account can be set up. It has a quick and simple application process. The free zone staff can give advice on the bank which best suits your needs and then arrange a meeting in the branch for you. The same service can also be provided by a company formation specialist, or you can approach any local or international bank yourself.
Types of Licenses
Twofour54
1. Set up a new company– A brand new Free Zone Limited Liability Company (FZ-LLC) can be set up whether your business consists of an individual or corporate shareholder or a mixture.
Some regulatory requirements to setup a FZ-LLC:
- At least two directors are needed to be appointed
- There is no minimum fixed share capital requirement, and it can be in any currency.
- It needs to have one registered office in the media zone.
2. Set up a new branch– Under this, you can expand your current/existing business.
Some regulatory requirements for setup:
- A decision to setup a branch in the Media Zone must be indicated by the Principal Company.
- A General Manager has to be appointed for the branch.
- A registered office should be there in the media zone.
3. Get a freelancing license– Here, you can work independently or start freelancing through various opportunities with their regional and international partners and even government entities.
4. Startups– The setup if made for companies that are based on digital content creation and audio-visual content production.
Source: https://nrdoshi.ae/twofour54-media-business-set-up/
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