Dubai is one of the most popular tourist destinations on the planet. And with good reason: it’s a fantastic place to visit. But what about starting a business in Dubai? In this blog post, we will outline the steps you need to take to start your business in Dubai. From researching the market to assembling a team, we have everything you need to start. So, what are you waiting for? To start planning your Dubai business adventure, read this!
Choose Your Business Actions
The first step to establishing the foundation of your UAE company is to decide the business activities you will be carrying out.
There are many possible options, so it’s important to specify the activities you plan to pursue in your application for a license.
The inability to define your planned activities may cause problems later. That is why it’s recommended to get help from Business setup consultants in Dubai to make this choice. These experts know the permitted activities and can recommend activities most suitable for your company’s needs.
Choose your company name.
Dubai has strict rules for naming conventions. So before signing a name for your business, make sure it’s legally legal.
Names containing offensive language are prohibited, and so are business names referencing Allah, Him or any other religious or sectarian group like The FBI or the Mafia. Suppose you decide to name your company after an individual. In that case, that person must be a shareholder or the sole owner of the business, and their full name should be used, with no abbreviations or initials.
Choose a setup Free zone or on the mainland.
The final step to applying for a license is to choose whether you want to set up the business within a no-cost zone or on the mainland.
There are many benefits for both. Free zones like Fujairah Creative City offer advantages like a speedy and straightforward incorporation process, ongoing support for businesses and financial incentives, such as tax exemptions and no currency restrictions.
On the other hand, business in the mainland permits traders to trade directly with the UAE market and to take advantage of potentially beneficial government-related contracts.
The best setup for your business will depend upon the specifics of your company. Also, a company formation specialist can advise on the best strategy for your business.
The cost of establishing an unassuming business in Dubai will be a significant factor in your decision-making process, don’t worry because prices are similar regardless of whether you choose an open zone or a mainland setup.
Fill out the paperwork for incorporation.
If you are thinking about starting an enterprise in Dubai If you’ve been through this, you’re now through the most critical decisions. At this point, you’ll need to get the proper documents.
You’ll need to apply your chosen name for your business and the type of business to be sent with copies of the shareholders’ passports to the appropriate government authorities. Certain free zones may require additional documents like the business plan, non-objection Certificate (NOC) or an official letter from your current sponsor to confirm that you can establish a new company within the UAE.
When you are ready to register your business in the UAE, you must fill out an application for registration of the name of your company and the activity you wish to conduct, along with copies of shareholder passports.
Companies operating on the mainland must satisfy specific capital requirements, as stated in the Memorandum of Association.
Make sure you have submitted your documents.
Contact the Department of Economic Development of the emirate you choose for registration of your company’s and trade name and provide the necessary documentation. The department information on the UAE government’s website is under Information and Services.
Once your application is approved, you will be issued your company’s licence.
Completing the required paperwork during this phase is possibly the most challenging job you’ll have to complete. However, comprehending and completing this process could take several months or even years. It is strongly suggested to use Business setup consultants in Dubai if you are opposed to dull, complicated documents filled with fine details. The time and money you save during this stage alone will more than pay for the cost.
You Can Apply for A License
After your application is completed, the government will issue your license for your business, no matter where you set up your business. The most common requirement is some essential documents like a completed application form, copies of shareholder passports, and other similar documents. Certain free zones might require a business plan.
Opening an account for a bank that is corporate
The strict laws on money laundering make it difficult for foreign entrepreneurs to access corporate banking services. A professional in the field will result in a more straightforward procedure.
Experts in the field of company formation have great connections to both local as well as international banks. They can connect you with the best one for your needs, even arranging face-to-face meetings when needed.
Read More: Enhancing Business Success: The Importance of Professional Commercial Cleaning Services in Dubai
Apply for the correct visa.
We are thrilled that you have made it this far! Applying for a visa is the last step to establishing an enterprise in Dubai. Along with requesting the visa you need, some free zones let you apply for visas for staff and dependents. The number of applications you can submit will vary based on the free zone you decide to create.
Suppose you’re trying to get visas for your spouse, child, maid, or driver. In that case, it’s recommended to consult an expert to make sure that first, you can apply for a visa within your free zone of choice as well as, in addition, you and those you plan to be able to sponsor for visas have all the requirements for entry.
If all this checks out, the procedure is comprised of four basic steps:
- Permits for entry
- Status adjustment
- Medical fitness test for medical fitness
- Emirates Visa Stamping and ID Registration
The limit is not set on how many visas a mainland business may apply for, while companies in free zones will be subject to certain restrictions that vary between one free zone and another.
That’s it! After completing these steps, you’re ready to begin your dream business in Dubai!
Conclusion
Starting a business in Dubai can be an excellent opportunity if you have the necessary mindset and skills. Before starting your business, it’s essential to research and ensure that Dubai is the right destination for you. By following our tips, you’ll be on your way to starting up a successful company in one of the world’s most luxurious cities. Thanks for reading!
