The Middle East is considered the world’s fastest-growing gaming market with 25% annual revenue growth, and the UAE is the region’s biggest e-gaming market. Realising the potential of the industry and the opportunities of business setup in the UAE, foreign investors are flocking to the country for registering their gaming companies. TwoFour54 free zone in Abu Dhabi provides the investors with an excellent platform for foreign investors to set up their gaming companies, and the incorporation process can be made easier with the help of experienced business setup consultants in the UAE.
High internet penetration and the presence of a youthful & tech-savvy population make the process of setting up a gaming company in the UAE a lucrative prospect for foreign investors. Also, the investors can enjoy the benefits of 100% ownership and total repatriation of capital if they incorporate a company in UAE free zones such as TwoFour54.
Let’s have a detailed discussion about the process, requirements and benefits of setting up a gaming company in the UAE free zone TwoFour54.
How to Setup a Gaming Business in twofour54 Free Zone?
One of the first things a foreign investor should know before setting up a business in twofour54 is the types of legal structures that can be registered. A gaming company can be registered in twofour54 as a,
a) Free Zone Limited Liability Company
The Media Zone Authority that regulates the twofour54 free zone mandates that the name of all the companies should end with the suffix “Free Zone Limited Liability Company”. The companies have the option to shorten it as FZ-LLC.
b) Branch of a Company
Both local and foreign companies can register their branches in twofour54 free zone. The requirement on the name is in accordance with the Companies Regulations 2016. The name of the branches should end with the suffix “Media Zone–Abu Dhabi Branch”.
Steps to Follow for Business Setup in TwoFour54
The process of setting up a gaming business in twofour54 can be completed in the following simple steps:
- Select business activity as ‘Gaming Development’
- Select a legal structure
- Select a company name
- Submit the business application form (business setup consultants in UAE provide this)
- Obtain approval of proposed name & activity
- Complete legal & regulatory signature with Media Zone Authority
- Issuance of a gaming company license
Scope of Setting up a Gaming Business in the UAE
The UAE is the right region for any investor to start a gaming company. The following reasons would back up this argument:
1. Huge Audience Potential
A gaming company business setup in the UAE is a lucrative opportunity for foreign investors considering the massive audience potential for the e-gaming sector. The rise in the potential audience for the gaming sector occurred mainly after the substantial rise in smartphone usage in the UAE. UAE is one of the top countries in the world with the highest percentages of smartphone penetration. Reports suggest that more than 92% of the population are mobile internet users in the UAE. A Deloitte survey conducted in 2019 found that the population of smartphone users that play some form of the online game increased to more than 90%.
2. Disposable Income to Invest
The population of the Middle East region is small compared to Asia. This is particularly true for the population in the UAE, but the country’s higher gross domestic product (GDP) per capita is a positive indication for the gaming sector. The higher GDP in the UAE means the country’s population has disposable income to invest in games. Foreign investors can exploit this potential opportunity and set up a profitable gaming business with the help of the best business setup consultants in the UAE.
3. UAE’s Stride Towards Virtual Reality
The UAE’s big strides towards virtual reality (VR) gaming is another shot in the arm for the investors looking to set up a gaming company in the country. The UAE has already made huge investments to make VR part of its location-based entertainment programmes. The Dubai Mall is home to the world’s largest VR Park. Abu Dhabi is also about to open the world’s first e-sports academy and VR Park soon.
Benefits of Setting up a Company in twofour54
At present, the game development companies are welcomed by the twofour54 free zone to initiate the business setup in the UAE. Business setup in twofour54 offers a wide range of benefits to the foreign investors including:
- 100% company ownership
- Zero license & registration fees by the Media Zone Authority
- No minimum share capital requirements
- Quick and easy set-up
- Cost-effective office spaces
- World-class studios and post-production facilities
- Strong IP protection regime
- Excellent infrastructure, uplink and fibre connectivity
- Access to online Briefing Room
Kick Off the Game with Best Business Setup Consultants in the UAE
Business setup in the UAE is a lucrative opportunity for foreign investors seeking to start a gaming company. The young and game-crazy population, the government’s focus on investing in VR games, and an audience with disposable income to invest in games are backing up the prospect of setting up a gaming business in the UAE. Presently, the twofour54 free zone in Abu Dhabi provides gaming development license to the investors and the process becomes easier if the investors seek the advice of experienced business setup consultants in the UAE such as Jitendra Business Consultants (JBC).
JBC has a team of highly qualified business setup consultants in the UAE who are well-versed in the UAE laws as well as free zone regulations. JBC assist the businesses in obtaining the license, drafting the documents including the MoA. JBC’s PRO services help the investors in visa approvals for employees, sponsoring of dependents apart from the processing of investor visas & retirement visas. JBC also provides audit, accounting, VAT, and trademark services that would enhance the business setup in the UAE.