Your Ultimate Guide to Starting a Business in Dubai
Dubai is a well-known place that attracts many business owners to open business in the Dubai Free Zone and its process is also uncomplicated. However, it might require you to know each step descriptively because Dubai is all about its laws, legality, and rules that have to be followed at any condition, this leads the process to be tiresome and time-consuming. The process can become simplified and stress-free if you hire business consultants who can execute and establish a business in Dubai. Quick Venture offers expert and highly affordable services to open business in Dubai-free zone. They can pace up the process so you don’t have to worry. It has already assisted thousands of entrepreneurs in commencing their companies. You can connect with Quick Venture to learn everything about registration to Dubai free zone company setup cost.
The Procedure for Commencing a Business in Dubai
This blog covers every aspect to open business in Dubai mainland and shares a detailed roadmap.
- Opting for an Industry
Decide which type of company you want to open and which industry you will contribute to because deciding on the nature of business is a significant step in setting up a business in Dubai. You can pick from the vast list of industries, but need to take care of the specific location because in Dubai specific locations allow particular business activities such as Dubai Media City which has CNN, BBC, and others operating there. Dubai Financial Centre has companies operating like Morgan Stanley, Credit Suisse AG, & Goldman Sachs International, etc.
2. Picking up the Right Location
Geography in Dubai is important which is why it is the second most important step to select a location as per the nature of your company to open business in Dubai Free Zone.
Setting up a business in Dubai Mainland will let you trade directly with both local and global markets for which you would have to pay a fee. But if your business activity doesn’t fall under professional services, then you will have to work with a local partner who will have 51% of company shares. However, Free Zones will prove advantageous for your business such as import & export tax exemption, no corporate tax, no limitations on currency, full-fledged ownership, and repatriation of profits.
3. Finalize a Name to open a business in the Dubai Free Zone
The brand name must reflect and represent your business. You need to take care of some essential points while deciding on a name for your business like not using offensive language or referring to any religious, sectarian, or political group name. You must ensure that your brand name is lawfully permissible since the UAE follows some stringent naming patterns. If you wish to name your brand after the name of a particular person, that particular person needs to be a partner in your company, and their full name has to be utilized with no abbreviations.
4. Finishing & Submitting Your Paperwork
If you’ve made it to this point when thinking about how to open a business in the Dubai-free zone, you’ve already overcome the most critical choices. At this juncture, you will need to manage the necessary paperwork, and Dubai is quite rigid in its legalities and regulations.
Firstly, you must fill out an application for your selected company name and business activity, along with copies of the shareholders’ passports to submit to the relevant governmental authorities. Certain free zones might ask for additional documents, such as a business plan or a Non-Objection Certificate (NOC) – a letter from your current sponsor stating that you have permission to establish another business in the UAE. As you proceed to register your company in the UAE, you must complete an application to register your selected company name and business activity and include copies of shareholders’ passports. Companies operating in the mainland will have to fulfill specific capital requirements, which must be outlined in a Memorandum of Association. You will need to reach out to DED – Department of Economic Development in your chosen emirate to register your business activity and trade name, and submit the necessary paperwork. You will receive your company license after your application is processed which can take weeks or even months to complete this phase. At this, business owners can get help from Virtuzone or hire Quick Venture who can help you save time and money during this step since this step alone outweighs the costs involved.
5. Applying For a License
The government will grant you a license once your application is reviewed. At this point, you will have to submit a few standard documents such as an application form along with passport copies of the shareholder. Some of the free zones can even ask you to present a business plan. This visa you get has to be renewed after a certain period for which you can explore our website and read some other blogs related to Dubai mainland license renewal.
6. Opening Bank Account
You will have proper documentation to open your bank account after your paperwork is processed. The UAE boasts a variety of both domestic and international banks such as Commercial Bank of Dubai, Emirates NBD, Abu Dhabi Commercial Bank, Noor Bank, Emirates Islamic, Mashreq, RAKBANK, and Ajman Bank. Also, there are prominent global banks like Barclays, HSBC & Citibank, you can select the one that suits your needs depending on your particular requirements. After your documentation has been processed by the government, you will possess all the necessary paperwork to visit your chosen bank.
Typically, the process of establishing a bank account in the UAE takes around two to four weeks. The bank will inquire about your revenue, deposits, expected currency flow, core activities of your business, nature of your business, primary clients and suppliers, etc.
7. Applying for Visa
Well done on reaching this point! The final step to open business in Dubai free zone is applying for a visa. In addition to applying for your visa, various free zones permit you to submit applications for your employees and dependents. The specific number of applications allowed will depend on the free zone you select to establish your business. If you’re aiming to secure visas for your family, spouse, child, or maid, it is advisable to seek professional guidance to confirm that this is feasible in your chosen free zone and that both you and the individuals you wish to sponsor fulfill all entry requirements. The procedure consists of four straightforward stages Entry permit, status adjustment, medical fitness assessment, and Emirates ID registration followed by visa stamping.
If you wish to open business in Dubai mainland, then you need to know that mainland companies can apply for an unlimited number of visas whereas free zone companies will have certain limitations that differ from one free zone to another. That’s all there is to it! Once you have completed these eight steps, you are ready to launch your business in Dubai!
Read more: Register Your Offshore Company in Dubai With Super-Fast Services at Quick Venture
Do’s & Don’ts to Dubai Free Zone Company Set Up
Having learned about how to open business in Dubai free zone, it’s worthwhile to pause and consider various hitches that can be avoided when navigating this intricate, diverse, and rapidly evolving environment. The do’s include exploring the culture and understanding the region, dressing appropriately & formally, optimism is essential for an entrepreneur, confidence and a smile always works, getting out and building a network can be a pillar for your business. However, the don’ts can be not bragging about your accomplishments, and not expecting and anticipating the planned meetings and deals to proceed as planned, here patience can serve as a wonder to you.
Dubai is a city that embodies an unparalleled spirit of “You can achieve anything.” With this spirit in mind, the next steps are in your hands. Now, Let us do the business!
