Dubai has an economy that’s diversifying rapidly. Also, it is significantly investing in technology and human talent, which can be fruitful for entrepreneurs. Experts claim that Dubai can help UK businesses to tap into new potential markets.
Dubai is one of the most sought-after places for entrepreneurs to start their businesses due to its safe, multicultural atmosphere and connectivity with major global commercial hubs. Its reputation as an investment-friendly city is further strengthened by a flourishing innovation culture, making it one of the best places to start your company.
Hence, Dubai is favourable to UK entrepreneurs looking to set up their companies in the city. This blog explores perks and the procedure of setting up a company in Dubai.
What Are the Benefits of Setting Up a Company in Dubai?
It is undeniable that Dubai has grown into a major global hub for business in the last few decades. If you want to set up your company in Dubai, the following are some of the benefits you may reap:
- With advanced technology and cooperative administration in Dubai, establishing a company involves almost no paperwork. In addition, Dubai has an advanced digital infrastructure, offering world-class internet connections.
- Dubai’s state-of-the-art infrastructure attracts a large number of UK entrepreneurs. Furthermore, Dubai has an efficient public transportation system. It also has top-notch telecommunication facilities and other amenities.
- The UAE tops the chart globally in terms of the business skills of its employees. In fact, its talent pool excels in various fields like management, leadership and operations.
- One of the important benefits of setting up a business in Dubai is the tax exemption it provides. Dubai exempts all types of taxes. These include income, business and personal taxes. But, some companies may need to pay a 5% VAT on their business activities.
- Dubai has many free zones where you can have 100% ownership of your business.
- Dubai, located at the crossroads of East, West, North and South, connects manufacturers, producers and suppliers from all over the globe. The locations of airports and seaports have great connectivity. More specifically, this promotes the growth of the import-export, re-export and tourism industries.
- Companies in the Dubai mainland and free zones are not required to give a portion of their capital and profits as taxes to the UAE government.
- Once you have all the relevant documentation, getting a visa in Dubai is convenient. Besides, the new visa rules make the foreign national-dominated job market more flexible.
What Are the Documents Required to Set Up a Company in Dubai?
Before you begin setting up a company in Dubai, check that you have all the mandatory documents. This eases the process of setting up the business. Some of the documents are as follows:
- Copies of passports and visas
- Two passport-size photographs
- Entry visa and stamp pages
The documents vary as per business activity, company structure and location. The experts at the Shuraa UK branch can help you with a complete list of the required documents based on your business.
How to Set Up a Company in Dubai?
You must go through some steps for setting up a company in Dubai. The steps given below will help you understand it better:
1. Decide Your Business Activity
Dubai mainland and free zones permit a wide range of business activities. Thus, you can choose from a variety of businesses. Moreover, it takes a lot of consistent hard work to get your company running. So, pick a feasible business activity that interests you the most.
2. Choose a Name
Your company’s name is most likely the first thing your potential consumers will remember. Thus, it should be easy to recognize and remember. Besides, a decent and legally safe name for your company will not get you in trouble with the authorities. So, choose a name and register it with the concerned authorities.
Note: The UAE authorities have laid down certain rules for naming a company. Shuraa professionals can help you with the rules and name availability, making sure that your company’s name is compliant.
3. Decide Your Company Structure
The right corporate structure for your business will help it function more efficiently. So, choose an appropriate structure for your business. The structure could be a sole proprietorship, a Limited Liability Company (LLC) or a foreign company’s branch office.
4. Apply for the Licence
Obtaining a trade licence for a business is a legal requirement in Dubai. Furthermore, opening a corporate bank account becomes easier when you have a trade licence for your business. To apply for a business licence, submit the relevant documentation and pay the licence fees.
There are many types of business licences allowed for businesses in Dubai. Also, depending on your business activity, you may have to apply for additional permits for your business. Shuraa experts can help you apply for the licence and approvals relevant to your business activity.
5. Choose Your Business Location
Every location has its own characteristics and offers distinct benefits. Accordingly, choose a business location in Dubai. You have options of setting up your company on the mainland or in one of the free zones.
If you need a physical office for your business activity, consider the size of your workforce, the technologies required and your budget. Besides, you will also have to think about whether to rent or lease.
6. Get Your Trade Licence
You can obtain your trade licence once you’ve successfully completed all the steps.
Professionals at the Shuraa UK branch can streamline the company formation process for you. This may include naming regulations, visa eligibility, company licence, bank accounts and fees.
7. Launch Your Business
Once you’ve obtained your trade licence, you can start your business. You may go further with the subsequent activities you’ve planned for your business.
What Is the Cost of Setting Up a Company in Dubai?
Various factors determine the final cost of setting up your business in Dubai. For instance, your business activities, the licence you choose, marketing campaigns, additional approvals and so on. Thus, coming up with a precise number is quite difficult. Nonetheless, it may take around 18,000 AED to set up a company in Dubai.
Experts from Shuraa can help you with the exact cost based on your business. They will also make sure that you do not overspend.
Start Your Company in Dubai With Shuraa
Shuraa’s consultants can help you at every phase in setting up a company in Dubai. We can also help you avoid delays in seeking approval from relevant authorities. If your company has specific needs, we can prepare custom-made business setup solutions. All you need to do is get in touch with us.