Firms involved in the film production and support services industry will receive significant long term tax breaks when locating to Dubai under a new initiative launched by Dubai Media City, it has been announced.
According to DMC, the new venture from the Dubai Holding Group, to be known as Dubai Studio City, will offer a complete technical and community infrastructure for the film, TV and music production industries. It is planned that the facility will feature a Broadcast Centre housing offices and post-production studios and a Business Centre for freelancers.
The Dubai Studio City, the first phase of which is expected to be complete by early 2006, will also see the construction of an extensive production studio complex that will accommodate pre-built studios, sound stages, workshops, backlots and stage areas.
In a bid to generate interest from production companies internationally, firms locating to the Studio City will enjoy the same tax and administrative priveleges as other entities with a presence in the Dubai Technology and Media Free Zone. These include 100% tax exemption for 50 years, 100% ownership of their business, 100% repatriation of capital and profits and no currency restrictions.
In addition, firms will benefit from serviced offices, land on lease, a ‘one-stop-shop’ support service and simplified licensing and incorporation.
Dubai Media City also pointed out that a fast-track immigration process will enable rapid acquisition of visas for crew members, allowing companies to recruit talent more easily. Moreover, flexible labour laws will ensure that part-time and temporary workers are also able to meet visa requirements.
"The film and broadcast production sector holds considerable promise for UAE and the region," observed Ahmad Bin Byat, Director General of the Dubai Technology and Media Free Zone.
"There has been growing interest from the Hollywood and Bollywood film industries in Dubai as a shooting location. The objective of Dubai Studio City is to facilitate the creation and development of a world class infrastructure and environment in Dubai to foster the growth of the television, film and music industries in the region," he added.
It has been estimated that the global film industry will be worth $87.6 billion in 2005, of which the Middle East will claim a share of $22.6 billion.
A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Film Finance, Forest Finance, Venture Capital, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
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