As the fastest growing economic centre in the UAE, Dubai is the perfect place to set up a business. With the market growing and highly competitive economic structure, the city is a fertile land where you can setup a new location. But before you can start a business, you must first go through the whole process of the formation of the company and the acquisition of trade licenses.
Their cant is an excellent time to start a business or company in Dubai.
Company formation in Dubai is a relatively simple process and fast with a powerful incentive, especially in UAE free zones.
There are other options for the type of business you can set up in the UAE, onshore or offshore, but the free zone is very popular with foreign business people and with good reason. The incentives that they offer are 0% corporate and personal taxes, 100% repatriation of capital and profits,100% company ownership, no currency restrictions, and 100% import and export tax exemption.
How to Start Business in Dubai?
While the technical aspects, administrative and financial of company formation in Dubai may seem daunting, following the step-by-step with the right support, it is much easier and affordable than you might think.
There is a six steps procedure for starting a new business or company in Dubai.
• Determine the Right Business Operations
Decide the business structure because it is the business’s nature that will help you decide the location of your business setup in Dubai. For example, some of the free zones only allow some activities, such as media, medical, or transportation. Apart from the restrictions, it often makes sense to set up near the same sector. See transport links too. If you have an import/ export business operation, you might want to choose one of the free zones near the airport or port.
The final step is taken later in the preparation process, but setting up your business activities will undoubtedly give you a steer. However, there is no need to pigeon-hole business, as it may be to have some business activities listed under a trade license.
• Decide a Company/ Trade name
UAE has some strict naming convention, so before you commit to a company name, be sure to follow. The words that include foul language are prohibited, such as the names of companies that refer to God, He, or indeed any group of religious, sectarian, or another politically related name. If you choose to name your business after someone, that person must be a partner or owner of the company and their full names to be used – no initials or abbreviations.
The setup of business experts will give you chapter and verse on all the naming conventions. Save your time and effort to carry out the proposed name you pass them to check whether the pass and if not they can help you come up with something.
• Complete the Documents and Other Paperwork
Complete the application for the name of the company you select and activities. Give it along with a copy of the passport holders of shares to the relevant government authorities. Some of the free zones will require additional documentation, such as a business plan or a Non-Objection Certificate (NOC) – letter of sponsorship today confirmed that you are permitted to set up another company in Dubai, the UAE. It can be one of the complicated steps in Dubai’s business setup because the document should not be too heavy to provide it done with experts’ help. Business setup, your partner can advise you on the necessary documents and help you solve it.
• Issue your Business License
It is one of the simple steps but should be done very carefully. After all the documents are submitted carefully, the DED will issue you the license for setting up your company in Dubai.
• Opening Corporate Bank Account
Once your documents have been returned, you will have all the documentation you need to open your company’s bank account.
UAE has many banks, local and international banks like Abu Dhabi Commercial Bank, Commercial Bank of Dubai, Emirates NBD, Barclays, Citibank, and HSBC. You can open a corporate account in the bank of your choice.
• Start the Visa Process
And so, to the final step of forming a company in Dubai. As well as applying for the visa itself, many of the free zones allow you to put in an application for staff and dependents -. Exactly how much you can send will depend on free zones you choose to set up in. So, if you’re looking to get a visa for your family, servants, or domestic helpers, then it will best take the advice or suggestion from a business setup consultant. This process consists of four simple stages: entry, adjustment of status, medical fitness test, then the Emirates ID registration and visa stamping.
Company formation in Dubai is not only simple, thanks to the accommodating conditions-free zone, but with the support of the right experienced business setup consultants in Dubai, the process is complete within one week.