24 Sep How to Start a Business in Dubai?
The constant evolution of Dubai’s technology, infrastructure, and connectivity, ensures that it is a step ahead of other countries. As a result, it is a popular spot amongst Indian investors and businessmen, which is why they seek an answer to: how to start a business in Dubai
Dubai, the exciting metropolis, has seen one of the most remarkable makeovers of any city in contemporary history in less than four decades. Its diversified economy presents endless opportunities for Indian investors and businessmen who want to start a business in Dubai, especially in tourism, logistics, and trade.
Furthermore, businesses can employ workers from practically any region of the world with ease and cost-effectiveness because of the country’s favorable labor rules. The Department of Economic Development or DED constructs sound economic policies and strategies, identifies vital areas, offers basic administrative services, and helps local and foreign investors build their businesses. In short, they create favorable and supportive government policies that help businesses expand and thrive!
Key steps to Start a Business in Dubai
The answer to your question: How to start a business in Dubai, is pretty straightforward. If you want to start a business in Dubai, follow these key steps:
Determine the Type of Legal Entity
You must choose the proper entity before creating a company in Dubai. There are four primary types of businesses, each with its own subcategories. The following are the types of businesses you can register in Dubai: Companies, Partnerships, Branch offices, and Free zone enterprises.
Our experts can help you understand the nitty-gritty details of each of these legal entities. When it comes to international investors interested in forming businesses in Dubai, our experts can provide further information on the regulations required by the Company Act.
Choose Your Business Activity
Choose one or more business activities. The Dubai Department of Economic Development (DED) has approved approximately 2,000 operations across several industries and sub-sectors.
You must make this decision initially. The activities you want to do will decide the license you will need. For example, an industrial license is for making things, a commercial license is for trading goods, and a professional services license is to give services.
Choose Your Business Location
The Company Act, which includes a wide range of business forms, governs the formation of numerous corporations in Dubai. Foreign investors who want to start a business in Dubai should be aware that the criteria for a certain business form vary depending on whether the firm is based on the mainland or in the city’s free zones.
If a foreign entrepreneur chooses to establish an onshore firm in Dubai, he/she will require a local partner or sponsor. In a free zone corporation, foreign ownership is permitted in its entirety.
It is vital to know the pros and cons of each before making a decision. Your choice will heavily influence other aspects such as costs. Shuraa experts can help you recognize their benefits and objectively weigh them to make the right choice.
Choose a Trading Name
You can list the names you want to use as your official company name and submit it to the appropriate authorities for review and approval. The regulatory authority will immediately validate your application, and you can use the authorized name as your official trading name.
Following are some of the rules that you must keep in mind while deciding your trade name:
- The trading name you select must be distinctive and not a rip-off of another well-known brand.
- Furthermore, there should be no ties to a god or religion in the company name.
- It should also be clear of any rude or disrespectful language.
- There must be no references to global political groups or religious sectarianism in the names.
- The name of a business cannot be the same as the name of a government agency or its acronyms.
These are only a few of the many rules that one must follow. Shuraa experts can walk you through all the rules, ensuring that your trade name complies.
You are not permitted to engage in any business operations unless your license covers them. Consequently, owners must seek external clearance for any operations not included in their business license.
You may have to seek a few other pre-approvals, depending on the nature of your operation. You can contact Shuraa experts to know more about them.
Choose an Office Space
Dubai’s office spaces are expansive and equipped with cutting-edge technology. To save money, you should rent workspaces in the UAE. It’s advantageous since you don’t have to spend a lot of money to own a piece of real estate. Furthermore, if you decide to relocate, you won’t have to make any further efforts to sell the home. You may also rent a virtual office space if you want to start a business in Dubai.
Apply for a Business License
You can apply for a license once you’ve chosen what kind of company you want to operate and where you want to do it. All you need to do is submit the finished application form with the necessary documents to the DED or the free zone.
To conduct business in the UAE, you’ll need to submit more than just your license application. In addition, you should apply for any necessary visas. This covers your visa, employee visas, and any dependents. You may also need to open a corporate bank account. The banks in Dubai have their distinct process and criteria. A Shuraa expert can help you navigate through these almost effortlessly!
Which Documents Do I Need to Start a Business in Dubai?
To provide a risk-free working environment, all organizations must go through many rounds of document validation. Here are a few of the most important documents you will need:
- Copy of the shareholders’ passports
- Passport-sized photographs as per the guidelines
- Entry stamp or visa page
Note.: You will need to submit a few other supporting documents to start a business in Dubai. These documents depend on the type of business you want to establish. Get in touch with Shuraa experts to get all the necessary documentation for your licensing process.
Start a Business in Dubai With Shuraa
Dubai, undoubtedly, offers some of the most exciting business opportunities in the world. The infrastructure and support from the government are top-notch and unmatched. Although the process of how to start a business in Dubai is streamlined and straightforward, it is wise to have experts by your side.
Shuraa India Branch will assist you throughout your licensing process and even after that! We take care of everything from initial documentation to visas and bank accounts. Let’s get in touch to get started!