EASY STEPS TO SET UP BUSINESS IN DUBAI
Last modified on 2nd November 2022. Dubai Real Estate Blog
Dubai sees significant demand for business setup companies. As the hub of attraction for different investors and entrepreneurs to set up their businesses, it is no wonder that the Dubai government caters to going the extra mile to facilitate every step of the way. So if you plan to set up a business in Dubai and are looking for more valuable details, this guide is for you.
BUSINESS SETUP CONSULTANTS IN DUBAI
Dubai has a lot of highly skilled experts and business setup consultants with a proven track record in offering professional guidance regarding company formation in Dubai and UAE as a whole. So all you have to do is start looking for good and well-known business setup advisories.
TYPES OF BUSINESS LICENSES IN DUBAI
You can set up mainland, offshore, and free zone companies in Dubai. There are different trade license kinds in Dubai. The most familiar being commercial, industrial, and professional. Once you learn which category to plan your business, you see the required license type.
BUSINESS SETUP IN DUBAI FREEZONE
Generally, free zone registration offers an exquisite collection of benefits. In the UAE, most people are trading businesses; a free zone business setup is always favored. It is the most effective option for potential investors who wish to make the most profits in company formation in Dubai. In the free zone, you can set up one of the two types of companies:
- Free Zone Limited Liability Company (FZ LLC) or Free Zone Company (FZ Co.)
- Free Zone Establishment (FZE)
MAINLAND COMPANY FORMATION IN DUBAI
The mainland is a highly preferred choice where you can start your business venture. Business opportunities and facilities make it an excellent destination to open a business. The impressive fact behind this process is that it avoids paying personal and corporate taxes. These technical features make the mainland a good place for people who plan to set up or open their branch offices. However, as 100% foreign ownership of mainland businesses is allowed in many cases, overseas entrepreneurs are mainly more alert to starting a free zone business. In this zone, you can have 100% ownership.
OFFSHORE BUSINESS SETUP IN DUBAI
Following the overseas jurisdiction is essential for protecting the total assets from the lawsuit to set up an offshore company. In addition, following the entire jurisdiction for company setup could take advantage of growing investments overseas and international tax breaks.
COST OF SETTING UP A BUSINESS IN DUBAI
There is no minimum capital requirement. However, you can expect a trade license to cost AED 15,000 to AED 75,000.
OFFICE SETUPS IN DUBAI
You can decide between buying or renting office spaces in free zones. Office necessities rely on the number of workers and the type of business conditioning of your firm. However, finding appropriate offices for sale in Dubai at reasonable rates and good locations is not easy, especially for those new to Dubai who have little or no knowledge of the Dubai property market. Driven Properties offers you a lifetime chance to make the crucial decision about selecting the right commercial property for sale in Dubai without hassle. Browse our online catalog and find hundreds of exclusive offices available across the length and breadth of Dubai. Commercial property for rent in Dubai and Dubai industrial city apartments for rent are some solid options to consider when leasing search.
REQUIRED DOCUMENTS IN THE BUSINESS SETUP PROCESS
So once you are done with the essential steps, now you must gather all the documents required to set up the business.
- Some types of business licenses are:
GET YOUR LICENSE
There are different rules for different parts of the free zone. For making the application, you need to provide your company setup agent with some essential documentation and details about your business. They will take care of the rest.
- Completed application form
- Business plan
- Copy of existing trade license/registration certificate (if you are an existing company, applicable for a local company only)
- Colored passport copies of the company’s shareholder/s and the appointed Manager/Director for the new company
- Specimen signature of the company’s shareholder/s and the appointed Manager/Director for the new company
- Two years’ audited financial reports for a corporate entity or certificate of reference from a personal bank of the individual shareholder
- NOC from current sponsor (for individuals)
- Freelancers need to submit fewer documents:
- Application for registration
- Bank reference letter
- Registry Identification Code Form (RIC) (Original and notarized)
FAQS ON SETUP BUSINESS IN DUBAI
How do I set up a business in Dubai?
Firstly, there are many steps that you need to follow before starting your business in Dubai:
- License Application.
- Attested LLC agreement.
- Governmental forms.
- Name reservation certificate.
- Initial approval certificate.
- Approval by government authorities.
- Contract of the lease.
- Certificate of approval with EJARI.
Which business is best for Dubai?
Real estate is one of the most profitable markets in Dubai. Next is financial services; the UAE has an organized and advanced economic system to support the large-scale businesses there. Coming up is retail, tourism, schooling, and healthcare.
Can a foreigner own a business in Dubai?
Forming a company in one of Dubai’s free zones is better. A free zone business in Dubai allows foreign companies to own the firm 100 percent. A limited liability partnership in Dubai (Dubai LLC) permits foreigners to own up to 49 percent of the business. The remaining 51 percent of shares will be owned by a UAE national.
What business can I start with 50000 AED in Dubai?
Depending on the budget, you can choose from starting in the heart of the city, i.e., Sheikh Zayed Road, or stick to the Free Zone. A simple trading license of any particular product such as Food Stuff Trading, Hardware trading, Building Materials Trading, Any equipment or machinery trading, etc. can be started with 50000 AED in Dubai.
How much does it cost to start a business?
Approximately Dubai business license will cost around AED 15,000 to AED 50,000, or even more.
Is Dubai a good place to start a business?
Taxation–There is no vast majority of tax (personnel, private, capital gains, VAT) in Dubai, making this region approvingly business-friendly. Transportation – it has a high-quality road transportation network and the world-famous Dubai Metro. So you can get anywhere without any problem.
That concludes our guide to the essential information about setting up a business in Dubai that investors, entrepreneurs, and businessmen should know. Like the information? Stay up-to-date with the latest Dubai Real Estate News at Driven Properties.
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