The UAE isn’t only one of the best destinations on the bucket list of several people but it also gives immense business possibilities. As per the IMF’s World Economic Outlook, the country’s economy is predicted to develop by 3.3% in 2021.
These measures with impressive development in former years have allured so many people to business setup in Dubai. In case you are considering joining them as well, the good news is, that the procedure to form a business in Dubai is steady and simple.
You can form a business in the Dubai Emirate in a point of 3-4 days if you have all the documentation and essential permissions from the government. You can communicate with the Start Any Business UAE professionals to assist with your business setup in Dubai alongside all the other business establishment activities in the United Arab Emirates.
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The Process of Business Setup in Dubai
Define The Nature of Your Business
As in any other nation, you first have to describe the business nature. Based on the business nature, you would need to get the essential business license and permissions for your Dubai company setup. There are various business zones in the Dubai Emirate, called a free zone, mainland, and offshore. You can select to form a business in this emirate in any of the free zones according to the business nature and the one that gives higher advantages.
Decide Your Company Name
The next phase is to select the right name for your venture. The emirate has come needs regarding choosing the name of your corporation. You aren’t permitted to utilize an abusive name, direct to God, or any other religion.
Evade utilizing abbreviations in the name of the corporation. Another thing to remember is that in case you name the corporation after an individual’s name, the individual is either the owner or a partner in the corporation.
Once you have decided on a name for your venture, register it with the Economic Department of the Emirate. The Economic Department has the right to decline the name in case there are other corporations with similar names.
Get the MOA
A memorandum of association is an agreement saying a set of clauses. You have to draft one and get it signed by all the stakeholders in your corporation. A memorandum of association presents the business nature, the corporation’s capital, stakes matters, and related business information.
Obtain Preparatory Approvals
Based on the kind of your business, there are some pre-approvals that you have to acquire from many legal official departments. This is suggested that you must let your advisor obtain the essential permission because they have an understanding of the procedure of business setup in UAE.
Apply For a Business License
In order to make an application to obtain a business license, first, you have to get if your business activities are permitted under the licenses given by the UAE government. The country gives three kinds of licenses, the licenses are known as professional, commercial, and industrial licenses. Limited Liability Companies are stated to be ideal for training and industrial activities.
Rent an Office Space
In order to Dubai company setup, you would require to rent a better office space to complete the requirements of your business. Choose the locality and the workspace as per the business nature and activities. Once you rent the workspace, register the office with EJARI to get a tenancy agreement and produce your different EJARI numbers for future consideration.
Note that, you can’t get a business license without having a legal office address. In cases of offshore corporations, the address of an authorized agent becomes the official address of the corporation.
Submit the Documents
To accomplish the procedure of your business setup in UAE, you have to meet all the paperwork. Present copies of the visas and passports of you and your business partners. In addition, present and obtain the essential final permissions and certifications from the Economic Department. Once the application process is done and sanctioned, you would be informed by the government about when and where to obtain your business license. In the final phase, make the payment of the necessary fees and receive your business license to run your business legally.
Documents Required for Business Setup in Dubai
- Certificate of business license reservation
- Certificate of pre-approval
- Tenancy agreement
- Passport copies of partners
- NOC for partners
- Trade license application
- Memorandum of Association
- EJARI registration certificate
- External approvals
Also Read: How to Setup Business in Dubai Mainland