Dubai Science Park Free Zone

Choose The Best Auditors in Dubai Science Park Free Zone

Dubai Science Park contributes significantly to the UAE’s long-term vision for innovation and sustainability under the ‘We the UAE 2031’ strategy

The Dubai Science Park (DSP) is a free zone dedicated to the development of the UAE's science sector. It was previously known as the Energy and Environment Park. DSP was founded to support the vibrant community of entrepreneurs, start-ups, SMEs, and multinational corporations that contribute to the global advancement of science. The Dubai Science Park is the UAE's first strategically planned science community.

Dubai Science Park is a free zone established by the Dubai Development Authority (DDA) in 2005 to support scientific innovation by providing an enabling environment for growth and development in pharma, health and wellness, as well as life, human, plant, material, environmental, and energy sciences.

Dubai Science Park is the region's first free zone community that serves the entire value chain of science by fostering an environment that supports research, creativity, innovation, and passion, while also ensuring a supportive ecosystem for businesses to establish long-term and positive change. Dubai Science Park is a hub for over 350 small and medium-sized businesses, as well as multinational corporations employing over 3600 people.

 

Dubai Science Park Business Activities

• Property Management
• Working environments
• Warehousing
• Logistics
• Production and manufacturing
• Exports and imports
• Re-export
• Laboratory examination
• Diagnostics
• Environment, renewable energy, life sciences, recycling and waste management, sustainable farming, and food technology are all areas of research and development.
• Customer support services
• Marketing and sales

The Benefits of Dubai Science Park

• The free zone provides numerous benefits to businesses, which is an important consideration when starting a business in Dubai.
• Without the need for a local sponsor, 100% foreign ownership is possible.
• Companies in DSP enjoy corporate tax benefits in line with UAE Free Zone regulations, provided they meet qualifying criteria under the UAE Corporate Tax Law..
• 100% fund repatriation
• There are no currency restrictions.
• There is no import or export tax.
• Legal framework that promotes business
• Visa processing is completed quickly.
• Opportunities for collaboration with multinational corporations
• Cutting-edge laboratory infrastructure
• The right talent is available

Business Entities in Dubai Science Park

Two types of business entities can be established in Dubai Science Park.

• Limited Liability Company - Free Zone (FZ-LLC)

FZ-LLC is a legal entity with limited liability and independent shareholders. The minimum capital required for company formation varies depending on the type of business.

• A local/foreign company's branch

The branch company is a legal entity of the local or foreign parent company that conducts business on its parent company's behalf. The parent company is responsible for all of the branches' activities. There is, however, no minimum capital requirement to open a branch office in Dubai Science Park.

License Categories

The Dubai Creative Clusters Authority (DCCA) governs the licencing rules in Dubai Science Park and is an important player in company formation in the park. The DCCA issues the following licences:

• Commercial Permit

Companies engaged in trading should obtain a commercial trading licence. This licence allows for the import and export of goods, as well as the storage and distribution of goods.

• Industrial Permit

Companies that intend to manufacture or assemble their products in the free zone must obtain an industrial licence. The licence allows the companies to import raw materials, manufacture or assemble products, and export finished goods.

• Professional Certification

To provide services in the free zone, companies or professionals in the service sector must obtain this licence.
 

Documents Needed to Establish a Business in Dubai Science Park

Companies that want to set up shop in the Dubai Science Park must submit the necessary paperwork to the regulator. The documents required for business incorporation in the free zone are listed below.

• A fully completed application form.
• Description/summary of the business plan- products and services, etc.
• Copies of all shareholders/directors' passports
• A copy of the Board of Directors' resolution
• Target market and segmentation in marketing
• Financial Information- Bank account proof, balance sheet, cash flow statement, and so on.
• References

How long does it take to complete a company registration in Dubai Science Park?

It usually takes 7 working days once all of the required documents and payments are submitted, which can be divided into two phases:

• First phase: Approval of the initial application, which takes 4 working days.
• Second phase: The issuance of the licence, which takes three working days.

Corporate tax implications for Dubai Science Park companies:

The corporate tax law will apply to all companies registered in the UAE, including free zones. The UAE Corporate tax will be implemented for businesses in the UAE for the fiscal year beginning on or after 1 June 2023. Corporate tax will be levied at zero percent on the taxable income (adjusted net profit) of businesses in free zones as long as they comply with all free zone regulations and do not do business with mainland companies; otherwise, a 9% corporate tax will be levied on taxable income (adjusted net profit) in excess of AED 375,000.

Why Choose Reyson Badger?

Reyson Badger has been provides t approved auditing services in Dubai Science Park for many years. With a team of experienced and qualified professionals, we assure to provide accurate and reliable audit results that meet all legal requirements. As one of the leading Approved Auditors for Dubai Science Park, Reyson Badger offers a full-range of audit services from statutory audit to management consulting services that are tailored to each client’s specific needs.

The primary goal at Reyson Badger is to deliver high-quality professional services with integrity and total commitment.

We strive to offer value-added solutions and advice that help their clients make informed decisions, identify problems quickly, and plan ahead for potential risks in order to ensure compliance with financial regulations while meeting business objectives.

We are registered Auditors with the Ministry of Economy in the UAE, as well as a registered Tax Agent with the Federal Tax Agency in the UAE, and we provide dedicated Audit, Accounting, Tax, and Business Advisory Services in accordance with regulatory requirements.