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 wonders – it is one of the most fertile ground for new business. This is just one of the many things that make the business capital of the UAE the best place to live and work. And when it comes to starting a business here, there is certainly a lot of potential to be tapped here in Dubai. So if you’re itching 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 the required documentation. Take a look at the following before starting 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 knowledge of the local region, thorough 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 a business start-up in Dubai is determining the most suitable location for the business. Setting up a for-profit business in the city wouldn’t do you much good despite the growing economy if your customers or customers can’t get in touch with your business or in the best interest of your business. A location in the correct city can be selected for a store or office that is best known for the type of product or service you are dealing with.
If you are planning a Free Zone business, you should make your selection based on criteria of distance, cost, and whether it is suitable for your product, business model, and business requirements.
A lease must be entered into. If you are aiming to start a small-scale business, then basic amenities such as telecommunications, storage, and space within the facility are the basic concern that must also be met. Other services available on commercial property can vary greatly.
Once your business is registered, the Ministry of Commerce will require the owners to show proof of financial investment. If you are new to the region and have no prior record, you should be prepared to find your own financial resources through your bank or through 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 turn your idea into a booming business.
The Business Companies Law and UAE Federal Law define seven basic categories of business organization that can be established in Dubai and the UAE. Requirements for minimum capital levels, shareholders and incorporation procedures will vary depending on the type of business structure.
Announcement of Changes to Foreign Ownership and Visa Rules
Anyone entering the UAE as a professional or as an investor is generally 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 the best 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.
At present, mainland companies can be partially owned by expatriate businessmen, but must have a UAE citizen as the majority shareholder of the company. Free zone companies, on the other hand, may have full foreign ownership and are subject to separate regulations depending on the free zone.
With the new regulations, any business, whether continental 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 running your business.
Visas are allowed for almost all companies.
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.
Documents Required for LLC
Copy of the investor’s passport
Passport copy of the local sponsor
Copy of manager’s passport
Economic Department registration application form
Trade name reservation
Initial approval of the lease 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.
Articles of incorporation duly certified by a notary public.
Documents Required for Professional Signatures
Parent Company Formation Certificate duly certified by the UAE embassy in the home country of the parent organization.
Directory 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 the UAE courts
Passport copy of the local service agent
Copy of the Manager’s passport
NOC letter in favor of the Sponsor’s Manager, if he is a resident of the UAE
Company registration in Dubai, United Arab Emirates
Businesses 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 state government to establish your business. Company registration in Dubai for businesses such as financial services, food, healthcare, printing and publishing requires much more authorization than any other business.
Company registration in the UAE is divided into the following three categories based on the nature of your business:
Company Registration in Dubai, UAE Business License – This license is given to those companies that are only looking for commercial business activities.
Industrial license: This license is for those companies that will engage in manufacturing or other industrial activities.
Professional License – This license is issued specifically for different service providers, artisans, craftsmen, and other professionals.
For company registration in Dubai, the UAE Department of Economic Development (DED) issues the required licenses.
Get a license notification
There are many complex requirements associated with issuing a business license. Company registration in Dubai for financial services needs to be approved by the UAE Central Bank. The license for manufacturing companies requires the approval of the UAE Ministry of Industry. Similarly, medical service providers require the approval of the UAE Ministry of Health. This crucial stage paves the way for the clarification of the final fees 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 advisory firm to register your business start-up may be your best option.
These consultants will not only take you by the hand through the installation process, but will also register the company for you. And it will help you with opening your bank account, arrange an auditor, do your renewals and offer you nomination services.
Their experience in dealing with the local government bureaucracy and with the free zone authorities can be of great help in planning and detailing the start-up costs of your business.
In most cases, these companies offer a team of experts to plan your business registration from scratch; This includes the strategies you should follow to establish your business smoothly, detailing potential costs, offering licensing and location options, devising solutions for potential business obstacles, etc.
In addition, 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 your company registration in the UAE. For more details visit: http://www.namaccountants.com/ or Contact us: 971-558876440