Negosentro| Starting your business in Dubai | There is never a wrong time to invest in Dubai. The United Arab Emirates, with Dubai being its commercial capital, is generally a business opportunity hub. The UAE government is investor-friendly, and it exposes its resources to the world. Even start-ups can enjoy investment and tax advantages in Dubai compared to other countries. However, it may be challenging to start a business in Dubai if you do not understand the process. With the right advice, company formation in Dubai is speedy and straightforward, especially in the UAE’s free zones. The free zones offer foreign investors opportunity to launch a business with 0% personal tax, 100% company ownership, 100% profits, 100% import and export exemption, and no currency exemption. Here are some steps that will guide you when starting your business in Dubai.
- Business Activity. The type of business you choose will determine the free zone you should set your company in. Some free zones only allow some specific types of business activity. You will also need to set up your business in a place where customers can access you. Consider the transport links to your company. For instance, if you want to start an export and import company, you can choose a free zone that is near a port or an airport. Establishing your type of business will give you the right direction and help you select the cheapest free zone in the UAE.
- Company Name. When it comes to company names, the UAE has some strict naming rules. As such, you must ensure that your company name conforms to these regulations. The UAE forbids any company name that includes offensive language, refers to Allah, religious, or any political group. In case you want to name your company after a person, that individual must be a partner or owner of that company. The best thing is to consult with a business set-up expert. You will save a lot of time by allowing them to check your proposed name.
- Paperwork. With your company name in place, you now need to complete an application for your business. You will provide the form along with the copies of the shareholders’ passports. In some free zones, you must submit additional documents, such as a business plan or a letter from a sponsor. Consider working with an expert to avoid any time and money wastage. Your business partner can also help you to complete the paperwork.
- License Notification. If your application passes, the government will process it and issue you with a company license. You can then proceed to open a bank account since you will have the legal paperwork. The UAE is a host to both local and international banks. You can approach a bank of your choice or even set-up meetings with some institutions before choosing the best.
- Visa. Processing your visa is the final step of starting a business in Dubai. Most free zones allow investors to process visas for their staff and dependents. However, the exact number of applications depends on your free zone. The application process is simple, but you can also seek help from an expert.
With these steps, you can now do business in Dubai.