Company Registration in the FEZ "Dubai Science Park" (DSP), Dubai, the UAE

Dubai Science Park is the region's first free zone catering to a variety of activities in the science, healthcare and pharmaceuticals sectors.

DSP Free Zone offers the opportunity to register onshore companies in Dubai which can be operated from within or outside of the Emirates. Such companies are licensed (special permit from the Administration) according to the type of activity they will be engaged in.

Setting up a company in DSP Free Zone implies the possibility of obtaining a residence visa for the participants / employees as well as their family members, which is a definite plus.

To register a company in Dubai Science Park, the following steps are required:

1. Define a company name to check for uniqueness (at least 3 variants):

• Must not be identical or similar to the name of an existing company;
• Latin alphabet characters are allowed.

2. Determine the structure of the company (director, shareholders, manager).

3. Define the type of license.

There are two main types of licences in the FEZ DSP which are categorised into separate business segments:

• Manufacturing licence - allows the holder to manufacture products in the business segment specified in the licence;
• Non-manufacturing licence - allows the holder to import, export, sell, distribute and store goods, or provide services in the business segment specified in the licence.

Some licences require approval from the relevant regulator.

4. Pay for the services.

5. Submit the documents for the directors / shareholders / attorneys (either originals or notarized copies):

• Internal and foreign passports;
• a document confirming the address (if the registration is not stamped in the internal passport);
• CV (curriculum vitae).

For the shareholders it is additionally necessary to submit:

• CV in the form of a letter: telephone number, e-mail address, residential address, country of residence, mother's name, marital status, religion, nationality.

7. Prepare and submit a set of documents for company registration, sign the documents with the officers and shareholders of the company.

The following documents are prepared for submission to the registration authority:

• Application for company registration (to be signed by the shareholder);
• No Objection Letter (letter from the sponsor) - if there is a valid UAE visa issued by another company;
• Articles of Association and the Memorandum of Association.

8. Receive the registration documents and stamp.

Upon registration, the FEZ Administration will issue the following documents:

• Certificate of registration, indicating the number and date of registration, type of license, information about company's shareholder and shareholders' equity;
• License for company activity (license is valid for 1 year);
• Office rent agreement (valid for 1 year);
• Shares certificate;
• Charter and memorandum of incorporation.

A seal of the company is also issued.

The total term of the company registration in FEZ DSP is on the average 15 working days.

In the course of registration, an office rental agreement is executed between the company and the FEZ administration. The address of the office is considered to be the official registered office of the company.

FEZ DSP offers various office packages depending on the needs of the clients in terms of types and number of licenses, number of visas, need for physical presence and accommodation: from Shared Desk (a separate room or workspace in a first class business centre) to storage facilities.

Companies are required to have a seal.

Redomiciliation of companies to and from the UAE is permitted.

A director may be an individual over the age of 21 years. There are no residency requirements. The appointment of a corporate director is subject to the relevant approval of the Registrar.

The minimum number of directors is 1, the maximum number of FEZ is not set.

Information on directors is not publicly available.

The secretary can be either an individual (over 21 years of age) or a legal entity. There are no residency requirements.

Maximum number - 1, may coincide with the director.

Information about the secretary is not in the public domain.

Only individual over 21 years old may act as a manager. There are no residency requirements. May coincide with a director / shareholder.

No publicly available information about managers.

Shareholders may be individuals and legal entities, with no residency requirements.

In FEZ DSP there is no requirement to have a local shareholder in the company structure.

Information on shareholders is not publicly available.

Although many jurisdictions are discussing the creation of a public register of beneficial owners, the UAE does not yet have one. This means that there is no public access to beneficial owner information. It is held by the registration agent. Beneficiary information can only be disclosed to regulators (e.g. during inspections for its availability) or by court order.

The standard minimum amount of authorized capital in DSP is AED 10 000 (~ USD 2 750), however for some types of licenses the share capital requirement is increased.

The share capital must be paid into the company's bank account in the UAE within 3 weeks of the issuance of the company's licence. It can subsequently be withdrawn at any time.

A company may issue shares of different classes.

It is not possible to issue bearer shares.

The share capital can only be in UAE Dirhams (AED).