How to start a business in Dubai

You don’t need the fortune to create a successful business with the success of low-budget startups. It has been proved. Company formation in UAE can be launched on budget, and shouldn’t be undone by prohibitive levels of investment. So it is crucial to use accurate planning. Starting a Business in Dubai is a progressive decision as well as a challenging one. Since Dubai has shown its stability in economics in the International market, business investors have been attracted to Dubai.

Starting a business in Dubai takes eight days on average. Current market trends in Dubai have plenty of opportunities for foreign investors who tap into imports and export of commodities. They take advantage of the growing tourist traffic of the city for an almost unlimited number of potential clients and customers. You need to be pretty much aware of the facts associated with a business startup in Dubai. It will help you to avoid the problems that are supposed to happen while launching a profitable enterprise in the United Arab Emirates [UAE].
It wouldn’t take more than a week to start your business in Dubai if you have sorted out all your legal procedures. The kind of license you require for your business depends on the type of your business. Your operations will be defined on the basis of commercial, professional or industrial licenses. But there are exceptional cases where you require approvals from Governmental departments. It includes food trading, jewelry trade, veterinary activities, and legal consultancy. In Dubai, the Department of Economic Development (DED) has a list of over 2100 activities you can choose from. You can contact the DED, if you’re unable to find your specific one from it. Each and every free zone has its own regulations and approval formalities.

Most of us have an eye on 100 percent ownership of our company. If that is what you are looking for you need to opt for a license and location in one of the many free zones of the UAE. There are specific kinds of activities in every free zone. Clarify it in the first step, so it will help you find your best option. You don’t feel lack of choice since there are over 45 free zones in the UAE with plenty of categories of operations. And still, if you are in need of a local license or you need to operate locally, you have to approach the Department of Economic Development (DED) to get the license. The DED license comes with certain restrictions on the share of ownership for foreigners.

The rules regarding the make-up of your firm depend on the location and type of business you choose. For example, if you plan on a legal consultancy firm, it can be done only as a branch of the company or as a stand-alone company. This activity should not be taken up by a sole proprietor. Alike, Each and every free zone has its own regulations and approval formalities; it has its own restrictions regarding the company structure as well. You can look these up on the official website of a free zone or the DED. We suggest you for detailed research and study before you move on to your startup.

One of the important parts of the legal procedure is your Trade name. Unless it is a branch of another company, the company name should ideally and clearly indicate the nature of your business or startup. All the rules regarding trade names can be also seen on the official website of DED.
In the Memorandum of Association of your proposed company Minimum share capital is usually set out. In most of the cases, during the time of setting up you do not need to pay minimum capital.
Once you are done with your legal procedures and forms ready to go, half of your procedures are done. The next move you better do is to it filter some offices with costs and other details. This would show you a crystal clear path forward. Find premises suitable to your requirements along with help to set up electricity, internet, water, and other amenities aren’t a difficult task in the free zone since; you will get the right assistance at the free zone.
Before your registration is approved, you need to hire a manager to oversee operations and have him ready to be on board. This is how it is usually in most legal forms of the DED, but in some other cases, you may not be allowed to hire at all. For example, Intelaq license holders (license for home-based Emirati business owners) are not allowed to hire staff but can engage contractors. Regarding the structure of a business, each free zone has its own specific regulations.

It is mandatory to have a local agent, partner or sponsor for DED Licenses since this is great support for foreign nationals. Having a local contact can help take the business forward effectively for free zones. However, this is not mandatory. Dubai as a business destination boasts easy set-up for all businessmen regardless of nationality and Dubai is a strong platform for all the enthusiastic entrepreneurs out there.

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