Dubai Media City
Dubai Media City opened at the beginning of 2001 and has grown into a thriving business community used by both global and regional media companies.
This pro-business environment is specifically designed for media professionals and companies, allowing them to work with a collective synergy and freedom while enjoying free zone benefits such as 100% business ownership and tax-free income.
Media companies like CNBC, CNN, BBC, Forbes, Endemol, MBC, Reuters all benefit from being key industry players based in Dubai Media City. DMC is open to sectors including Advertising and Communication, Media and Marketing Services, Media Support Services, Event Management, Event Support Services, Media Consultancy, New Media Freelancers and Associations (non-profit).
According to Price Waterhouse Coopers, the MENA region enjoys the highest growth index of the Entertainment and Media (E&M) market across the globe. It is forecasted to grow at a Compound Annual Growth Rate of 16.5% for the next five years. The neighbouring markets of Turkey and India also have high E&M market growth rates and it is said that these three leading global markets will grow at a greater rate than the markets of North America and Europe.
In terms of small business in Dubai and Abu Dhabi, the UAE’S overall Ad Spend was the highest in the MENA region in 2009 -2010. Newspapers and television account for almost 80% of the Ad Spend and in 2009-2013 the internet made huge inroads in popularity and flexible platforms for marketing and advertising, especially for the younger population.
Dubai Media City is a member of TECOM Investments Media cluster located in Dubai Technology & Media Free Zone. Some of the benefits of having business operations within the DMC include:
- 100% foreign ownership
- Full repatriation of profits and capital
- Guaranteed 50-year exemption from personal, income and corporate taxes
- Exemption from customs duty for goods and services
The DMC also benefits from being part of a business friendly environment. This includes a simplified incorporation process, business friendly company laws and legal framework, and easy access to providing business partners with a variety of government services, including licensing, visa, traffic and postal services.
The first two steps necessary to set up both a Free-Zone Limited Liability Company and a Branch Company in Dubai Media City involves submitting the FZ-LLC Application form for registration and the application form for License and Business Plan Template.
The second stage is providing a checklist of legal document requirements for Company Registration involving: Resolution for natural shareholders in FZ-LLC, board resolution for corporate shareholders in FZ-LLC, board resolution to establish a branch, specimen signature form (Registry Identification Code form), specimen signature form (Registry Identification Code form), and Natural persona as shareholder.
Minimum Capital Requirements
The minimal paid up capital requirement for setting up a FZ-LLC in Dubai Media City is AED 50,000 except for all activities within Broadcasting TV or Broadcasting Radio which have a minimum capital requirement of AED 2,5000,000.