The World Trade Center in Dubai is one of the largest skyscrapers, which is the epicenter of the area with a free economic zone. Dubai World Trade Centre was built specifically to provide enough space for a variety of exhibitions, economic and other events. In the article we will learn the history of its formation, as well as the infrastructure and features of renting space for starting a business.
History of Dubai World Trade Centre
The building of the shopping center was built in 1979 by the architectural design bureau John R Harris and Partners. The opening of the tower by Queen Elizabeth II literally underlined the Emirates’ entry into the international business arena and the beginning of a new era of the country’s economic development.
For several years, the tower has been “overgrown” with new areas, opening up opportunities for businessmen from all over the world to present their business ideas at the highest level. By 2016, DWTC had improved so much that it could offer a businessman everything he needed to enter the international or local market. Then it was decided to give the district the status of a free economic zone, and the tower became the epicenter of management in it.
In 2009, Dubai World Trade Center became the largest venue for events in the Middle East. In 2015, the DWTC Office was established. By the end of 2021, it was announced that the World Trade Center will become a comprehensive zone, a regulator of cryptocurrencies, products, operators and exchanges. Just a few days after this statement, a cooperation agreement was signed with the popular Binance cryptocurrency exchange to form an international ecosystem of virtual assets.
Creating a company in DWTC
Opening a business in DWTC is a great opportunity to take your business to a new level, get unique opportunities for development and growth. The World Trade Center is able to offer companies a single point of contact with global corporations, comfortable and flexible working conditions, a competitive environment at the regional and global levels.
Advantages of opening a company in this zone
To be able to conduct your business within the free zone of the World Trade Center in Dubai, you need to obtain a license. This fundamental document provides a lot of advantages for companies, namely:
- full repatriation of profits and capital;
- full foreign ownership;
- there are no restrictions on hiring employees from abroad;
- there are no restrictions on currency and repatriation of funds;
- there are no restrictions on citizenship;
- zero income and corporate tax for 50 years;
- the possibility of dual licensing;
- freedom regarding the initiation of several variants of legal operational structures at once.
Having obtained a free zone license, companies of any scale, from a startup to a large corporation, can enjoy the benefits of their work. Corporations that have already made a name for themselves can open their branch in DWTC and use the entire ecosystem.
Types of companies that can be created in the DWTC free zone
All conditions have been created for the smooth operation of companies in the free zone. They can bring their business ideas to life using one of the packages offered by Dubai World Trade Center.
Free Zone Company (FZCO)
A FZCO or a limited liability company can have from 2 shareholders to 50. To open such a company, some documents will need to be certified, and if the shareholder is not an individual, then he will also need to certify some documents. Such a package can be issued for any companies that do not need to operate in the UAE outside the trade zone. At the same time, it is not prohibited to work in other countries.
Free Zone Establishment (FZE)
A company under the FZE form can be opened if there is only one shareholder. It is obliged to indicate the limitation of its liability in all documents. The activity can also be carried out exclusively within the trade zone or in another country, but not throughout the UAE.
Registration of a branch of a foreign company (Foreign Branch)
To register this type of business, it is required that the branch fully belongs to the parent company, works under the same name and performs identical activities. At the same time, the parent company must be registered outside the free zone.
Branch of a local company in the free zone (UAE Branch)
The company can open a branch in the UAE on the territory of DWTC. To do this, you will need a valid license in the Emirates. An open branch can perform the same activity as the parent or part of it.
After the company is registered, it is required to obtain a license. DWTC has created special conditions for the implementation of the licensing process for residents. All procedures are structured in such a way that setting up any type of work becomes unobstructed, simple and flexible. A resident can apply for one of the types presented:
- Single Family Office – the type of license that companies created by family members receive to manage their assets;
- Multi Family Office – this is a license that offices created to provide asset management services for several families receive;
- e-commerce (e-Commerce) is offered to anyone who plans to trade or provide services online in the UAE;
- an organization license An Event Management License is required to conduct business and entertainment events;
- a professional license is issued to those who plan to provide professional services such as consulting, training, software implementation, repair, catering, etc.;
- a general trading license (General Trading License) will be required if a resident plans to conduct commercial activities in relation to products or items not limited to a specific type;
- a commercial license (Commercial License) is necessary for conducting the types of commercial activities prescribed in this license. You can import and export goods, sell, distribute and store them under the issued license.
Entrepreneurs who want to use their own investments to the maximum benefit for themselves readily entrust the opening of a business to representatives of the Dubai World Trade Centre.
The cost of packages for companies
The DWTC Free Zone is one of the most financially affordable, among all available options. Residents are offered 3 registration packages:
- virtual office for 31300 dirhams and a refundable deposit of 2000 dirhams;
- package for holders of a trade or service license 57300 dirhams (deposit 4 thousand);
- for a general trade license 58500 dirhams (deposit 4 thousand).
It is also possible to rent an office in One Central, in which case you can get a license worth 19800 dirhams.
Considering the speed at which virtual services are gaining popularity, the Dubai World Trade Centre has formed a regulatory body for virtual assets of companies. The creation of the Virtual Asset Regulatory Authority (VARA) was an important step by the UAE government towards regulating the vast global virtual asset industry.
Due to the growing popularity of virtual assets such as cryptocurrencies and NFT, as well as the growing popularity of blockchain technology in many sectors around the world, the growth potential of the virtual asset industry is huge. The list of advantages of the World Trade Center is also extensive:
- access to advanced trade shows and regional business events;
- formed platform of all necessary services to launch your company;
- no corporate tax;
- availability of comfortable places of any size for work;
- availability of a comprehensive approach at the start;
- full foreign ownership and repatriation of capital.
The virtual asset industry will build on Dubai’s well-established position as a hyper-connected business city and its ongoing commitment as an ever-evolving business capital serving the needs of the economy of the future. As a relatively new free zone established in 2015, DWTC’s regulatory and competitive operational management environment is designed to foster the growth of the virtual asset ecosystem in Dubai.
Since many new technology startups and technology regional companies have already chosen the free DWTC Management Area as their operational headquarters, DWTC Management is seeking to expand its enabling environment, business support and range of services to enable growth in the new virtual asset community. From entrepreneurs to recognized global industry brands, the DWTC Authority Free Zone promises to be the future destination for a virtual asset ecosystem located in the heart of Dubai’s central business district and at the crossroads of global business, finance and commerce.
Real estate in Dubai World Trade Centre
An area with prestigious buildings with all significant social facilities cannot fail to attract attention. Commercial, residential, commercial and administrative facilities are combined near the Dubai World Trade Centre. The red metro line of the capital passes through the World Trade Center, making it comfortable to move not only within the complex, but also throughout the city.
The Jumeirah Living – World Trade Center Residence complex consists of two towers, in which 377 residential premises are located. Including 1-4 room serviced apartments available for living. You can rent standard and panoramic duplexes with different number of beds on request. Also, residents of the complex have access to a fitness room, a rooftop pool and their own dining room.
For guests who are accustomed to comfort, the shopping center offers apartments from one to several bedrooms with service. They have free wireless internet, an equipped kitchen, a widescreen TV. As entertainment, guests have free access to a private beach and an aqua park. On average, the cost of renting an apartment with one bed will cost 90 thousand dirhams. Four-bed apartments can cost 220 thousand per month.
You can also buy the property you like. This will require investments of 1.9 million dirhams. This type of investment is very popular because the World Trade Center has long earned a positive economic reputation.
The investor should understand that the larger the area and the more comfortable the apartment, the higher its cost will be. At the same time, the profitability from one unit of real estate is about 6.5% for double apartments and almost 5% for 4-bed apartments.
Offices for rent
Providing your employees with comfortable working spaces will also be easy at DWTC. For this purpose, areas of different sizes from 100 to 22 thousand square feet are provided. The annual rent of the area will cost from 16 thousand dirhams to more than 3 million.
Life in DWTC
Life in the World Trade Center can not only not differ from the usual city, but also surpass it in comfort, because the complex has everything you need for this.
Even when you have to visit DWTC for a short time, it is not necessary to deny yourself comfort and convenience. Guests can stay in a 5- or 2-star hotel by renting a suite or a standard room for a few days. Guests of the 4-star Novotel Hotel in addition to comfortable rooms can also enjoy such amenities as:
- beauty salon;
- outdoor swimming pool;
- free parking;
- a large selection of restaurants and bars.
More modest non-smoking rooms can be rented at the Ibis Hotel. Here guests can count on mini-bars, extra folding beds, satellite and cable TV, babysitting services and much more.
Transport and parking spaces
The mall is accessed by three main thoroughfares Sheikh Zayed Road (E11), 2nd Zabeel Street (D73) and Happiness Street (D86). To make it as comfortable as possible for guests and residents of the center to use the infrastructure, parking spaces are organized in sufficient numbers along Al-Saada Street and around the complex. In addition to free parking spaces, there are paid parking spaces with parking staff and devices for charging electric cars.
Amenities, schools and healthcare
Many come not only to build a career at the Dubai World Trade Centre, but also transport their entire family to live in comfort. To satisfy all the desires of residents and guests of the complex, everything necessary is organized.
Any necessary products and necessary household goods can be purchased at the Fair Trade supermarket located next to the Ibis Hotel. Directly opposite the World Trade Center there is a ZOOM store, where not only a wide variety of fresh products are presented, but also ready meals.
Churches, temples and mosques
A number of religious sites are located near DWTC, including Christian and Catholic churches, Buddhist and Hindu temples, mosques. After a short 10-minute drive along the Sheikh Zayed Highway, you can visit St. Mary’s Catholic Church, Dubai City Church and St. Thomas Orthodox Cathedral. Also in the city you can find other churches belonging to other denominations.
The Mahamevnava Buddhist Temple is located in Al-Wasl. Shiva Temples, Sri Krishna Haveli and Sri Nathaji Temple are just a 10-minute drive from the complex in Bur Dumai. Those who wish to visit the mosque can go to Al-Sheikh Hamdan bin Rashid Al Maktoum, which is located just a 7-minute drive from the center.
Schools and universities
So that residents, their children and next of kin have access to education at any level near DWTC.:
- Preschools Smart Childrens Nursery, Roots and Wings, StepUp located 7 minutes away in the community of Al-Jafilia and other institutions for preschoolers, in particular Hummingbird DIFC, Hummingbird Preschool DIFC, Safari Kid Sheikh Zayed Road, Grassland Daycare & Nursery;
- children can get primary education at GEMS Wellington, Salma Al Ansaria, Al Wasl for girls and Al Maktoum for boys, which are located in the nearest Al-Satwa district;
- next to the ibis One Central Hotel there is a college of tourism, where you can get a professional education, you can also enroll in the Philippine Business School, the Champion Traders Academy and the Blue Ocean Academy.
In addition to the main educational institutions that offer traditional and modern educational programs, various additional courses are located near the shopping center, such as language learning or exam preparation.
Clinics and hospitals
Urgent medical care for residents of the complex is provided by Emirates Hospital Clinics, Gulf Eye Center, Zain Specialized Clinic and GMCClinics. Planned medical care can be obtained in Dubai Healthcare City, where the city hospital Mediklinik, Specialized Emirates, American Hospital and Latifa Hospital are located. Residents purchase prescriptions and medicines at the Pharmacy of Life, which is located on the territory of the exhibition complex.
Shops, restaurants and nightlife
Not only schools and hospitals are necessary for a modern person for a comfortable and diverse life. In order for residents and guests of the Dubai World Trade Centre not to get bored, various leisure and recreation venues are available for them.
Most of the shopping centers of the complex are focused on business between enterprises, but retail consumer goods are also available in some of them. Items of exclusive global brands can be found in the Dubai Mall, which occupies more than 500 sq.m. of retail space in four levels. A more compact shopping center, which is also located near DWTC, is Al Ghazal Mall.
The neighborhoods adjacent to the World Trade Center are very rich in various food establishments. Here everyone will find dishes to their taste, from ordinary hot dogs to gourmet dishes. Popular restaurants with a relaxed atmosphere for business and friendly meetings are located near the metro. These include Burgerfuel, Pizza Express, Sushi Counter, Circle Cafe with an international menu and Caffe Nero dessert bar.
The best place to retire surrounded by sophistication is The Club Lounge, which is located on the 30th floor of the World Trade Center Residence. You can taste real Arabic dishes at Wagamama or the Crowne Plaza Restaurant or the Game Restaurant and Lounge Restaurant. Guests will taste real Lebanese delicacies at Yeldizlar in Fairmont Dubai and Al-Nafura in the Jumeirah Emirates Towers.
Among the most popular places for a night out and hangouts is the Irish pub McGettigan’s, which has gained popularity not only with its original bar card, but also with delicious dishes on the menu. Many also advise visiting Miss Lily’s establishments closest to the center at the Sheraton Grand Hotel, the Level 43 Sky Lounge bar at the Four Points by Sheraton Sheikh Zayed Road Hotel and the Alta Badia Bar at the Jumeirah Emirates Towers Hotel.
Residents and guests of the center were very lucky to have a coastline on which there are spacious beaches. Just a few kilometers from the Dubai World Trade Centre, you can soak up the sand on the Public Beach, as well as Jumeirah Beach and La Mer Beach.
Entertainment events and famous attractions
The desire to get to know the culture and history of the country better can be satisfied by visiting the Etihad Museum. The building with unique architecture is located on Jumeirah Street. With the advent of the Museum of the Future, fans of modern, innovative technologies and concepts have also become much more interesting. You can visit the miracle of engineering and architectural thought not far from the Emirates Towers complex.
By the way, the Emirates Towers complex itself is a landmark, which includes a 56-storey Jumeirah Emirates Towers hotel and a 54-storey office building. Burj Khalifa, the tallest skyscraper in the world, is stunning with its monumentality and luxury. To complete the walk around the nearby areas of the World Trade Center, you can visit the Cavalli Club Restaurant and Lounge at the Fairmont Dubai Hotel, which is literally strewn with Swarovski crystals.
Active recreation, fitness and beauty
The Arab Emirates cannot boast of rich nature, dense shady parks, forests and recreation areas. Everything at the disposal of residents is created by human hands, including the unique Dubai Garden Glow theme park. Here you can relax with the whole family, and the park itself is part of a larger Zabeel, where another monumental structure, the Dubai Frame, is located.
Also in Zabil Park on weekends you can visit the amphitheater, where events are often held, outdoor barbecue areas, an ice rink, a mini golf course, mini cricket, run along special paths or ride in a specially equipped skate park. The park has playgrounds and a lake where you can go boating.
Various sports events are held in the Dubai Sports World complex, which occupies 25 thousand square meters. m. Climbing enthusiasts can try their hand at the highest open-air climbing wall with a height of 18 meters. There are many fitness centers in the vicinity of the Mall, such as 1 Beat Gym, Talise Fitness in Jumeirah Emirates Towers, Crowne Fitness Studio, Fit Inc. and Fitness Avenue.
Aurora, Donna Ricci, NStyle, Sa Scène Hair Couture and high-class Caractère by Dani Salons will help you maintain your attractiveness or create a new image.
Dubai World Trade Centre hosts many significant events every year. Some of the most famous are GITEX Technology Week, Beautyworld, Gulfood and Arab Health. During the year, you can also visit the large Ramadan market and the exclusive The Majlis, where guests are offered an iftar buffet and a suhur menu.