How To Start Business In Dubai?

Willing to start a business a Dubai? Great news! It’s easy, fast and straightforward. Dubai is the hotspot when it comes to business and start-ups. It’s easily connected to almost every nation in the world and has a supportive environment and infrastructure that companies need to thrive.

Despite these, there are a few things that one must look out for before starting a business here. There can be some hurdles and tedious tasks that can be time-consuming and might even drain you out towards the end. Thus, no matter how exciting having an office in Dubai seems, one must be aware of certain complexities.

Before we dive deep into how to start a business in Dubai, let’s quickly have a look at why you should consider Dubai.

· Dubai offers favourable conditions for start-ups to grow and thrive.

· Dubai boasts no tax on both personal and corporate incomes.

· Dubai offers a vibrant economy and diverse environment suitable to varied industries, like healthcare to hospitality to technology to trade.

· Apart from business, Dubai also supports quality of life.

Start A Business In Dubai

Select an industry

The UAE is the best option for a lot of industries but this doesn’t mean that you should open up any business. It’s critically important that you think and decide the nature of your business. In Dubai, many locations offer permits for specific business activities. Also, certain locations are suitable for a certain business. Thus, the success of your business depends entirely on your nature of business and location.

Strategic location

Once you’ve finalised the industry, it’s time to choose the location, strategically. As already mentioned, certain zones are suitable for a certain type of business; it could either be the mainland or free zone. If you opt for a free zone, the following will be the benefits you’d enjoy:

• No corporate or personal tax

• Complete company ownership

• 100% repatriation of capital and profits

• Zero currency restrictions

• Complete import and export tax exemption

If you’ve decided to do trade business then you must opt for the mainland. Here, you’re free to do trade, directly, with the local and international market. If your business falls into professional service then you’d be expected to work with a local partner who should hold at 51% of your company shares.

Naming your company

The UAE is serious about company names. Before you finalise a name, check out what’s legally accepted in the UAE. Company names with offensive language are strictly prohibited. Company names must not refer to God, Allah, Him or any other religious, sectarian or any political groups or mafia. So, choosing a name for the company might be a hassle for you in the UAE.

Finish your incorporation paperwork

So, you’ve crossed all the critical stages of how to start a business in Dubai. Now, you should begin your paperwork. Every location has its requirement of paperwork. You’d need to have a complete list of applications for your company name, activity your business will be involved in, copies of relevant documents of shareholders and all other required information. At some locations, you’d be asked for additional documents, such as NOC or business plan, a letter from a current sponsor confirming that you’re eligible and are allowed to set up a business in the UAE. It is advisable to contact the Department of Economic Development to register your business activity and the trade name and submit all the relevant documents.

Apply for a business license

Once your application moves ahead, the government will issue you a business license. Irrespective of your business location, you’ll be asked to present a few standard documents to finish the application before you start your business in Dubai.

Bank Account

Voila! You’ve finished you’re forms and application and now, it’s time to open a bank account. You’d need to show your company incorporation documents while opening up a bank account. You’ve got the choice to opt for either local to international banks.

Visa Application

This is the final step of the process. When you open up a business here, you’re eligible to apply for a visa as well. In some free zones, you can put visa applications for your employees and dependents as well. It’s recommended to check whether you’re eligible for additional visas or not. They might also ask you to make an entry once you’ve obtained the visa.

With this, you’re all set to start doing business in Dubai. The city is vibrant, amazing and has a lot to offer to start-ups. Having a business in a start-up friendly environment means a lot, which is why it’s one of the preferred places in the UAE.