Business setup in Dubai has become one of the most preferred options for businessmen. Dubai has a deserved reputation for being the most prominent location for foreign business. The emirate has a very friendly business environment, accommodating business regulation, friendly business practices, and a very low tax rate. This has made it a popular option for multinational companies, who do not feel the need to invest in costly business ventures in other countries. All this is combined to provide the best of all worlds for the businessmen.
In order to open a business venture in Dubai, it is very important that you have a UAE national with the necessary experience for trade. In order to open a corporate bank account in Dubai, you will need to seek the services of a qualified and experienced broker. The broker can help you set up your business accounts at various financial institutions in Dubai. You can also go for individual trade accounts, which are offered by some of the leading companies based in Dubai.
Before starting your business setup in Dubai, it is essential that you get the right documents completed in the right manner. These documents include your immigration visa and residence permit, as well as the related trade license. Once you start your business set up in Dubai, you will be required to register at the Dubai Company Registration Office. However, the procedure of registration is very time-consuming and you may have to remain at the Registration Office for a minimum of three months.
Two types of commercial licenses are available to the foreign owners based in Dubai: ownership of property and development rights. Foreign individuals can acquire the ownership of real estate through ownership of property or development rights. These rights can be acquired either through ownership of land or through trading in real estate. Another important issue that has to be considered before applying for a license is that the applicant should have UAE residency. This is required to ensure that he or she is not national of the foreign country and thus not subject to the immigration laws of that country.
After the legal formalities are complete, the next step for the entrepreneurs looking to set up their business setup in Dubai is to find a proper location. For this purpose, there are many business centers located all over Dubai. However, if you want to save money, then you can also look for commercial properties in Dubai freehold. Commercial properties located in freehold have the advantage of being fully developed, as well as having a better price compared to that apartment and private housing. Thus, freehold properties are highly preferred by professional investors.
The next step for the entrepreneurs looking to set up their business setup in Dubai is to look for an appropriate business license. For this purpose, it is highly recommended that they check out the internet for possible options. After finding a suitable business license, the business owners have to visit the concerned departments and collect all the necessary documents and information. Once the documents are collected, the entrepreneurs will have to submit their application for the required Dubai Company Registration with the concerned Dubai Company Registry.
After obtaining the required documents and details, the entrepreneurs have to submit their application for the entrepreneur status in the Emirates. On approval of the application, the entrepreneurs will receive a copy of the Company Registration Certificate. Most importantly, the investors will receive a copy of the commercial driver’s license of the concerned individuals.
Also read: The role of AI in business management
This is how the setup of a business takes place in Dubai. Not only do the individuals involved enjoy a hassle-free operation, but they also enjoy the benefits of enjoying a stable business environment, tax-free income, and exemption from immigration laws. For those who are planning to start a new venture, then they should definitely consider incorporating in Dubai. By doing so, they can expect a lot of benefits, especially in terms of easy capital, legal protection, and high return on investment.
Business Setup in Dubai Free Zone
Setting up a business set up in Dubai is pretty easy if you know what things to do and where to look for help. Dubai, being one of the seven emirates of the United Arab Emirates has quite a few regulations and rules which need to be complied with if one wishes to set up a commercial enterprise in the free zone of the city. You need to apply for a license before you can set up your business in the free zone. The business license is valid for a specific period of time and after that, you will be required to get yourself re-licensed every year so as to comply with the next year’s regulations.
There are some factors that you need to consider when applying for the license and one of them is to find out the requirements for company formation in Dubai. Company formation in Dubai requires you to have a sponsor who holds the license. That sponsor can either be an individual or a company or even a partnership. Sponsors usually hold the licenses with the Dubai authorities or they can directly give the licenses to a company that would then be responsible to look after the operations for the company.
If you want to start a business setup in Dubai then the process will be a lot easier for you if you have all the necessary documents required beforehand. These documents are important especially if you want to start a company with limited capital. For instance, you should have the necessary documents required such as a UAE national business plan, the Articles of Association for personal assets, and the Articles of Organization for the companies and other commercial entities you will form in the free zone. These articles of organization must be kept by you every year so that the government can see what changes have been made and how your business has evolved over the years. Other documents required for business setup in Dubai are the Articles of Agreement of the Company, the Memorandum, and the Operating Agreement.
You can start your business easily but you may not be able to get a business license in Dubai. This is mainly because there are several criteria needed from an organization to be able to set up in the free zone. For instance, it must be registered with the Dubai Solicitor’s Office which is the government’s chamber for carrying out commercial activities. The Dubai Civil Affairs Department also requires the owners of foreign companies to obtain a business license and comply with the local laws for foreign businessmen.
Besides, a company must also present twenty-two square meters of office space at its disposal and must have the necessary documents to prove this. If you are one of those who have no office space requirement at all, you might be able to start up your business in free zones without having a business license. However, this is unlikely because the free zones are actually more expensive, to begin with, and the rates increase rapidly if you do not have a business license or a suitable office space. It is therefore better for you to think about these things before you get started. Besides, there are a lot of people in Dubai who want to earn money by setting up an office in the free zones so you may want to be one of them.
If you are looking forward to having a business setup in Dubai free zone, you need to prepare a well-formulated business plan for free zone company formation in Dubai. A well-formulated business plan for free zone company formation in Dubai should include the name of the company, the objective of the company, the nature of business, the members of the board of directors, the directors, and the address of the office. This will help you get registered on the Board of Registration of Business in Dubai.
After preparing a business setup in Dubai free zone, it is important that you submit all the documents that are necessary for you to get registered on the Board of Registration of Business. These documents include the fee payment invoice, the original copy of the lease agreement, the proposal, and the registration fee for your company formation in Dubai. This fee can be paid in a single payment or in installments. The payment can be made to any one of the approved financial establishments in Dubai.
It is better for you to take the assistance of a good broker for getting registered on the Board of Registration of Business in Dubai. Some of the brokers in Dubai offer free services to set up a business setup in Dubai free zone. All the documents that you have to submit for the business setup in Dubai free zone should be submitted with your own funds. This will enable you to avoid a legal case for nonpayment.