Dubai is said to be one of the Emirates with the best tech penetration in the UAE. It’s now on the path to be a smart city by the month of December this year. If you have a desire to set up business abroad, Dubai is one of the best places for the same.
Highly recognised as the trading hub across the globe, it’s easy to setup a business in Dubai. The world-class infrastructure, constant government support, and strategic business location attracts budding entrepreneurs and investors for business setup in Dubai.
You can setup a business in Dubai in a matter of 7-8 working days. All you need to do is follow the process of business registration established by the government. As you read ahead, you’ll find all the important information related to business setup in Dubai. Moreover, the business experts at Shuraa UK are always there to take care of your company incorporation requirements in the UAE.
Where Can You Set Up a Business in Dubai?
You can choose to set up a business in Dubai in the mainland, free zone, or offshore region based on your business requirements.
Dubai Free Zone Region
The free zones are special economic areas where you can reap the benefits of zero taxation. If you want 100% ownership of your business, you can opt for a free zone business setup in Dubai. The free zone concept was launched by the government to generate foreign interest for more company setups in the UAE. Several free zones are built around specific industries while some cater to all types of business requirements.
Currently, there are more than 40 free zones in the UAE and they offer a wide range of world-class facilities. Another benefit that tempts businessmen to choose a free zone for business setup is the allowance for 100% repatriation of capital and profit earned.
Dubai Mainland Region
The registration process to set up a business in Dubai mainland is also easy and quick. Moreover, you have the freedom to choose to set up your office anywhere in the country plus the freedom to work for both, public and private sectors.
How to Open a Company in Dubai – The Formation Process
To set up a business in Dubai, you need to follow the steps mentioned below to complete the registration process and get your business license:
1. Identify the Nature of Your Business Activity
Every company in the UAE has to choose suitable business activities from the list provided by the DED. Based on the activities chosen, you can then move ahead to choose a location for conducting business.
The business activities you choose will help you determine the type of office space you’ll need. Note that you’ll not be allowed to conduct any other activities apart from the ones chosen from the list provided by the DED unless you apply for external approvals.
2. Determine Your Company’s Legal Structure
Decide the legal structure of your company based on your business requirements. You must be clear about the type of company you want to set up in the UAE. It can be an LLC (limited liability company), sole proprietorship, partnership, a branch office, etc.
3. Register the Trade Name
The next step is to decide on a trading name for your business. The trade name you choose must comply with the rules established for the same by the Dubai government. Make sure that you don’t use the name of an existing company.
Furthermore, the names you choose should not have any foul words. Mentioning of any religious or hurtful words is also prohibited. If you want to name your company after a person, you must use their full name. Once decided, submit the names for approval to the DED.
4. Apply for Initial Approval
There are many legal documents that you need to submit for initial approval. Make sure you gather all of them and keep them handy. These documents have to be attached to the application form for approvals and business license.
A few prominent ones are the copies of passports of all the shareholders, a no objection letter, copies of visas of all the shareholders and the employees, tenancy contract, and many more. However, you don’t need to worry about any of it when you get in touch with the business consultants at Shuraa UK who do all the heavy lifting for you.
5. Choose Your Business Location
Now that you have decided on your business activities, selected your trade name, and submitted the necessary documents, the next step is to find an ideal office space. Make sure that whatever space you choose is suitable as per your business activities.
Once done, apply with Ejari for obtaining your tenancy contract. Without a tenancy contract, you cannot get your business license. Don’t forget to save your unique Ejari number as it’ll be used for future references.
6. Apply for License
Once you have completed all the other steps, you can apply for a trade license. You need to fill an application form and submit it along with other necessary documents to the DED. Moreover, you might need to get approvals from a few specific legal departments depending upon the business activities chosen. Once all your documents are approved, you’ll get a confirmation mail from the Department of Economic Development.
7. Pay Fees and Collect License
After submitting the applications and other documents, you need to wait for the DED to inspect all your papers. If everything’s in place, you will be issued your trade license within a few days.
After getting your trade license, you need to pay the required license fee to the government. The DED will share an email with the payment voucher. Ensure that you complete the payment within the next 24 hours or chances are that the government might sideline your application.
What Documents are Required to Set Up a Business in Dubai?
The list of documents required to complete the registration process of a business setup in Dubai is as follows:
- Passport copies of the shareholders.
- Entry stamp or Visa page.
- Passport size photograph.
Setup a Business in Dubai
Setting up a company in the UAE is easier than ever, thanks to the well-defined procedures and immediate support from the governing bodies. So, if you too want to setup a business in Dubai, now is the right time to launch your company and reap ample benefits and grab amazing business opportunities.
You might feel a little overwhelmed as an expat since you have so much more to take care of apart from setting up your dream venture in Dubai. Therefore, it’s better to take help from company formation experts at Shuraa UK with prolific experience in the company incorporation domain. So why wait? Give us a call now!