- July 3, 2020
- Posted by: DBS Editorial Team
- Category: Dubai Business Services
How to set up a business in Dubai?
Dubai is the business centre of the middle east. Set Up a Business in Dubai with its progressive economic policies. Also, double tax treaties with most of the nations in the world, modest corporate tax rates, generous infrastructure, and trade route convenience. Dubai has become a place of choice for corporate and entrepreneurs contemplating to set up a business in Asia. Most importantly, the primary businesses in Dubai are tourism, financial services, real estate, and aviation.
Moreover, given these benefits, company creation in Dubai is veritably a very profitable proposition. And, it’s not that difficult too–if you have the needed documents and approvals in place, starting up a company in Dubai can complete within a week. However, for a newcomer in Dubai, discover the ropes of business set up here can show something. But worry not–we’re here to lead you through setting up a business in Dubai. Just follow these footsteps.
Here’s how you need to set up a business in Dubai:
- To set up a mainland business in Dubai, it requires a local sponsor. Moreover, a local sponsor adverts to a UAE national (or a company fully owned by UAE nationals) who works as a service agent for your business in the UAE, usually also acting as a sleeping partner of your company. Also, a comprehensive agreement, stating the duties of the said sponsor towards the business and his/her yearly fee, is to prepare. A no-objection license from the local sponsor required for managing your business activities.
- Prepare a Memorandum of Association (MoA) for your business. It is a document preparing the fundamental conditions upon which a company must work, like:
- The main goal of the company
- Capital investment
- Issuance of shares
- Also, get preliminary approval for the company by approving the MoA at the Department of Economic Development (DED), Dubai. It’s sufficient to get this done through a lawyer or business setup consultant.
- In addition, Choose upon a trading name and register it with the DED. The name should be different and relevant. The DED may reject or change the name in a situation a company with a similar name already exists.
- Also, Arrange for an office area for the company–this is a prerequisite to receiving a license for the business. The office tenancy or ownership contract works as the proof for a registered office address. In the instance of an offshore company, the location of the registered agent (appointed by the company from the certified list of registered agents in UAE) can give as the official address of the company.
- Apply for a trade license, which published by the DED. In short, a license can be one of the subsequent types, depending on the set of business activity your company carries out:
- Industrial license for development activities
- Professional license for service-based companies like law firms, educational institutes or artisans
- Commercial license for any trading activity
- Based on the sort and location of your company, submit the needed documents to the DED and the Commercial Registration Department, and pay the license fee.
If everything is in position, they should register your company and you can Set Up a Business in Dubai in a week. In conclusion, our team includes the best innovation for your companies. Professional specialists have years of experience in improving the whole process within the time limit. It is vital to recognize that; Set Up a Business in Dubai is a big responsibility so it requires complete dedication financially, mentally, and physically. Therefore, when setting up your business, it is important to have a clear opinion about the demand to get into race and market risks.
Get more information on Dubai Business Services website. You may also call us on +97145667485 or WhatsApp +971555813673 to request a call back or chat with our representatives on our website.