Dubai’s proactive government is to be appreciated for the region’s exponential economic development. Investors can now proceed with their company set up in the UAE after finalizing the legal framework, operational activities, and ownership status of their firm.
Capital gains can also be repatriated, numerous taxes can be avoided, and you have admittance to Dubai’s local market, among other perks. In addition, the process of business setup in Dubai is straightforward, and if you follow the legitimate steps, your company will be up and running in no time.
How to Set Up a Company in the UAE?
You can launch your dream business in the UAE by following the steps discussed below:
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Define Your Activities and Legal Framework
Selecting your business operations is the first step for business setup in Dubai. You can choose your favored activities from a list maintained by the Department of Economic Development or another economic council, based on your organization’s business region and legislative form.
Investors should also consider the lawful structure they want for their venture in the UAE. Based on your requirements, it could be an LLC (limited liability company), a joint shareholding company, an online business, etc. It’s a foundational decision that shouldn’t be taken in haste. Therefore, before reaching a conclusion, you should get assistance from Shuraa’s business advisors.
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Reserve a Trade Name
What should be the trademark name of your firm in the UAE? Do you have 3-4 desired trading names shortlisted? Business aspirants need to formulate a list of these names and send the same for acceptance to the concerned council. Make sure the names you finalize are free of any derogatory phrases or insulting terms.
Keep in mind that opting for a foreign name will result in an additional fee. Furthermore, if you want a partner’s name to be your venture’s legal name in the Emirates, always leverage the full name.
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Decide a Business Location for Your Company
The UAE is a land of lucrative business opportunities. The business region you select for your business in Dubai has a huge role to play in your venture’s corporate future. A news organization, for instance, should consider incorporating its operations in the DMC (Dubai Media City) free economic zone to make the most of the favorable working ecosystem.
Firms wanting to trade freely within Dubai and across various Emirates should open an office on the mainland. Note that the mainland region offers hassle-free access to Dubai’s splendid local market alongside a host of other opportunities. A wrong choice here can also be quite costly due to relocation and establishment expenses.
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Finish the Paperwork
Paperwork is also a decisive aspect for company setup in Dubai. It offers both local and foreign investors in Dubai a risk-free working mechanism.
Hence, pay notable attention to all the documentation procedures and keep copies of all the receipts and consents for future reference.
Payment confirmation of trade name reservation, initial approval document, and additional approvals are necessary for a company set up in the UAE. Moreover, you might need to seek external permits if you wish to have exclusive privileges or want to conduct business operations that aren’t covered by your trading license.
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Obtain the UAE Business License
You can obtain the preferred trading license by approaching the economic department or the applicable governing agency. A business license enables you to legally perform the business operations indicated on the license in the Emirates.
A local service agent (LSA) will guide you in applying for the license without having any stakeholding in your company. Investors must also renew their company licenses periodically. Always renew your venture’s license at least one month before it expires to foster risk-free commercial activities in Dubai.
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Open a Bank Account
The registration of a corporate bank account for your organization is a vital step for incorporating your dream company in the UAE.
Whether it’s a local or international bank, always select an esteemed bank based on your operational demands. Furthermore, make certain that the bank you finalize for your company has flawless services and banking amenities.
Read Also: How to do Company Formation in Dubai
Benefits of Opening a Business in Dubai
- The UAE’s multicultural population provides business aspirants with a large supply of skilled workforce. Recruiting qualified talent at competitive prices isn’t a rare occurrence in the Emirates, thanks to its top educational institutes and numerous reputed training centers. Furthermore, the region’s competitive working environment implies that no one is underpaid and that all the employees can achieve the desired work-life balance.
- You can save sizable sums of money as you can repatriate 100% of your capital gains in Dubai. Moreover, you don’t need to pay taxes, be it personal or corporate. In addition, investors don’t need to worry about any currency constraints either.
- The UAE’s ever-expanding special economic zones empower budding entrepreneurs and new-age investors to operate within a more moderated set of reforms and restrictions. In addition, there are over 45 free zones in the United Arab Emirates and each is headed by an independent governing entity.
What Paperwork Goes Into Setting Up a Company in the UAE?
- Duly filled application form
- Passport copies of all the business partners
- NOC from the local sponsor (applicable for expatriates and foreign investors)
- Payment receipt of trade name reservation
- The lease agreement document to verify the registered address of your business
- A descriptive document of your business plan and associated activities
- Details of shared capital (for industrial trade license)
- A copy of the naturalization book of local partners also called Jinsiya
- A copy of the registry identification form notarized by the concerned council
Set Up Your Company in the UAE!
The UAE is one of the most opulent business regions in the Middle East because it offers several advantages to new ventures. If you don’t know how to go about a company setup in UAE, it’s better to connect with Shuraa’s company setup consultants.
Shuraa Business Setup provides hassle-free and cost-effective solutions to all your company formation requirements. Moreover, our experts not only guide you on how to start your business but also offer end-to-end business assistance.
