Dubai is known for its diverse business landscape, offering numerous opportunities for entrepreneurs and investors. If you're looking to start a business in Dubai, it's important to understand the licensing requirements for different activities. In this blog, we will explore the process of obtaining licenses for petroleum transport, investment consultancy, gaming services, and single family offices.
Business license is compulsory requirement for any type of company formation in Dubai. Starting a new business in Dubai can be exciting prospect and there are several factors that need to be considered. The Emirate of Dubai manages all kinds of business activities and consists of Dubai free zones, which are ideal for many start-ups and entrepreneurs. Setting up a business in Dubai is a convenient and straightforward procedure.
Dubai investment opportunities are huge. So choosing the right business license for a company is of utmost importance and one of the first steps involved in the process of Business setup in Dubai. Depending on the business activity one should obtain the license that suits it. The various business setup industry licenses available in Dubai are as follows:
Petroleum Transport License: Transporting petroleum products requires a petroleum transport license in Dubai. To obtain this license, you need to apply for a No Objection Certificate (NOC) from the Roads and Transport Authority (RTA). The license covers the bulk transport of unrefined crude oil from extraction points to refineries, as well as the movement of refined products and petrochemicals from refineries to consuming markets.
Investment Consultant License: For individuals or firms providing investment consultancy services in Dubai, an investment consultant license is necessary. To obtain this license, you must meet specific regulatory and legal requirements. This includes having certified financial consultants and obtaining special approval from the Security Commodity Authority (SCA) in Abu Dhabi. The company must also maintain a share capital of AED 1 million, with a minimum of 51% ownership by a UAE national.
Gaming Service License: If you are interested in the gaming industry, then obtaining a gaming service license is essential. Several free zones in the UAE, such as Twofour54 Free Zone, Ras Al Khaimah Economic Zone, DMCC Gaming License, or Sharjah Media City (Shams), offer e-gaming licenses. These licenses cover various gaming-related activities, including gaming development services, gaming engine operation, and gaming streaming social media platforms.
Single Family Office License: While single family offices are no longer needed to register in Dubai as of February 2023, you may still opt to set up a single family office. You can consider establishing it in the Dubai World Trade Centre (DWTC) or the Dubai Multi Commodities Centre (DMCC). These jurisdictions offer specific licenses for dealing with professional services such as wealth management, concierge work, day-to-day accounting, and management of legal affairs.
The above mentioned are some of the main Dubai business licenses. It's important to note that licensing requirements and procedures may change over time. To ensure accurate and up-to-date information, it is advisable to consult the relevant authorities and their official websites. Establishing your business in Dubai requires strict adherence to licensing regulations, but the diverse opportunities and supportive business environment make it a great destination for entrepreneurs and investors.