How to Set Up a New Business in Dubai: A Complete Checklist
Starting a business in Dubai is an exciting journey filled with opportunities. With its business-friendly policies, strategic location, and thriving economy, Dubai has become a magnet for entrepreneurs worldwide. Like any business venture, setting up in this city involves a few important steps. That’s where we come in – Bizvise, your trusted partner for business setup in Dubai. To help you get started, here’s a complete checklist to make your new business setup in Dubai as smooth and straightforward as possible.
The first step is deciding what kind of business you want to start. Dubai offers numerous possibilities, but it’s essential to choose a business activity that fits the local market. Make sure the business activity you choose aligns with your goals and interests, as this will help you stay motivated through the process.
2. Choose the Right Business Structure
The type of business structure you select will have implications on ownership, liability, and taxation. Here are some common options:
Mainland Business: This allows you to trade within Dubai and other parts of UAE. You’ll need a local sponsor who will hold 51% ownership unless you qualify for 100% foreign ownership based on your industry.
Free Zone Company: Perfect for international business and export-oriented activities, as it allows 100% foreign ownership and offers tax benefits. Free zones also provide an easier route to obtaining licenses.
Offshore Company: Suitable for businesses seeking asset protection or international trading. Offshore companies cannot operate within the UAE but benefit from tax exemptions.
Bizvise Tip: Our team at Bizvise can guide you on which structure suits your business idea best. We’ve helped many entrepreneurs with business setup in Dubai, and we’ll make sure you get it right.
3. Pick a Suitable Trade NameChoosing a trade name might seem trivial, but it’s a step you can’t skip. The trade name must be unique, relevant to your business activity, and follow certain rules set by the DED. Avoid using offensive language or any religious, political, or social terms in the name.
Naming Hacks: Keep it simple and memorable. A good name makes a great first impression and helps in branding.
4. Get the Necessary LicensesIn Dubai, you’ll need a business license to operate legally. The type of license you need depends on your business activity:
- Commercial License:For trading businesses.
- Professional License: For service-oriented businesses like consultancy.
- Industrial License: For manufacturing and industrial activities.
The process of obtaining a license may seem daunting, but don’t worry; we at Bizvise are here to handle it all for you. As a leading business setup company in Dubai, we know the ins and outs of getting licenses quickly.
5. Choose Your Business LocationYour business location should align with your business model. If you’re targeting a local market, setting up a mainland business could be the best choice. If your business is export-oriented, a free zone may offer more benefits.
- Mainland: Gives you the flexibility to do business across the UAE.
- Free Zones: Provide tax benefits, full ownership, and fewer restrictions.
- Offshore: Suitable for international business and asset management.
Our experts can help you compare various locations and choose the one that fits your budget and business requirements.
6. Open a Corporate Bank AccountTo operate in Dubai, you’ll need a local bank account. While the process is straightforward, it requires the right documentation. The banks will typically require:
- Your company’s trade license.
- Shareholder passport copies.
- Incorporation documents.
Bizvise has partnered with some of the top banks in the UAE, and we can guide you through the process step-by-step.
7. Apply for VisasAs part of your new business setup in Dubai, you’ll need to secure visas for yourself, your employees, and even your family members if you wish. The number of visas you can apply for depends on your business size, activity, and office space.
Steps for Visa Application:- Entry Permit: Your visa process begins with obtaining an entry permit.
- Status Adjustment: Once you enter the UAE, your visa status needs to be adjusted.
- Medical Fitness Test: It’s mandatory to undergo a medical test.
- Emirates ID Application: Apply for an Emirates ID after passing the medical.
- Visa Stamping: Finally, get the visa stamped on your passport.
Depending on your business type, you may need approvals from specific authorities. For instance:
- Health Ministry Approval: For medical businesses.
- Food Safety Approval:For food and beverage businesses.
- Special Approvals: For businesses like education, tourism, and real estate.
9. Set Up Your Office Space
Once you have the licenses and approvals, it’s time to set up your office space. Your office requirements will vary depending on whether you’re a mainland business or a free zone entity. For free zone companies, some zones offer flexi-desks or shared spaces, while mainland businesses typically need a physical office.
10. Marketing and Branding Your BusinessNow that you’re all set up, it’s time to spread the word about your business. Invest in a good website, create social media profiles, and utilize digital marketing strategies to reach your audience. Networking events and trade shows can also be effective ways to get your business noticed.
11. Understand the Legal RequirementsBusiness setup in Dubai comes with some legal requirements you must adhere to. This includes:
- Annual License Renewal: Keep track of your license’s expiration date and renew it on time.
- Accounting and Bookkeeping: Maintaining financial records is mandatory.
- VAT Registration: If your annual turnover exceeds a certain amount, VAT registration is required.
12. Partner with Bizvise for a Smooth Business Setup
The steps outlined above may seem overwhelming, but you don’t have to navigate them alone. As a trusted business setup company in Dubai, Bizvise is here to guide you every step of the way. We’ve helped countless businesses establish themselves in the UAE, and we can do the same for you. Our team will handle everything from documentation to approvals, ensuring a hassle-free experience.
ConclusionSetting up a business in Dubai doesn’t have to be complicated. With Bizvise by your side, you can fast-track the process and start focusing on growing your business. Our expert team will guide you through each step, ensuring a smooth business setup in Dubai.
So, what are you waiting for? Start your Dubai business setup with Bizvise today and take the first step towards a successful future in the UAE.