When you think of growing your business and setting up an office in the Middle East, UAE comes to your mind. After careful selection of sites, ensure that no regulations are missing and local requirements are following. Well, the procedure is relatively straightforward and requires planning and a market entry strategy. Since time is of the essence, understanding and making changes to your business to start a business becomes a time-consuming job with documentation open to review and modification. Therefore, the advice is needed to establish a company.
The UAE offers a unique opportunity for tax planning in international business, has an impressive network of multiple tax treaties, withholding taxes on dividends and interest paid, and no capital gains tax.
The country also offers excellent services, infrastructure, and a corporate network that creates thousands of companies in the region every year. It is a fast-growing venue for the startup, manufacturing, and hospitality, and service sectors.
Steps For Setting up New Business in Dubai, UAE
Follow these steps if you are planning to start new company in Dubai, UAE
Decide The Business Plan
The type of business structure selected also determines the permits required for the business. However, before choosing the style, do more research on what is acceptable by the UAE government and not.
Select The Business Location
Here are two basic things you need to know. If you are a foreigner and wish to have 100% foreign ownership of your business, you can do so first by selecting a license and location in one of the UAE’s many free zones. There are nearly 45 free zones to choose from in the UAE. However, if you want to work locally, you will need to hire a local sponsor who owns a 51% stake in the company.
Select a Trade Name
You can check trade names on the official DED website. The term cannot be the same as the name of any company in the UAE. You have to choose a trading name appropriate to the type of service your business wants to offer. You must then pay the company name reservation fee within 72 hours of receiving this voucher.
There are a few important factors to consider while choosing the name of a company in the UAE. Here you have to follow strict but easy to follow naming conventions. Again, your company configuration specialist can help you with this step.
In short, you should avoid language that is offensive or profane. Avoid well-known organizational names and redundancy when naming your company after yourself – e.g., Dave Mann Consulting, not D Mann Consulting. You should also check that the name you choose is available for registration.
Apply For Initial Approval
At this point, you should get some “traction” from the DED and use several channels to do it. Get a “no objection” form from the Ministry of Economic Development. After getting the initial approval from DED, you are ready to move on to the process of setting up your business.
Apply For Business License
One of the main requirements for setting a small business is a business license.
Obtaining a small business license is a straightforward process for the free zone and continental businesses. The requirements for starting a small business on the continent are as follows: Apply for your permit directly from the Ministry of Economic Development or the municipality in the emirate where you started it. In most cases, the license application for the continent takes about three weeks.
If you wish to do business from the free zone, you must directly contact the appropriate regulatory agencies. Depending on your business’s nature and the licenses required, free zone licenses are issued within a few days. To ensure a smooth process, it is again a good idea to hire a specialist startup business at this stage.
Depending on your company’s legal form, you may need to prepare and sign an Associate Memorandum (MOA) or Local Service Agent (LSA) / Local Support Company Agent (UAE) agreement. Also, at this stage, you will need to establish your company’s physical address.
Apply For Visa
Another essential requirement for starting a small business is a UAE visa. The visa application process for yourself and your employees is particular but exact. Again, UAE experts can help you with this step.
As a business license holder in UAE, you can also sponsor other people to get their visas. It can be a spouse, parent, or child, or a domestic worker as a domestic helper.
You can apply for many visas depending on your company size depends on your company’s size, the arrangements you choose, and, for dependent visas, on your income.
Bank Account Opening
The UAE’s strict money laundering regulations make it difficult for foreign entrepreneurs to access the company’s banking system. Working with an expert in their field makes the process much smoother.
Business professionals have good connections with local and international banks and can easily connect you to the most suitable bank for you. You can even arrange face-to-face meetings if necessary.
If you want to get a business license in Dubai, a visa for the free zone in Dubai, or the cheapest commercial permit in UAE. Then our team can help.
Conclusion: Although starting a business in UAE is not very detailed, prior knowledge of the process is required. Also, please note that the application process is only straightforward if your business application is complete and error-free at the time of application.
Take the help from a business setup consultant in Dubai for hassle-free business setup. In short, a business specialist can manage your business on your behalf, apply for permits and visas, and take care of all the necessary administrators. So you can fully concentrate on what you do best.