The United Arab Emirates (UAE) has gained worldwide recognition for its cosmopolitan cities, state-of-the-art infrastructure, and booming economy. As a result, the media and entertainment industry has witnessed significant growth in the United Arab Emirates (UAE) over the last decade.
Growth of the Media and Entertainment Industry in the UAE
The media and entertainment industry in the UAE has grown at an impressive rate over the last few years. The UAE Ministry of Economy has projected that the entertainment industry in the UAE will grow at a Compound Annual Growth Rate (CAGR) of 9.0% from 2021 to 2028. Furthermore, PwC reports that entertainment and media revenues in the Middle East and North Africa (MENA) region are expected to rise by 3% between 2019 and 2024, surpassing the global forecast of 2%.
Prominent & Renowned Media Houses in the UAE
In recent years, the UAE has become a hub for media and entertainment businesses, attracting manifold businesses to start a media company in Dubai. Here’s the list of companies in media city Dubai that has transformed the region entirely:
1. Dubai Media Incorporated (DMI): It is the official media organization of the Dubai government and operates a range of television, radio, and digital media channels, including Dubai TV, Dubai One, and Dubai FM.
2. Abu Dhabi Media (ADM): It is one of the leading media companies in Dubai and operates a range of television, radio, and digital media channels, including Abu Dhabi TV, Emarat FM, and National Geographic Abu Dhabi.
3. Al Arabiya News Channel: It is a 24-hour news channel that covers news and events in the Middle East and around the globe. It is owned by MBC Group, one of the region's largest media companies.
4. Gulf News: A daily English-language newspaper in the UAE that covers local and international news, business, and sports. It also operates a popular news website and social media channels.
5. Khaleej Times: Another leading English newspaper in the UAE that covers local and international news, business, and lifestyle. It also operates a news website and social media channels and is known for its coverage of the UAE's real estate and property market.
Steps to Setup a Media and Entertainment Business in the UAE
Wondering how to set up a media company in Dubai?
Here are the steps needed to establish a media company in Dubai:
● Since the Dubai Technology and Media Free Zone (DTMFZ) authority regulates and approves the registration of all Dubai Media City (DMC) companies, firstly, you’ll have to fill out the application form on the online portal correctly and submit it to the DTMFZ.
● The authorities will evaluate and approve the application within 5 days if everything is in order.
● Once your documents are approved, you’ll need to present all legal documents and their photocopies to the DMC.
● After carefully reviewing all your documents, DMC will issue a letter of customer confirmation, to which you need to revert at the earliest.
● Sign the MOA (memorandum of association) in the presence of the company’s stakeholders.
● Submit the full share capital, after which the license and lease are generated.
● Finally, sign the lease and individual sponsorship contract to get the license to start a media company in Dubai or anywhere in the UAE.
Documents Required to Start A Media Company in Dubai or UAE
In order to start a media company in Dubai or the UAE, you will need the following documents:
- ● A filled company registration application form
● Application for a business license
● Business plan
● Passport copies of the company’s director, investor, and shareholder
● Memorandum of association and article of association
● Board Resolution
● No objection certificate (NOC) from residency visa sponsor
● Share capital proof
● Manager’s specimen signature
● Proof of license and registration fee
Advantages of Setting Up A Media and Entertainment Business in the UAE
Setting up a Media and Entertainment business in the UAE can offer several benefits, including:
- ● Business-Friendly Environment - The UAE government supports the media and entertainment sector with streamlined procedures and minimal bureaucracy. It has also implemented favorable policies and regulations to encourage investments and growth.
● Access to Talent - The UAE has a highly skilled and multilingual workforce equipped to handle media and entertainment projects. With professionals from all over the world, the country provides the accessibility of talent and offers ample opportunities for entrepreneurs to establish successful media businesses.
● Strategic Location - The UAE is strategically located between Europe, Asia, and Africa, making it an ideal location to target audiences in these regions and enable global media and entertainment businesses to expand their operations.
● Tax-Free Environment - No personal and corporate tax is imposed on media houses. However, VAT is applicable to some businesses and business activities within the circumference of the media, but overall it helps entertainment and media firms to flourish financially.
● World-Class Infrastructure - The UAE offers world-class infrastructure, including state-of-the-art studios, sound stages, and post-production facilities.
With the UAE's thriving media and entertainment industry and business-friendly environment, setting up a media or entertainment company can be a lucrative venture. However, MarkAI Corporate Services, the best business setup consultant in the UAE, can assist in navigating the straightforward process of establishing a business in the region. With our global reach, experienced professionals, tailored services, and proactive approach, we ensure that we fulfill all your requirements for setting up media and entertainment companies in Dubai and the UAE.
