Business startup Dubai has always been praised in Dubai. Starting a business in Dubai comprises planning, conceptualizing, research, budgeting, and decision-making, among other things. It also needs guidance and assistance on choosing the right trade license for your business, especially if you are a new entrepreneur. Set up a company is really a very advantageous proposition. Starting a business in Dubai should not take you more than a week if you took help from the best business setup provider and categorized all your legal procedures.
When starting a company in Dubai, every decision must be made at the correct time. Here is the process of business setup in Dubai:
- Select A Business Activity:- When choosing a business activity for your entrepreneurial venture, keep in mind the practicability of the chosen activity concerning the UAE market. Before you decide to start a business in UAE, do thorough research on the activity’s feasibility and profitability.
- Determine The Company Structure:- To start any business in Dubai, determine the kind of legal form or the company structure for your business. This step will provide the finest layout for your company. The structure of the company can be decided based on your jurisdiction and business activity.
- Choose The Jurisdiction:- After determining the business type, you need to choose the jurisdiction. Depending on a business entity’s location in Dubai, Business can be categorized into three main categories as Mainland, free zone, and offshore. Each category has its own requirements and benefits.
- Apply For Your Trade License:- There are four types of business licenses in Dubai that you can choose from Commercial license, Professional license, Industrial license, and Tourism license. You can apply for any of these trade licenses if you plan to start a business in the UAE mainland.
- Register Your Company: For business setup in UAE, the company registration and licensing are simultaneous. In this step, you will have to get all the government officials’ approval as requested by the Economic Department.
- Search A Local Partner:- It is also an important step to set a business in Dubai. Finding the honest and trustworthy local partner in Dubai is not an easy task, but with the help of business setup consultants in Dubai, you can easily find a local partner.
- Draft Your Memorandum of Association:- It is vital to understand the complexities of Memorandum of Associations (MOA). Before drafting the MOA for business, ensure to take specialist advice.
- Rent An Office:- As per your business requirements, you can opt to rent an office unit or choose for a shared workspace in a business center. Office space can also decide the number of visas you can request from the Department of Economic Development.
Business Setup In Dubai With Startanybusiness
Start Any Business (SAB) offer a wide range of business setup services in Dubai and UAE for startups, medium enterprise and large concerns. This business setup company offers a range of top-notch services concerning your business setup in Emirates. From cost-effective packages up to high-end and luxurious offices, Start Any Business ensure to meet your requirements.
Start Any Business (SAB) is a top-notch business setup company in UAE whose expertise offers all legal and consultancy advice required for global traders to set up business in UAE. They are the one that offers aid to businesses when it comes to enhancing performance and efficiency, examining the company and establishing solutions for them to meet their goals. The perfect way to start a company in Dubai is to hire a reliable and experienced business consultant who can help you set up the procedure from start to finish.
Benefits Of Business Setup In UAE
- No currency restrictions
- Flexibility to drive the company from any part of the UAE
- A broad array of license types and business activities allowed
- Profitable Mainland Dubai market open to doing business within Dubai and worldwide
- No corporate and personal tax
- A stable local authority, simple processes, easy, trouble-free legal process for licensing and registration.
- Ability to repatriate 100 percent of capital and profits
- Easy availability of work visas
Types of company formation in Dubai
- Mainland Company:- A Mainland company is a company registered in one of the Dubai DED (Department of Economic Development). It means that if you choose to manage in UAE Mainland, you will require to register a business entity with the DED, which will then offer you a business license to start doing business in UAE. Mainland companies can follow any commercial, professional, industrial, trading, or tourism activity. Some professional activities are excluded as per DED’s business regulations, and others need approvals from authorities that manage these activities.
- Free Zone Company:- Free zone company in Dubai offer choices such as flexi-office setups, flexi-desk, company privacy to entrepreneurs with limited reporting tasks, and access to freehold property. This city also provides world-class commercial amenities. With free zone business set up in Dubai, you can only do international business and not within the UAE if you want to manage the business within the country to directly partner with a local trader. Then you will become able to do business within the UAE also.
- Offshore Company:- Dubai Offshore companies is a perfect cost-effective, and tax-efficient structure for businessmen who wish to accompany international business. Dubai offshore has appeared as the most secure and preeminent tax port for company incorporation. The offshore company set up in Dubai is less complicated than the Mainland and free zones. Offshore companies in UAE are used for holding companies, international trading, international consulting services, owning real estate, shipping companies, and registering copyright and patents.
What Is The Process Of Getting A Business Licenses In Dubai?
To get the general business license, one must follow a few steps:
- Categorize your business:- The free zones or the Department of Economic Development (DED) offers a category list. You must identify the relevant category for your business.
- Selecting a relevant legal structure: Your company’s legal structure is just as vital as your company’s trade name. The legal structure mostly depends on the number of shareholders you have in your business activity and adheres to the government guidelines.
- How much you need to invest:- As per your business, you must have an idea of your investment.
- Lease or purchase office space:- Opt for an office space that suits your budget and business needs and ensure you can conveniently accommodate your employees.
- Get initial approval from the authority:-It is a common step for getting a trade license.
Type of Business Licenses
There are mainly four types of business licenses in Dubai as well as across the UAE.
- Commercial License:- A commercial license is compulsory for the general trading business. A commercial trade license is issued to a company comprised of any sort of commercial trade activity. All commercial trade activities in Dubai or all over the UAE requires a commercial trade license. The general traders and specialized entrepreneurs can make use of a commercial license in Dubai.
- Industrial License:- The industrial and manufacturing companies are needed to have an industrial license in Dubai. To get this license, approval from the Finance and Industry Ministry and other judiciaries are compulsory. This type of license is issued to an organization that transforms natural resources or alter raw material.
- Professional License:- The professional and specialists need a professional trade license in Dubai and other Emirates of the UAE. A service-oriented company varies on a professional’s skill. Therefore, to set up a business in UAE, the professionals and specialists need to get a professional license in Dubai or other UAE emirates.
- Tourism License:- Tourism trade license is needed for the tour and travel industry in Dubai and other Emirates in UAE. The UAE is a preeminent tourism hub and has a high demand for businesses associated with tourism. Consolidated licenses will also provide this kind of license in the UAE for commercial and tourism activities.
Bank Account Opening Services
When you start your company in Dubai, the next step to consider is the corporate banking possibilities available to you and your company.
Opening a UAE corporate bank account can be stressful for entrepreneurs. Newly implemented guidelines, ever-changing compliance regulations, and international banking protocols combined with the banks’ expectations over recent years can make it very time-consuming. The entrepreneurs might find the task of getting banking much more monotonous than the form filling and compliance checks needed for their company set up in Dubai and other emirates of the UAE.
Corporate Bank Account Opening Dubai
The need for opening a bank account in Dubai depends from bank to bank, but during the procedure, a shareholder and director’s presence is typically required. Sometimes attorneys can set up accounts on their customer’s behalf, though this is not frequently the case. Here are the steps you must follow when opening a corporate bank account in the Dubai:
- Get your business license
- Submit the required documents
- Check visa needs
- Select the bank
- Application procedure
GET Free Business consultancy services in Dubai
Start Any Business offers business consultancy services in Dubai ad across the UAE. We provide company formation as well as management related services. Our professional business consultants at Start Any Business (SAB) analyze businesses and deliver solutions so that your company is positioned well. We cater to business consultancy services. At Start Any Business (SAB), we present to you an amalgamation of holistic management consulting services. This comprises categorizing business activities, assistance with jurisdiction, getting business licenses, renting an office space, PRO related services, company liquidation, translation of documentation, etc.