How to set up a business in Kiklab Free Zone?
What is a KIKLAB Free Zone?
Kiklab is a new free zone. It is one of the most cost-effective free zones in the United Arab Emirates, initially established in 2019. To distinguish itself from the other free zones in Dubai, KIKLABB provides an exceptional business space aboard the luxury ship Queen Elizabeth 2, which is located at Port Rashid, Dubai.
It is owned by the Dubai Government’s Ports and Free Zone Corporation Authority (PCFC). KIKLABB free zone is receiving more and more attention from several entrepreneurs for business establishment. Due to the fact that it provides easy access to a wide range of destinations across the world and is located just a short distance from Dubai’s international airport.
Key Takeaways
- Located in the Mina district, one of the UAE’s main ports
- Provides investors with cutting-edge infrastructure and services
- Flexibility in terms of the mainland and free zone licenses, not tied to a single activity
- Allows for the full-time employment of foreign workers
- Relief from corporate and individual income taxes
- A variety of office solutions are accessible, including offices, executive offices, and warehouses
Incorporation procedures for businesses seeking to operate in the KIKLABB free zone
Accepted business name
The new legal name of the company will be the one that has been approved by authorities. If a firm already has a registered name, it should not be used. Business consultants can help you in choosing a name for your new company.
Nominate at least one director for the business
There must be at least one director for the company. The new firm has hired a director to oversee the day-to-day operations of the company. Either a domestic or a foreign director will be in charge of the project
The company’s registered office address
On the official record of the KIKLABB authority, the company’s registered address will show. KIKLABB permits enterprises to have workstations at Queen Elizabeth 2, one of Dubai’s newest waterfront locations.
Starting a Business in the KIKLABB Free Zone Requires the Following Documents:
- A colored copy of your passport that is valid for six months
- Visa, the stamp of entry, and/or cancellation page (whichever is applicable)
- A NOC signed and stamped by the manager-in-charge on firm letterhead if the customer has a UAE Employment Visa, is required
For the Visa
- A colored copy of your passport that is valid for six months
- A recent white-background passport size photo
- The sheet containing a visa, entry stamp, or both (whichever is applicable)
- A valid copy of the establishment card
- For Pakistani, Afghan, Iranian, and Iraqi nationalities, a national ID from their home country is required
- Acknowledged medical certificate from a licensed physician for citizens of Ethiopia, Sri Lanka, or Indonesia
- All Iranian nationalities, including managers and directors, engineers, doctors, and accountants are eligible for attestation of their educational credentials
For a Bank Account
In addition, a business license is required
- Incorporation Certificate
- Certificate of Stock Ownership
- Articles and Memorandum of Association
- A Board of Directors Resolution
- A copy of each UBO’s passport; at least one UBO must be present to meet with the bank.
- The company’s organizational structure on letterhead
Contract of Lease
- An owner’s and shareholder’s signature is necessary on copies of the signatory’s passport
- Visa copies of all shareholders, partners, and signatories of the company are required
- A resume/cv of the owner (mandatory)
- Address Verification (DEWA Bill, Tenancy Contract). If the customer is a new resident, a Declaration Letter from a relative can be provided instead
- The company’s financial model, including a cash flow forecast
- For three suppliers and three clients, the company’s registered address, website, line of business, invoices, agreements, CVs, and corporate stamp are included
Why establish a business in KIKLABB?
For many entrepreneurs, the financial and legal security that an LLC ( limited liability company ) provides is a key factor in choosing the KIKLABB free zone as their location for the business. Owners of an LLC are not personally responsible for the company’s liabilities, such as debts, legal claims, or financial commitments. A sole proprietorship makes you entirely accountable for the company’s debts, whereas there is no distinction between personal and business finances when starting a firm as a sole proprietor.
KIKLABB free zone allows businesses to establish their own corporate identity. For investors, professionals, and those with more experience, a legally constituted firm appears to be the better choice. Potential investors in KIKLABB can take advantage of a wide range of business prospects through company formation.
KIKLABB Permits the Most Important Commercial Activities
The Port, Customs, and Free Zone Corporation grants business licenses in the Free Zone (PCFC). Professional, Commercial, and Industrial licenses for business formation are all available through KIKLABB. The following are the primary activities covered by these licenses:
- Finance & Accounting
- Agriculture
- As well as Cargo and Freight-forwarding
- Construction
- Consulting
- E-commerce
- Institutions of higher learning
- Bank or Financial Institution
- Trading in the general market
- Medical Services
- Insurance
- Law
- Manufacturing
- Communications & Media
Note that Free Zone Companies can only deal in the local market (UAE) by using an agent and paying a 5 percent customs charge. This must be taken into consideration when doing business. Consultancy license holders are not allowed to conduct business outside the free zone. It is possible, however, for them to service their clientele both inside and outside the United Arab Emirates.
Final Verdict
Entrepreneurs and investors in Dubai, UAE, admire WBS Business Consultants. Thousands of clients have relied on WBS for fair advice on incorporating a business in the United Arab Emirates, making WBS a powerful force in the industry of business. Business setup experts at WBS are well-known for their ability to assist organizations from the beginning of the process all the way through to receiving a certificate of incorporation. There are numerous reasons why WBS thinks KIKLABB is a great place to start your business, including its quick licensing process, distinctive location, and unique features like co-working areas and Flexi desks.
