As it is quite evident that you will need a trade license to establish your business in the UAE. The UAE offers different types of licenses categorized based on the activities companies perform in the UAE, such as commercial, professional, and industrial activities.
Although it takes a minimum of four weeks to obtain a normal trade license, oftentimes investors want to set up their company in Dubai as fast as they can, which is why the UAE government introduced the new instant license in Dubai.
What is Instant License in Dubai?
Where millions of entrepreneurs and expats come to the city of Dubai with dreams of business setup and success, they also desire to get started as fast as possible. An instant license in Dubai help them in achieving this goal. So, basically, they get their license first, and carry out other procedures thereafter, such as trade name registration, finding a business location, documentation, etc.
Additionally, business owners with instant business licenses in Dubai can spend the initial 12 months of their business life understanding the Dubai culture and settling into it. Furthermore, they get adequate time to discover their growth potential, build connections and enhance their operations.
Advantages of getting an instant business license in Dubai
The Instant business license in Dubai is gaining more popularity as it comes with many benefits for investors and entrepreneurs
- Easy and straightforward application procedure
- Fast issuance within hours
- Spares from complicated processes like obtaining tenancy contracts, Ejari registration, etc.
- Exempts from leasing office space for the first year of operation
- Allows operating from a virtual office for the first year
- Minimal paperwork
- No compulsion on getting external approvals
- Cost-effective
- Frees from the burden of preparing the company’s statutory documents
- Easy way to explore the market and analyze the growth probability
- Abundant time to discover feasible markets and advance the operation methodology
Eligibility to apply for an Instant license
Companies operating in the commercial and professional sectors are the only ones eligible to apply for instant licenses. Nevertheless, if your chosen activities require external approvals from the government or any government-approved agencies, you cannot opt for this license. Reach out to the business specialists of Shuraa to get the instant license Dubai activities list.
In addition, the following types of companies can also obtain an instant license in Dubai –
- Limited Liability Company
- Civil company
- Sole proprietorship
Hence, the application for an instant license should be done carefully in the light of your company’s nature and activities.
Procedure for instant license application in Dubai
Applying for an Instant License is even more straightforward than the traditional general trading license process. Perhaps you might need assistance to carry out this process. And the best part is that you have Shuraa by your side to walk you through all the steps and get you your instant trade license in Dubai.
1. Choose an activity
Your business activities will determine whether you are eligible to apply for the instant license. the Department of Economic Development (DED) has approved thousands of activities that are permissible in the region. Thus, you can select one or more as per your requirement and business suitability.
2. Confirm a jurisdiction
If you want to own your business outright, set up your company in the Free zone. An FZ setup can offer several benefits such as capital and profit repatriation, zero currency restrictions, zero customs taxes, and many more. However, you will need the support of a local distributor to trade outside of your jurisdiction in the UAE.
On the contrary, Mainland companies allow you to trade with both local as well as international markets. Moreover, it authorizes business owners to take on government contracts and work with them.
3. Select a legal structure
To apply for an instant license, you can only select from limited structures, such as LLC, Civil Company, or Sole Proprietorship. Moreover, you also need to consider the share capital and the shareholding order.
4. Choose a company name
Decide on a company name in accordance with the naming conventions of the UAE that apply to businesses. Make sure to select at least three name options without including any initials or religious references to it.
Shuraa’s company formation specialist will share the prerequisites for a business name and help you remain compliant with the regulations.
5. Make the license application
A major part of business setup and operation involves obtaining the relevant licenses and permits. Similarly, to apply for an instant license, you need to consider several factors. For instance, the location or jurisdiction where you want to set up your company, submitting the relevant documents depending on the activities you choose, etc. A company formation specialist at Shuraa can assist you with all these legal formalities.
6. Open a corporate account
Now that you have your license, you can easily set up your business bank account. A business account helps business owners to keep their professional transactions separate from their personal expenses. Hence, to open an account, they can choose from various options of national and international banks available in their jurisdiction.
7. Make the visa applications
A person requires a residency visa to work in the UAE. Hence, after receiving your instant license, you can easily apply for your respective visa, including the employee’s visa and family visa. A business setup service provider like Shuraa can get your immigration and visa processing done without any hassles and within less time.
Necessary documents to apply for an instant license in Dubai
Once you learn the benefits and procedure of getting an instant license in Dubai, it is important to know the essential documents you will need to make the application.
- Passport copies of the legal applicant/shareholders of the company
- UAE Residency Visa /Tourist Visa and Emirates ID (for foreign partners)
- Passport-size photograph of the legal applicant/shareholders of the company
Dubai instant license cost
Although it is an economical option compared to the traditional process, when it comes to DED instant license cost, investors must know how much they need to pay and whether or not it is worth applying.
The overall cost for an instant license in Dubai typically ranges from AED 12,500 to AED 28,500. it includes the fee for trade name registration, the initial approval, visa application, rent of the virtual office, and the license fee as well.
There are further considerations for getting an instant license in Dubai Mainland. Shuraa professionals can help you with the details and assist you with a cost-effective license acquisition.
Get your instant license in Dubai today!
To conclude, UAE exhibits a supportive business culture for those looking to set up their business project in the Arab land. In this fast-paced industry, instant licenses are becoming increasingly relevant, and more and more people are opting for them. However, if you are a newcomer to this pitch, you will need ultimate support to move forward.
Shuraa Business Setup’s team of experts will guide you through this process and help you get your license in no time. Moreover, they will keep you updated with all the queries and concerns regarding business setup in Dubai, UAE.
So, contact Shuraa today to learn more about Dubai’s instant license service.