TechnoPark is being built on 21 million square meters of land, and will house 60,000 permanent residents and employ over 133,000 people. TechnoPark will function as a hub that enables research partners to access the resources of academic and research institutions, and international associations worldwide. In TechnoPark 20 million SQM is for Industrial development that provides high standard facilities and the up-to-date services and amenities, and 1 million SQM is a dedicated area to hold the Science and Technology Core.
TechnoPark issues the following types of licences:
- Industrial Activities To carry out the manufacturing and assembling of specified products.
- Professional Activities To carry out specified professional activities.
- Trading Activities To carry out the import, export, distribution and storage of specified items.
Various types of companies can be formed at TechnoPark, namely:
- A Limited Liability Company
- With two to fifty partners, liable to the extent of their share in the capital.
- Minimum share capital 300,000 AED divided into equal shares with a minimum face value of 1000 AED.
- UAE nationals must hold at least 51% of the shares.
- The management or managers are appointed by memorandum of association, by a separate management contract or by a general assembly of the partners.
- A Sole Establishment (commercial/ industrial)
- Owned by a sole proprietor, who is responsible for all its financial obligations.
- The owner must be a GCC national.
- A Civil Company
- For activities involving the use or investment in intellectual faculties, acquired information or the use of skills.
- Formed as Civil Partnerships in accordance with the Federal Civil Transactions Law No.(5) of 1985 with its amendments.
- Professional companies may be 100% foreign owned.
Alternatively these types of branch companies, legally regarded as part of their parent establishment, may be set up:
- A Branch of a Free Zone Establishment (FZE).
- A Branch of a Free Zone Company (FZCO).
- A Branch of an L.L.C. (covers all Limited Liability Companies in the UAE).
- A Branch of a Sole Establishment based in the Emirate of Dubai.
- A Branch of a GCC Company (the mother company should have a 100% GCC shares).
- A Branch of a Foreign Company.