Dubai is known as the elixir of business; it’s no surprise because Dubai offers a plethora of opportunities to start up your ideal business. From huge capital investment, emerging markets, and off-the-beaten-track topography, Dubai has it all going for its start-up sector.
Dubai is the perfect starting point for your business. It offers you a gateway to the emerging markets of Asia and Africa, as well as access to European and American markets. The country’s economy has grown by an average of 4% over the last decade, which is almost double that of other Middle Eastern countries. Dubai has also managed to attract more than 100 international companies within its borders, including Microsoft, Motorola, and McDonald’s.
One of the best perks of setting up a business in Dubai is that it is quick to set up. The process typically takes 3–4 days and can be completed without having to spend hours on paperwork.
A Step-by-Step Guide to Business Setup in Dubai, UAE
Follow these steps to set up your business in Dubai, UAE.
Step 1: Determine the nature of your business.
Do you want to start your own business in Dubai? It is important that you comprehend the nature of a business before you start it.
Dubai has three zones, namely the mainland, free zone, and offshore, that are designed for different types of businesses. You can choose any of these zones depending on how you want your business setup in Dubai.
Step 2: Choose a name for your company.
Selecting a name for your business is a key step in establishing your brand identity. A good name will help build trust, loyalty, and recognition among customers. It allows you to maximize your exposure on social media, search engines, and other marketing channels.
Dubai has limitations and requirements when it comes to deciding on a name for your company. You are not allowed to use a name that is offensive, refers to Allah, or to any other religion. For example, you wouldn’t want to use a religious word without thinking about how others would react. If you do use a religious word, like “Muslim” or “Jewish,” be sure you can’t be sued for discrimination or anti-semitism.
Now that you have decided on a name for your company, it’s time to register it with the DED (Department of Economic Development). The DED reserves the right to reject your name if there are other companies with similar names.
Step 3: Obtain the Memorandum of Agreement
An MoA is a legal document which states the nature of the business, its capital, the number of shares issued and the related details. This contract is needed to start any business venture. It contains the details of the business structure, such as shareholders, directors, etc. An MoA must be signed by every shareholder in your company.
Step 4: Obtain Preliminary Approvals and Permissions
When you are planning to start a business in Dubai, there are some initial approvals and permissions that you need to obtain from different legal authorities. It is advised that you enlist the help of business consultants when setting up a company in Dubai, as these individuals are familiar with the process of setting up a business in Dubai and can more easily obtain all necessary approvals.
Step 5: Obtain a Trade License
When it comes to business in Dubai and the UAE, the government of Dubai has come up with a policy called the “Trade License Policy” to ensure that all types of businesses operating in Dubai are regulated. For that purpose, you need to apply for a trade license and get it sanctioned by the concerned authority.
Under UAE law, there are three types of licenses: professional, commercial, and industrial.
Setting up an LLC is definitely the best way to go. With the help of a trade license, you can easily apply for registering your company name in the Business Registry of Dubai and get started with your professional and commercial activities.
Step 6: Rent an Office Space
In order to set up a business in Dubai, you will need to rent an office that suits your needs. Think about where you want the business to be: in downtown or in one of the suburbs?
Once you rent an office space, register with Ejari to obtain a tenancy contract and have your own unique Ejari number.
Remember that, in order to obtain a license, you must have a valid office address. For an offshore company, the registered agent’s address becomes official.
Step 7: Submit the Necessary Documents
Once your application is processed and approved, you will receive information about where and when to acquire your license. The process can take anywhere from two weeks to a month. You will have to provide your business plan and other relevant documents in order for the government to assess whether your company is viable or not. If you are planning on starting a business in Dubai, then it’s important that you do your research beforehand, as this will help reduce the amount of time it takes for approval.
In short, setting up a business in Dubai is a simple and straightforward process. You should take care of the legal entity of your business, obtain a trade license, set up bank accounts and related requirements, apply for a tax registration number, ensure compliance with local labour laws, etc. Al Hadif Business Setup is here to guide you through each step of the process and help you establish your company in Dubai within 3–4 days.
Al Hadif Business Setup, We are a leading business setup consultants in dubai, UAE. With our complete business setup services, we help you start up a new business. Here, you will get all the latest updates and information on how to start your business in Dubai and how you can get your own business setup as quickly as possible.