Dubai is home to entrepreneurs from every corner of the globe. Year on year, enlarging numbers for foreign traders and entrepreneurs flock to the emirate to benefit its prime business atmosphere. With a zero percent tax rate, a strategic location, and a simple incorporation process, Dubai permits foreigners to own 100 percent of their business in most cases. If you are wondering how to start a business in Dubai as a foreigner, so here we mention the ways for business formation in Dubai.
When compared to other emirates of UAE, Dubai has been rated very leading in managing the business. Therefore, attracting a lot of major startups and investment initiatives. One of the primary reasons for the tremendous increase in business started by a foreigner is the creation of free zones by the Dubai government, which eases the company set up and has its own advantages.
Can A Foreigner Start A Business In Dubai?
Yes, an overseas entrepreneur can start a business in Dubai, and various do. The local population is over 80 percent expatriate, with several people owning their own businesses. Dubai actively welcomes entrepreneurs and business people from foreign. The United Arab Emirates (UAE) is home to numerous company set up agents, created to assist guide overseas traders through the license, visa, and business incorporation procedures.
Steps To Set Up A Business In Dubai As A Foreigner
As a foreigner entrepreneur starting out in the United Arab Emirates (UAE), your first task should be to familiarize yourself with local business customs and practices. There are many steps to the company formation procedure out here that will be unfamiliar to many. Getting an early understanding of these steps will assist make for a smooth procedure. If you are an entrepreneur and willing to start your business in Dubai being a foreigner, here are the vital steps to be followed:
1. Business Plan
It is not easy for a foreigner to start a business, especially if it’s an entirely new country. There is plenty of planning and preparations involved to set up your business. The first and foremost step is to have a business plan which comprises all the basic structural format for your company.
2. Get Visa In Dubai
After the business plan, the next step is to start a business in Dubai, being a foreigner is to get a visa by consulting the local embassy.
3. Get A License
To set your company in Dubai get the required license from the Department of Economic Development (DED). There are three types of business license– Professional License, Commercial license and Industrial License.
4. Choose The Type Of Business
United Arab Emirates (UAE) has many types of free zones. Hence, selecting the right one that is beneficial to your business can be done with experts’ consultation.
Advantages Of Starting A Business In Dubai Being A Foreigner
- 100 per cent ownership of the business – Starting up a business in the UAE offers you the advantages of owning your business 100 per cent.
- Most reasonable free zones company setup choice in the United Arab Emirates (UAE) – Setting up a business in Dubai has the advantage of being enclosed by free zones where the company formation is simple, and every free zone has its individual advantages.
- No paid-up share capital needed – There is no paid-up share capital needed for setting a business in Dubai.
- Taxation advantages – In Dubai, be it any kind of company it enjoys the preference of tax-free haven, which is one of the major reasons for an overseas to set a business in the United Arab Emirates (UAE).
- Great Infrastructure : Dubai’s Infrastructure is world-class. Its innovations, telecommunications, road networks are best which attracts foreigners from across the globe.
- Strategic geographic location – The location of Dubai is beneficial for its located between Asia, Africa and China all of which are primary business hubs
- Extensive Availability of human support – Foreign startups are fond of Dubai because of its liberal labour laws. As a result, human support availability is also very effective.
The company set up in the UAE has been planned with integrity mind and is very much open to all. That said, it does take some in-depth knowledge of the area and its several customs and regulations. That’s why it’s always advisable to get the services of a business setup services in UAE who can advise on the procedures and look out the most relevant license and setup type for your business as per your requirements and budget.
Also Read, Top Reasons To Invest In Dubai Real Estate