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How To Set Up a Business In Dubai

How To Set Up a Business In Dubai

ReCorporate Dubai By  0 461

The process of setting up a business in Dubai is very simple. However, there are a few things to keep in mind. It can be tedious and time-consuming with many processes and concepts that are important in a way that you need to know. Whether you decide to do the process on your own or hire an organization planning professional to speed up your planning, make sure you get good advice on your decision making process. To help more than 60,000 entrepreneurs start a company, we have compiled the best tips on how to start a business in Dubai. When you want to start or open a company in Dubai, local company setup, set up business in Dubai free zone and guaranteed results, there is only one company that comes to your mind for starting a venture.

The Process Of Business Set Up In Dubai

If you want to expand your business internationally, setting up a business in Dubai is a great option. Knowing the pros, cons and trends is important for investors. Undoubtedly, it is difficult for novice investors to understand the entire legal system. Therefore, to support the same, many professionals prefer to consult with other organizational professionals. For your convenience, here we have presented the process in a simple way.

The steps to follow are shown below:
  • Registering Your Business In Dubai

If you are setting up a venture in the UAE, you must first choose a business name. Start by contacting your local Free Zone or Economic Development Department; they will be able to tell you if your name has been accepted. UAE law states that company names must not violate public policy, do not need to be registered first, and must comply with the business and legal standards required by the business set up company in Dubai.

Once you have a name, you will need to apply for a business license. There are four categories in UAE land, such as company, professional, industrial and tourism. If you work in a free zone, you should contact the zone in question directly. It will depend on your activity.

  • Licenses And Permits

For the most part, you can get your business license from the Ministry of Economic Development or your local free zone. However, some companies may require special licenses. For example, manufacturing companies will receive approval from the Ministry of Finance and Industry, while the UAE Ministry of Health grants licenses to pharmaceutical and pharmaceutical companies.

  • Finalize The Type of Business Structure

The next step is to determine the type of legal entity, which depends entirely on the amount of capital and the number of shareholders.

  • Obtain The Necessary Approvals

The documents are submitted to the government agency, which makes the licensing decision. Check the papers twice and correct the spots if it is too full. The Ministry of Labor (MoL) also issues foundation cards in addition to business licenses.

  • Open a Bank Account

Once your documents are returned, you will have all the necessary documents to open your business bank account. Many banks, both domestic and international, have their headquarters in the UAE;

  • Emirates NBD
  • Abu Dhabi Commercial Bank
  • Commercial Bank of Dubai
  • Noor Bank, Emirates Islamic, Masreq, RAKBANK and Ajman Bank. 

Global brands like HSBC, Citibank, and Barclays are also present. The best option for you will be determined by your specific needs. You will need a bank account before you can start your own business in Dubai.

Also read our blog about, 5 Ways to Increase Employee Productivity

  • Complete The Incorporation Paperwork

When you are considering starting a venture in Dubai, if you have arrived here, you have passed the most important decision. At this point, you’ll want to take care of the proper paperwork. You will need to complete an application form for your company name and occupation, to be issued with a shareholder’s license by the relevant authorities. Some free zones will require additional documents, such as a business plan or a Certificate of Approval (NOC) – a letter from your present sponsor stating that you are authorized to establish a new business in the UAE.

  • Ownership

As a foreign national, if you want to own 100% of your business, you must choose a license and location in one of the many free zones in the United Arab Emirates. There is a specific type of company that each area is free to do with clarity and the first step will help you find the best option. There are more than 45 free zones in the UAE with different types of services, so you will find many options to choose from.

Conclusion

With a thriving venture landscape helped by government incentives and the ease of setting up new businesses, the city of Dubai is an attractive challenge for the entrepreneurial dreamer. Dubai has its fair share of new social trends, but the city’s hospitality and progressive, forward-thinking plans reward those with ambitions.

Opening a venture is overwhelming, but the big investment requires the help of the experts in the field at ReCorporate Business Setup Services. A team of experts can start your own company in less than a month. They also make obtaining licenses and other legal aspects easier. In case you need any assistance in setting up a business in Dubai, you may contact us on 971- 58-586-5477 and email us via info@recorporate.net.

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