Dubai is the center of business in the Middle East. With its liberal economic policies, multiple tax treaties with most countries globally, simple corporate tax rates, luxurious infrastructure, and accessibility to trade routes, Dubai has become the destination of choice for companies and entrepreneurs looking to start a business in Asia.
The primary industries in Dubai are tourism, real estate, financial services, and airlines. This and many others are exacerbated by the existence of sector-based free zones in the emirate, which do not allow for taxes, 100% foreign ownership, and full repatriation of capital and profits.
With these advantages, starting a business in Dubai is a very profitable endeavor. And it’s not that difficult – if you have the necessary documents and permits, starting a business in Dubai can be done in a week. However, for a newcomer to Dubai, learning a business’s ropes starting here can be something. But don’t worry – we’re here to guide you through the process of creating a business in Dubai. Just follow these steps.
What are the Steps for Setting a company in Dubai?
Business setup in UAE is very easy. Here are the 5 basic steps important for company formation in Dubai-
Choose Your Business Activity
Many businesses are fast-growing in the UAE, and the commitment to diversify beyond the oil industry means any new business that contributes to this strategy will be positively rewarded.
However, the way the UAE business landscape is set up can influence your business choices.
Knowing the difference between different free zones and operating as a continental company can help eliminate options early on. Consider a location for international transportation and other types of business in the area. It’s usually helpful to find your company close to other companies in the same industry.
Choose Trade Name
Choosing a company name is fun, but before you get carried away, keep in mind that the UAE has some strict naming conventions. Make sure you are aware of it and know what it is and choose a name accordingly.
All names containing offensive language and company names that refer to Allah or other religious, religious, political groups are prohibited. If you name your business after someone, that person must be a partner or business owner and use their full name, without initials or abbreviations.
Complete Your Paper Work
When registering your company in the UAE, you need to complete an application for registration of the selected company’s name and activity together with a copy of the shareholder’s passport.
Continental companies have to fulfill specific capital requirements, which must be stipulated in the charter. For some free zones, additional documents are required, e.g., B. a business plan or, if you already have a local sponsor, a Certificate of Objection (NOC) confirming that you have the right to start another business in the UAE.
You will need to contact the Economic Development Department of the emirate of your choice to register your business and trade name and then submit the required documents. Links to related offices can be found on the United Arab Emirates government’s website under Information and Services.
Although documents can be daunting, they can be processed quickly and easily with a business creation wizard.
After your application is processed, then you will receive a license for your company. If you use the setup wizard, you will be notified when the documents are ready to be loaded.
Open Cooperate Bank Account
You will need a corporate bank account before you can start trading in the UAE. There is a wide variety of banks to choose from, including Emirates NBD, Noor Bank, Emirates Islamic, Mashreq, RAKBANK, and Ajman Bank.
Opening a bank account in the UAE usually takes from two to four weeks. The bank wants to know your main business area, expected currency volume and total deposits, level of income, as well as your primary customers and suppliers.
Once the government has returned your documents, you will have all the necessary documents to contact the bank. Your company setup consultant can advise you on the most suitable bank for your company and help you arrange the necessary meetings.
Apply For Visa
The final step in building your business is arranging visas for you, your employees, and their loved ones.
When applying for a visa for a spouse, child, or domestic helpers such as a maid or driver, it is a good idea to seek consultants’ advice to ensure that it can be done in a location of your choosing. A business regulatory specialist ensures that all of your candidates meet the entry criteria.
The application procedure consists of four easy steps: authorization of entry, adjustment of status, medical fitness test, registration of Emirates identity card, and signing of the visa.
Compared to other parts of the world, starting a business in the United Arab Emirates is straightforward – it is ranked 25th globally in the current World Bank ranking for making doing business easier.
And with the leading business regulatory experts at your corner, you can be ready to make the most of the growing UAE economy.
Starting a new company in Dubai, UAE is not easy simple; instead, it requires knowledge and expertise. If you are not sure even after knowing the steps, then take the help of a business setup consultant. They will help you with the complete business setup process.