The United Arab Emirates is fast growing to become one of the world’s most stable economies, with the leading business in Dubai in the Middle East. Dubai’s liberal economic policies, low corporate taxes, easy affordability to trade, and excellent infrastructure are just some of the reasons businesses and entrepreneurs see Dubai as the best choice for starting a new business location.
Dubai has three areas to start your business. Mainland Dubai is a popular destination for future business owners.
Real estate, tourism, and finance companies are some of the most popular and successful companies. The Dubai free zone is another major draw for entrepreneurs.
The free zone offers 100 percent participation in international trade, zero percent personal or business tax relief, import and sales tax exemptions, and full repatriation of profits. Then there is Dubai Offshore. This area is ideal for entrepreneurs who wish to trade internationally.
Do you think about business setup in Dubai will be right for you?
The complete process of starting a business is quite evident in Dubai. If you have all the required legal documents and permits, you can create and run your new business in about a week!
Here is a step by step guide/tip to guide you through the whole process of starting a business in Dubai, UAE.
Step 1: Determine the Type of Business
First, make sure the type of business you want to start will pave the way for many important factors, such as your business license. You can get three types of business licenses in Dubai – professional, commercial, and industrial. You also need to sort out the kind of business you will run if you need additional regulatory approvals such as Grocery and jewelry stores, legal advice, and more. Knowing your business will also help you determine where your business is there. As a free zone, Dubai’s continental and offshore zones require specific business operations with different regulations, rules, and permits.
Step 2: Enter the company name
A trade name is the most crucial step in starting a business in Dubai. The trade name must match the type of operations and services your company offers or represent the business’s nature. There is a special fee for registering and renewing a trading name. You can read all the rules for trade name registration on the Dubai Economic Division’s official website.
Step 3: Finish your legal work.
After determining the name and type of business, the next step is to provide this information to the relevant government agencies with all required documentation. If your company operates in one of the free zones, additional documents such as business plan documents and NOC letters are needed. Legal documents depend on the type of business and location. As each free zone has different rules and regulations, you can check them on this official website before doing any legal work.
Step 4: Complete the office space
Once you’ve completed the legal formalities, you can start looking for office space and make a list based on cost, ambiance, internet service, and other perks. In some areas, you will find comprehensive support in choosing the right office space for your company.
Step 5: Get Your License
Your business license depends on the type of business you will have. You can apply for three types of permits – commercial license (for LLC), professional support, and industrial license. Your business license will be issued once your application is approved.
Step 6: Open a bank account
Finally, legal and licensing work gets complete here at this step, and you are ready to start a business in Dubai. The next step is to open a company bank account. The UAE hosts a variety of local and overseas banks to make decisions. You can choose your bank or hire a local sponsor or agent to help you find the right bank for your business.
Step 7: Get a visa
The final and final step in starting a business in Dubai is getting your visa. Apart from applying for a visa, you can also apply for a visa for family members, employees, etc.
Visa requirements apply in various fields, e.g., B. in the Dubai free zone. Be sure to read the multiple terms and regulations for obtaining a visa in the area you plan to do business with.
While these steps provide you with an overview of the procedures and actions required to start a business in Dubai, it is advisable to hire a business incorporation advisor to help you through Business setup in UAE.