25 Feb Why start your business in Dubai?
Can a foreigner start a business in Dubai?
If you are planning a business setup in a market that has t ofo for many options which will have a booming effect on Business, look no further than Dubai as a country to invest in. Dubai is a very popular destination among new investors and it is not difficult to analyze as why Dubai is such a favorite destination among existing as well as established investors.
It is a more dynamic market and the geographical location also adds to its quality of being a Business Hub. It has a strategic geographic location that makes it an easily accessible location from many different places in the world like Africa, Asia, and Europe.
Start a business in Dubai
The market of Dubai has a lot of options to offer for new investors ranging from incubators, hubs, and programs to help business growth and it has the most flexible taxation systems. Many such benefits of starting a business in Dubai can prove to be a game-changer for budding investors.
Dubai government has also put in place many initiatives to help start-up investors in realizing their dreams of starting their ventures in such a prosperous market. Over the past two-three years, the Dubai government has started a global blockchain challenge and invited many start-ups to showcase their innovations which can eventually be implemented in Dubai and thereby presenting a great opportunity to new and promising investors.
To start a business in Dubai an investor has to follow due process as established by the Business Law of the Emirate
- Business activity -: Once an investor has made up his mind to start a business activity in Dubai, the investor needs to determine the process that needs to be followed and what activity is allowed as per the rules of the Department of Economic Development- Dubai.
- Mainland or Free zone -: The next step is for the investor to be clear about the type of business location where the business is going to be set up Mainland or Free zone. Accordingly, investors can decide to set up the business in any of the Dubai free zones or the Dubai Mainland.
- Company name -: After the nature and location of the business activity is determined it is time for an investor to choose the name of the company, it is important to follow the naming conventions as being followed in Dubai.
- Business License -: The next step is to start the process of obtaining a business license from the Department of Economic Development- Dubai (DED). The department then does some background checks on the investor to determine if all eligibility criteria are being fulfilled, so that the process can be started and the Business License can be issued.
- Investor Visa -: After registering the Business Activity with the concerned department it is time for the investor to apply for the Investor visa that is issued under the Business License obtained.
- Bank account opening and signing -: Following the Business licensing and the Investor Visa the succeeding step is opening a Business banking account in Dubai for the Business activity registered. Usually, for an investor, a corporate banking account is needed for running the business, which is quite a simple and easy process and can be done in 2-3 days.
Shuraa Business Setup
The above process gives a brief outline of the process one needs to follow as per the requirements of the country to set up a company in Dubai. However, the process may vary sometimes as it is also dependent on the type of business activity being planned to be set up and also the location may determine the process that needs to be followed.
Once deciding to open a new business set up in Dubai, it is very common for new investors to get lost in the whole process that needs to be followed, as a result, it is recommended to work with different agencies to get the process completed in a quick time.
One such business organization is Shuraa Business Setup. Shuraa works closely with and under the strict guidelines of DED and has partnered with many free zone authorities in Dubai such as -JAFZA, DMCC, and IFZA. They make the business documentation and government approvals process easier as they are very well aware of the steps that need to be followed per the country’s business laws.