There has never been a better time to form a company in Dubai. It is a statement that may have been true at some point in the past decade, but the signs are significantly promising right now. So, if you are interested and want to know how to setup business in Dubai then do a simple thing, consult with the best business setup consultants at Start Any Business who will surely help you and provide you with complete guidance throughout the process and make it easy, efficient, and successful in a short possible time. They are able to work according to your budget and save your precious money and time.
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Dubai’s recent market trends provide plenty of opportunities for overseas business people to tap into the export and import of goods, as well as avail benefits of the city’s increasing tourist traffic for almost unlimited probable customers and clients. You require to be familiar with the different facts related to startup a business in Dubai and avoid most of the problems while starting a beneficial venture in the UAE. Here we have mentioned a complete guide on starting a business in Dubai.
The Process to Start a Business in Dubai
1. Decide the Business Activity
If you determine the kind of your business activity, then it becomes easy to obtain a required business license to run your business, because ultimately a business license is determined by the kind of business activity you select. Also, you should be aware that, not all business activities are permitted in the United Arab Emirates. Different departments have to provide you with permission prior to company registration in Dubai. Hence, the first thing to trade is to determine whether your business fits in according to the norms of Dubai.
2. Pick the Jurisdiction
Dubai gives free zone, mainland, and offshore company setup. You need to understand these jurisdictions in Dubai before launching a business. When you understand the benefits of these jurisdictions, it would become simple and smooth to opt for one in accordance with whatever is possible for your business type.
3. Choose a Business Structure
Dubai gives different kinds of business frameworks to the business proprietor. This way, you have many possibilities to opt from after doing preliminary research on every kind of business unit. Based on your business type and business location, there are regulations about the makeup of your venture. For instance, if you are making a plan for a legitimate consultant company, it can be completed as a branch of a company.
4. Look for a Local Sponsor
This stage is useful when you determine to set up a business in Dubai mainland. The challenge is to figure out a reliable UAE local sponsor. This is said to mean that the local sponsor would possess 51% of the partnership, and the rest 49% could be owned by the business owner. In the context of the free zone, a company should have a local service agent, who will act for a nominal fee.
5. Register Your Trade Name
At this stage, you have to determine the name of your business. Make sure the name you choose isn’t the same as any business entity that is already registered in the United Arab Emirates. Once you decide then you have to register the name with the Department of Economic Development. The process of trade name registration takes almost three days.
6. Register your Business
To accomplish this stage, you will have to fill out an application form for registering your business. After filling it, completely, verified the necessary documents with this. Present them for approval at the Department of Economic Development. You will get approval and rejection intimation within a week. You can also take the assistance of the business setup consultants in Dubai who have sound knowledge of this task.
7. Submit an Application for Business License
Once your company is registered with the Department of Economic Development, the trade license will be processed and can be duly collected. Business licenses are given based on the activity of the business and the nature of your business and the business jurisdiction. The process of registering a business license takes about 1 week. The very promising business licenses for establishing a business in Dubai are – industrial license, commercial license, professional license, and tourism license.
8. Pay Fees and Collect the license
The payment voucher will be given by the Department of Economic Development after filling in the license application form and submitting documents. The final amount has to pay to obtain the business license. Once you receive your license, you are able to run your business successfully.