The guide is created with the explicit purpose of becoming your preferred source on how to start a new business in Dubai Media City. Opening a new company is a tough job. But we always try our best to cover all aspects of opening a new business in the region’s leading media hub. As information is subject to change, we recommend that you seek the advice of a business consultant. And ensure the information is accurate and up to date.
Understanding Dubai Media City
Dubai Media City (DMC), started in 2001 as a destination for news agencies, online media, advertising, publishing, production, and television broadcasting facilities. As of 2020, DMC encompasses a media community of over 20,000 people working in over 2,000 regional and international media companies.
Dubai Media City has evolved into a well-known global media center where media organizations such as CNBC, Khaleej Times, Thomson Reuters, Turner Broadcasting, and Associated Press have their regional or national headquarters. Dubai’s efforts in the media landscape, both locally and regionally, have resulted in the emirate being selected as the Arab Media Capital 2020.
As TECOM holdings own most commercial space, leasing rates tend to be higher than other commercial areas. It currently ranks 13th in the world amongst media. The tech districts with a prime average rent of USD 43.55 per square foot. And behind the likes of Brooklyn and Seattle, according to the latest “Global Cities” report from Knight Frank global real estate consultants. Current office vacancy levels are very low in the area. However, there are many commercial developments in progress within Dubai Media City. This should help put downward pressure on the prices.
In terms of location, DMC is in the proximity of Dubai Internet City. Similarly to Dubai Marina, and Jumeirah Lakes Towers. With quick access to Sheikh Zayed Road and a host of world-class hotels within the community, it is an excellent choice for any media business.
Related Article: Start-Up Ideas: How to Conduct Research as an Entrepreneur?Documents Required to Start a DMC Company
The documents required to open a company can slightly vary depending on the type of entity; however, these are the general requirements:
- License application;
- Detailed business plan;
- Passport copy of the manager, director, and legal representative;
- Board resolution;
- NOC (if you have an existing UAE residence visa);
- Proof of share capital deposit from a UAE bank account;
- Agreement for personnel secondment;
- Managers specimen signature;
- While, if you are opening a branch or subsidiary, you will need attested company documents. Also, a board resolution approving the opening of a DMC entity.
Step by Step Process in Starting a New Dubai Media City Company
The standard licensing process at the DMC is straight forward. You may have extra steps involved if you require additional permissions from the UAE National Media Council or other external agencies. The lease agreement described below is from TECOM itself. But if you opt for a private landlord then you will need to submit a registered lease agreement known as Ejari.
- Complete the online application form on the DMC website and wait for their feedback. This process can take between 3 to 7 working days.
- Submit all the documents once the approval of the application is received. DMC will produce a customer confirmation letter.
- Sign the customer confirmation letter and execute the DMC company fee payment.
- Sign the Memorandum of Association.
- Deposit the share capital of the company in a UAE bank account after which your license and lease will be drafted.
- Proceed to the TECOM Leasing Department to sign the lease and personnel sponsorship agreement.
- Finally, you can collect your license and start engaging in business.
It’s highly recommended that you appoint an approved auditor after incorporation so that you don’t run into any difficulties when you renew your license.
AXS Business Services
AXS is a business service platform. It is developed by the TECOM Group, which provides government and corporate services to companies incorporated within the DMC. And to all jurisdictions within the TECOM group. AXS’s online portal simplifies the management of services such as NOCs, permits, license amendments, and employment visas.
You and your staff can use the platform to update personal details and process dependent visas. You can also grant access to the platform to a consultant to complete all the formalities for you. Above all, whichever option you choose, managing your ongoing transactions with DMC is a breeze. Therefore thanks to their ongoing investments in information technology.
Get Help from Professionals
Finally, the steps outlined in this guide applies to most companies incorporating in the DMC. Though if your goal is to get a publishing house or a broadcasting studio launched, there are many additional procedures involved. Arrange a consultation with our trained professionals who have helped launch countless Dubai Media City companies over the years.
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