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Dubai offers a host of advantages to entrepreneurs, and this is the reason why it is an important commercial hub that is now at par with the likes of Singapore, London and New York. start a business in Dubai is an uncomplicated affair that takes just a few days at most if all the documentation is in order. In the overwhelming majority of cases, you can receive your Business License in as little as a day. There have also been instances where investors have received their Business License on the same day itself. This is how simple and straightforward the process is.
There are more than 2,100 designated business activities for you to choose from. It would be a good idea to go through the list to find out the one(s) that your proposed start a business Dubai will be engaging in. Alternatively, you could seek the professional assistance of a business setup consultant who is more familiar with the range of possible business activities. This is what is recommended because a good business setup consultant in Dubai can also tell you that not all business activities are permitted everywhere.
Why Choose Dubai to Start a Business in Dubai?
In the United Arab Emirates, there are some 45 free zones. Of these, about 30 of them are in Dubai itself. You have the option of setting up your company in a free zone or on the mainland, which is the area that is not part of a free zone. Free zones generally offer lower cost of starting a business in Dubai , but then again, certain activities like those related to banking/finance/investment are not permitted to be carried out by companies incorporated in free zones.
The good news is, there is a free zone aimed at almost every industry sector, and you should be able to find one that matches the business needs of your company. Free zones offer dedicated infrastructure for the purpose they have been established. For instance, if you wanted to open a stockbroking firm, you might find that the Dubai International Financial Centre offers a good address for your company. You will be surrounded by your peers in the industry, and this is a good thing.
In Dubai, collaboration is the name of the game, not competition. One real estate firm recently sought out a cryptocurrency exchange for converting bitcoin into local currency when the buyer wanted to purchase an entire building in Dubai using bitcoins. The transaction was valued at more than $163 million, and it is fair to say that the real estate company and the cryptocurrency exchange both benefited from working together. You will find this concept of collaborating for mutual gain across business houses in Dubai as well as the rest of United Arab Emirates.
There is so much growth in Dubai that there is also enough room for everyone to grow individually. This is how Dubai has recorded one of the fastest growth rates in the world. Entrepreneurs from across the world are making a beeline for Dubai to be part of its growth story, and taste success themselves. While a commonly propagated myth is that Dubai is driven by oil revenues, the truth is that oil makes up less than 1% of the Gross Domestic Product of Dubai.
Dubai aims to be the best in all that it does, and this is seen in the way its future trajectory is planned. Emirates, the flag carrier of the United Arab Emirates, is a major world airline today. Its base of operations, the Dubai International Airport, is the busiest in the world in terms of international passenger traffic. Despite being an emirate which was almost all sand and desert fifty years ago, Dubai is now a major tourist destination and home to the second-highest number of five-star hotels in the world.
It is also hosting the Expo 2020, and this is all set to be a game changer for Dubai. Businesses in Dubai will be able to interact with other businesses from across the world, and strike lucrative business deals. Which is also why you should consider incorporating your company in Dubai – companies with an UAE address are more trusted, as the laws are strictly enforced in the United Arab Emirates. This makes it all the more certain that an UAE-based company can deliver on what it has committed, and so the chances of you striking it big are exponentially multiplied with a company in Dubai. This holds true even after the Expo 2020 has concluded.
How to Start a Business in Dubai Step-By-Step ?
Dubai, the incredible emirate of the UAE appeals to everyone from far and wide. The city is known for its booming business environment and luxuriant lifestyle. With its city’s strategic setting, tax aids, and streamlined procedures, Dubai beckons businesspersons from across the globe to come and discover all it has to offer. If you’re considering entering the Dubai market, here is an extensive guide that shows how to start a business in Dubai and navigate the key steps involved in the process.
Define Your Business Activity:
Pinpointing or analyzing your area of proficiency is the first crucial step for starting a business in Dubai. Dubai offers diverse opportunities and a range of prospects across different industries, starting from trading and import/export to specialized services and tourism. Conduct comprehensive market research to recognize a gap you can fill and ensure your business aligns with Dubai’s strategic vision.
Choose Your Business Structure:
Dubai offers two primary options for establishing your business:
Mainland Company: Business setup in Dubai Mainland grants you whole ownership and the independence to function from anywhere in the UAE. However, it demands a local sponsor (a UAE national) who holds a least fifty-one percent share (unless operating in specific free zones).
Business setup in Dubai Free Zone: Free zones are selected areas presenting specific aids like 100% foreign ownership, exemption from corporate tax, and streamlined regulations. Each free zone caters to particular industries, so choose one that aligns with your business activity.
Trade Name Registration:
Once you’ve selected your structure, select possible business names and check for obtainability with the Department of Economic Development (DED). They’ll also offer initial approval to ensure your business activity is compliant with local regulations.
Register Your Business:
This stage involves submitting the necessary documents to the DED. These typically include:
- Completed application form
- Business plan
- Passport copies of shareholders and directors
- Memorandum of Association (MoA)
- Local service agent agreement (if required for a mainland company)
- Get your license issued.
Find an Appropriate Location and Set Up Your Place of work:
Dubai offers an assortment of office spaces. The choices range from co-working spaces in bustling business districts to expansive private offices. You ponder upon factors like proximity to clients, operational needs, and budget when making your choice. Finalize a lease agreement and obtain upon Ejari certificate, proof of tenancy document.
Apply for Visas:
Obtaining a residence visa is an essential requirement if you intend to reside and work in Dubai. This procedure typically incorporates bestowing your trade license, employment contract, and medical fitness certificates. You can also choose to sponsor visas for your workforce.
Open a Corporate Bank Account:
Having a dedicated bank account for your business transactions is indispensable. Several banks in Dubai cater to businesses, offering corporate accounts with features tailored to your needs.
Additional Considerations:
Accounting and Tax: While Dubai offers tax benefits, there are specific requirements for accounting and record-keeping. Consider hiring a qualified accountant to ensure compliance.
Permits and Regulations: Depending on your business activity, you might need additional permits from relevant authorities. Research and acquire any necessary licenses to operate legally.
Business Support: Dubai offers numerous resources for startups and SMEs (Small and Medium Enterprises). Explore choices like incubators, accelerators, and government support programs that can deliver treasured direction and contacts.
Start Your Company in Dubai with A&A Associate
The first step is to decide on a name for your business. In the United Arab Emirates, there are some restrictions on nomenclature, such as the names of countries not being allowed to be a part of the company’s name, so a business setup consultant can advise you correctly in this regard. He/She can also run a search to see if the same name has been registered by another business entity, or even if a similar-sounding name already exists. You can then make the necessary course corrections if this is the case.
Once you have finalized on a trade name for your business, the next step is to apply for company registration as well as a Business License for your company. When registering your company, it is essential that you show proof of having rented commercial space that will serve as your registered business address in the future. This is why you should decide on the location of your company beforehand.
A good business setup consultant can tell you if a free zone would be a good fit for the business model you have in mind, and if yes, which free zone would be best for your company. Sometimes, the mainland might be a better option. If this is the case, your business setup consultant should be able to tell you where exactly in Dubai would be ideal for your business establishment. If you plan to open a supermarket, then it follows that you should be located in a residential area or close to one and not in the business district.
A business setup consultant can also inform you of affordable places you could rent for setting up your business establishment. The right business setup consultant goes one step further and looks at your business plan. He/She will advise not only on affordable office space, but the right office space that helps you to achieve your business goals. The right business setup consultant looks at the whole picture, and is as committed to your success as you.
At A&A Associate LLC, we have years of experience helping establish companies in the United Arab Emirates. Be it company formation on the mainland, free zone company registration, or Dubai offshore company formation, we can be relied on to lend our world-class expertise to your dream.
After you have start you business in Dubai , we continue to support you by providing you with cost-effective bookkeeping, accounting, and audit solutions for your company, in addition to legal support. We can be counted on even for things like renewing your Dubai Business License every year or help procuring visas. We aim to be an end-to-end business solutions provider. We have been of assistance to clients from 100 countries around the world, and we are proud of the fact that we have a 98% client satisfaction rate so far.
Embrace the Journey
It is exciting and rewarding to start a commercial business in Dubai. By planning each step carefully, from choosing your business structure to obtaining the essential licenses, you can set yourself up for success in this dynamic market. Remember, Dubai’s business landscape constantly evolves, so stay informed about regulatory changes and industry trends. When you contact the perfect business setup consultant in Dubai the process gets easier. You can turn your Dubai dream into a thriving reality with dedication, a well-defined strategy, and a commitment to excellence.
