I set up WeKeep’s license at In5 Tech. In5 Tech provides a subsidized TECOM license with several other great benefits. Here’s how much it costs and how long the process took me.
- Day 0: Submitted In5 application.
- D+7: Shortlisted to pitch in front of Tech committee
- D+23: Pitched in front of Tech committee
- D+25: Approved for In5.
- D+26: Request bank reference letter.
- D+30: Reference letter received. Submitted required documents.
- D+49. Payments:
- license fee
- share capital. This is money that remains yours, i.e. you can wire it back to yourself after the incorporation. The minimum share capital is
10,000 AEDand the price per share is fixed at
1,000 AED– you can’t change that. This means the smallest stake that a shareholder can have (1 share) is
10%of the company. If you want finer allocation, you need to put up a higher share capital (e.g. with
100,000 AEDshare capital you can give as little as
1%of the company.)
- In5 annual office lease
12,633 AED(in 3 post-dated cheques)
- In5 lease security deposit
- license fee
- D+70: Articles of Associations drafted and signed. Delay of about 10 days was due to public holidays.
- D+74: License issued.
- D+78: Occupational Lease Agreement and Personnel Sponsorship Agreement (PSA) signed.
- D+79: Articles of Associations original issued. Means now I can apply for a bank account.
You also need to apply for an Establishment card (
2000 AED) to issue visas.
The process took about 2 months which is still relatively long, but it was fluid with no complications.