The idea of starting a business is certainly not boring, and in fact, Dubai has everything to offer in this regard strategically located and an economically sound environment to move on with your business. This guide touches on essential steps that you need to take when it comes to Setup Business in Dubai journey.
-
Understand the Business Environment
Learning about the local market and what options are available is one of the most serious requirements before jumping into the business setup in Dubai. You need to know opportunities Dubai offers in mainland, free zones, and offshore setups, all of which had their benefits.
- Mainland: You can trade directly with the UAE market. Leave 100 percent to foreigners in most business activities; in a few sectors, you may need a local partner.
- Free Zones: Great for 100 percent ownership for entrepreneurs. Attractive tax exemptions, by industry, but without possibility of direct trade with the UAE market; a local distributor is required.
- Offshore: For those engaged purely in international business, entirely foreign-owned and private, but limited activity outside the UAE.
-
Decide Your Business Activity
Selecting your business activity remains crucial since every license associated with that activity depends on it. The business environment of Dubai organizes more than 2,100 business activities within four categories including commercial activities and industrial operations and professional services and tourism services. Research and settle on an activity that would resonate with your interests against market demand.
-
Choose Free Zone or Mainland
Deciding between settling in a free zone or mainland jurisdiction should be identified as a following step. A free zone business should consider operating within the Dubai Multi Commodities Centre (DMCC) because it stands as a globally known business hub. Free zones would focus on specific industries with committed support and facilities.
-
Choose a Name for the Business
It is vital to select a correct company name in relation to UAE naming conventions. Offensive language or political references must not be used. If you include a person’s name in the name of your business, you should be able to prove their involvement in that business.
-
Apply for Initial Approval
Upon choosing a business name, the next thing to do is apply for initial approval from the Department of Economic Development (DED) in Dubai. This will give assurance that there is no objection to your business. In most cases, you will be required to give documents in the line of:
Application for Business Registration
- Passport copies
- Articles of association
- Feasibility study
-
Open a Bank Account for Corporates
The next thing after initial approval is opening a corporate bank account. With more than a dozen local and international banks operating within Dubai, including HSBC and Citibank as well, there are professionals who are more than capable of meeting your business banking needs.
-
Acquire Office Space
An office address is mandatory for all businesses in Dubai. If you’re in need of office space in a free zone, a lot of them already provide such ready-to-move-in office spaces. For example, DMCC has managed to produce a number of commercial districts focusing on Uptown Dubai and Jumeirah Lake Towers (JLT), among other equal great features.
-
Apply for Last Approval
While preparing all documents to reach the final approval such as lease contract and licenses from other authorities. Initialize submission application with payment upon the completion of all the documentation-finalization of business setup.
Conclusion
Though starting a business in Dubai sounds chaotic, business setup in Dubai facilitated the setting up business in UAE here so simple. With proper preparation, one could establish a successful enterprise in the world’s most dynamic city. For detailed assistance through all procedures, you may instead refer to experts who guide in the steps along the way.
