Thinking of starting your business in Dubai? Congratulations, you have chosen one of the best business ecosystems in the world for your new venture. Dubai is more than just a city of architectural marvels: it is one of the most fertile grounds for new businesses. This is just one of the many things that make the commercial capital of the UAE the best place to live and work. And when it comes to starting a business here, there is no doubt that there is a lot of potential to be exploited here in Dubai. So if you’re eager to set up your own business, this article will help explain what you need to know and do to get your business up and running.
We have equipped this article with the necessary links to guide you through the process and required documentation. Take a look at the following before you start the actual process; however, the good news is that on average, if you are ready with all the required documents, it takes less than 10 days to start your business in Dubai. So let’s get started!
But before starting your legal procedures, you should consider some elements required in the process:
know your business
The success of a large business venture depends on a solid understanding of the local region, extensive research on the feasibility and demand for your product or service, and a credible business plan that is likely to attract investment partners.
Yes, you have a great idea, but is there demand for what you offer? What does your competition look like and what makes your business offer stand out from the rest?
Select a location that optimizes suitability, convenience and cost Another important step in planning to start a business in Dubai is to determine the most suitable location for the business. Establishing a for-profit company in the city would not do you much good despite the growing economy if your customers or clients cannot communicate with your business or what is most convenient for your business. You can select a location in the right city for a store or an office that is best known for the type of product or service you are dealing with.
If you are planning a Free Zone company, you should make your selection based on the criteria of distance, costs and whether it is suitable for your product, business model and business requirements.
A lease must be concluded. If you are aiming to start a small-scale business, then basic amenities such as telecommunications, storage, and space within the establishment are the basic concern that must also be met. Other services available on commercial property can vary widely.
financial viability
Once your business is registered, the Ministry of Commerce will require owners to show proof of financial investment. If you are new to the region and have no background, you should be prepared to find your own financial resources through your bank or other means rather than relying on local support.
Once you’ve established the validity of your concept, both from a marketing and financial viability standpoint, you can now look at the steps to turning your idea into a booming business.
The UAE Business Companies Law and Federal Law define seven basic categories of business organization that can be established in Dubai and the UAE. Requirements for minimum levels of capital, shareholders and incorporation procedures will vary depending on the type of business structure.
Announcement of Changes to Foreign Property and Visa Rules
Anyone entering the UAE as a professional or investor is usually issued a two-year residency visa, which is renewable. This has now been changed to a ten-year visa for investors and professionals in highly skilled fields such as engineering, medicine, and science. Students will receive a special five-year visa, while those who consistently perform well and get top grades will also receive a ten-year visa.
Another very significant change is the ownership of companies. Companies within the UAE fall into two main categories: mainland companies and free zone companies.
Currently, mainland companies can be partially owned by expatriate entrepreneurs, but must have a UAE citizen as the majority shareholder of the company. Free zone companies, on the other hand, may be wholly foreign owned and are subject to separate regulations depending on the free zone.
With the new regulations, any business, whether mainland or free zone, will be able to have 100% foreign ownership without the need for an Emirati partner.
Confirm your Visa eligibility and requirements
To start a business in the UAE, a visa that allows you and your employees to live in the UAE is essential to run your business.
Visas are allowed for almost all businesses.
However, their number varies according to a variety of criteria such as the size of the office, the nature of the business, the category of the employee or the investor.
Required Documents for LLC
Copy of the investor’s passport
Copy of the passport of the local sponsor
Copy of the manager’s passport
Economic Department registration application form
Trade name reservation
Initial approval of the lease agreement from the Economic Department for the office/warehouse or showroom certified by the planning department and the civil defense department of the Dubai Municipality together with the location plan.
Deed of incorporation duly certified by a notary public.
Documents Required for Professional Firms
Parent company formation certificate duly certified by the UAE embassy in the country of origin of the parent organization.
Board of directors agreement for the establishment of a branch and to complement the manager of the same
Certified copy (from the UAE Embassy) of the memorandum of organization/articles of association
Financial statements for the last two years
Local Service Agency Agreement duly notarized in UAE Courts
Passport copy of the local service agent
Copy of the Manager’s passport
Company Profile
NOC letter in favor of the Sponsor’s Manager, if he is a resident of the UAE
Company registration in Dubai, United Arab Emirates
Companies of any category operating in the UAE must have a license to register with the country’s business network. Company registration in the UAE requires a business license and permission from different law enforcement agencies and the state government to set up your business. Business registration in Dubai for businesses such as financial services, food, health services, printing and publishing requires much more authorization than any other business.
Company registration in the UAE is divided into the following three categories depending on the nature of your business:
Company Registration in Dubai, UAE Business License: This license is granted to those companies that are only looking for commercial business activities.
Industrial license: This license is for those companies that will be engaged in manufacturing or other industrial activities.
Professional License – This license is issued specifically for different service providers, artisans, artisans and other professionals.
For company registration in Dubai, the UAE Department of Economic Development (DED) issues the required licenses.
Get a license notice
There are many complex requirements associated with the issuance of the business license. Company registration in Dubai for financial services needs to be approved by the Central Bank of the UAE. Licensing for manufacturing companies requires approval from the UAE Ministry of Industry. Similarly, medical service providers require approval from the UAE Ministry of Health. This crucial stage paves the way for the clarification of the final rates and the final acceptance of the activities proposed by the company.
Hire a registration agent to guide you through the business formation process
Hiring a business consulting firm to register your business start-up may be your best option.
These consultants will not only walk you through the installation process, they will also register the company for you. And it will help you with opening your bank account, arranging an auditor, doing your renewals, and offering you nomination services.
His experience dealing with local government bureaucracy and free zone authorities can be of great help in planning and itemizing the start-up costs of your business.
In most cases, these companies offer a team of experts to plan your company registration from scratch; This includes the strategies you need to follow to set up your business smoothly, detailing potential costs, offering license and location options, coming up with solutions for potential business obstacles, etc.
Additionally, they will take care of all the necessary requirements to help you get your business legally registered with minimal hassle on your part.
If you are looking to operate in any of these industries in Dubai or any other, then we can provide you with the best advice for registering your company in the UAE. For more details visit: http://www.namaccountants.com/ or Contact us: 971-558876440
