Dubai Silicon Oasis Authority (DSOA), a 100% government-owned free zone, was established following Law no 16 of 2005 of the Government of Dubai, with the Mission to “facilitate and promote modern technology-based industries” thus supporting the region’s demand for business expansion. Dubai Silicon Oasis (DSO) is a technology park and provides both a living and working integrated community.
A full package of incentives and benefits are provided to companies operating within the DSO free zone and these includes:
1.100% foreign ownership
2.100% repatriation of capital
3.Zero income tax
4.Zero corporate tax
5.No import or export tax
6.Low cost of operations
7.State of the art IT infrastructure and facilities with tier 3 data center
8.Fast-track business set-up & licensing
9.Dedicated business support services including integrated online E-Business system offering tenants fast and efficient services at the touch of a button
10.Access to a regional pool of talented technical and engineering professionals
11.Stable and clear regulation
12.Access to consumer markets of 5 billion people (Middle East, North Africa and Indian subcontinent).
To establish your company within DSO, you simply need to register it and then obtain a license. To register, you need to select the company and license types from the following:
Any established company, whether in the UAE or abroad, can register its branch in DSO. The stated business activity that will be conducted in DSO must be identical to the activity conducted by the parent company.
2. Free zone Establishment (FZE)
An FZE is a legal entity incorporated/registered by a single shareholder. The shareholder can either be an individual or a non-individual/corporate.
3. Free zone Company (FZCO)
An FZCO is a legal entity incorporated/registered with a minimum of two shareholders. Shareholders can be either individuals or non-individuals/corporate.
The list of licenses available in DSO are:
I) Service License
II) Trade License
III) Industrial License
1. register on DSOA’s customer portal https://eservices.dso.ae/ to submit your application form and related documents
2. DSOA will conduct a document review (activity & security check) initial approval and invoices are issued to the client
3. Payment of related fees and submission of legal documents
4. Issuance of the lease agreement (Digital agreement to be sent to the client’s registered email)
5. The client is required to sign a lease agreement and return to DSOA along with a bank share capital letter
6. Issuance of E-Registration and E-License
2. Letter of Intent
3. Passport Copy/Copies
4. NOC for UAE residents only
5. Bank statement/reference letter or audited financial report
6. Company business plan
The timeline for application process will be at least seven (7) business days, the registration process will vary depending on the provision of the legal documentation by the applicant while issuance of License & Lease Agreement is within 2 days from receipt of all legal documents and payment.
Closing a business: DSO free zone
Steps to liquidate a company in Dubai Silicon Oasis:
The Company should submit a notice to the DSO free zone authority mentioning, the reason behind the closure of the entity, and three months prior to the liquidation. Otherwise, there will be some charges for canceling the lease agreement.
A board resolution (or Shareholder’s resolution in case of FZE/FZCO) for De-registration must be attested in front of free zone executives. If the shareholders are outside the country/the owner of the company is a foreign company then the resolution has to be notarized and attested from the UAE embassy of that country and the same has to be legalized from Ministry of Foreign Affairs, UAE.
The company must return all office keys and transponders (It is not applicable for the companies in Leasehold or Freehold)
The company post box must be closed and return the keys.
Company Original license, Certificate of formation & Share certificates, Lease agreement and the Original Department of Economic Development License (if it is issued through DSO)
The following clearances are mandatory from different authorities
I) DEWA clearance, if applicable
II) Clearance from Dubai Customs Department
III) Clearance from DSOA Finance Department
IV) Clearance from DSOA Government Services Department
V) Clearance from DSOA IT Section
VI) Etisalat Clearance
VII) Facilities Management Clearance
7. Liquidation report* (only prepared by a Dubai Auditor)
Why need BMS Auditing Chartered Accountants?
BMS is an organization with expert professionals who can help you with the registration and formation as well as liquidation and de-registration of your business in any of the UAE Free Zones.
Our market experience and the solid personal relationships which we constantly maintain with the major finance providers and business communities, we behold specialist advisory skills to support you both in the local and global market place.
With BMS, we can help you identify the needs of your business by:
Providing Guidance & Support in strategizing your business plan and providing business advisory.
Assisting you in making the best decision in favor of the business by assessing the risk along with the management techniques of the same.
Assisting you in preparing the application form to be submitted to the regulatory department
Providing proper guidance while selecting the strategic locations of warehouse/sand/or5. offices.
6. Providing VAT Compliance and Advisory support for VAT Registration, VAT Implementation, VAT Return Filing
7. Tax restructuring
8. Provisions for Accounting & Book Keeping services
9. Provisions for Accounting & Financial Reporting
10. Provisions for Audit & Assurance Services
11. Preparation of liquidation report and PRO service support for liquidation
With the continuous support from our Chartered Accountants, you will get core business advice, qualitative solutions and unique experience that are specifically catered with your business needs.
BMS AUDITING & CONSULTING CO. Suite No.1001, 10th floor, Smart Height, Dubai, United Arab Emirates PH: +971 45516399 | MOB : +971 555569829 email@example.com | firstname.lastname@example.org