Key steps to set up a company in Dubai. Our comprehensive guide tells you everything you need to know about how to start a business in Dubai, UAE.
Starting a business in Dubai, UAE requires expert guidance and assistance to sort legal procedures and for selecting the trade license. As the fastest growing economic hub in the UAE, Dubai is the ideal place for business setup. Because of its investor-friendly atmosphere, low tax policies, and ease of doing business, the region has emerged as the most important business hub in the Middle East. The government has in place many rules and regulations that encourage businessmen to invest and set up companies in the region.
If you’re planning to start a business in Dubai or any part of the UAE, make sure you follow all of the necessary steps. It involves planning, conceptualizing, researching, budgeting, and much more. If you want to start a business, you need guidance and assistance on selecting the type of business, location, right trade license.
If you are an entrepreneur, you need to get acquainted with the various facts associated with the business setup in Dubai. Let’s have a look into some of the steps involved in the process of company formation and trade license acquisition in Dubai. Follow the below steps to start a business in Dubai.
Firstly you have to determine the type of business you want to start. The nature of your business can have a bearing on which zones you can or should set up in. There are different types of business licenses such as commercial, professional and industrial. The type of license is determined after the careful selection of the business activity. You need to apply for the right license if you are planning to start a business in Dubai.
2. Select a Local Sponsor
To acquire a license from the Department of Economic Development (DED), it’s mandatory to have a local sponsor. A UAE national must be taken as a 51% partner who is called a local sponsor, agent, or partner. A sponsor must be paid a yearly fee which can be negotiated. You need to develop a rapport with your sponsor so that he is ready to help you in facing any challenge you may arise during the process.
3. Select the Right Location
Another important part of planning a business startup in Dubai is to determine the most suitable location for the business. Creating a company where your customers or clients can’t reach you easily is of no use. You need to set up your dream business in a place that is most convenient and encourages entrepreneurship. The selection must be based on different factors such as distance, costs, product, business model, trade requirements, etc.
4. Open a Bank Account
To start a business in Dubai, it is mandatory to have a bank account. A company is regarded as non-functional until it opens a corporate bank account. You need to reach out to companies that have developed enough finance network and expertise to open accounts for virtually all companies they register. The final decision to open an account depends solely on the bank. Also one must choose banks that are secure and which provide quality services and different banking facilities.
5. Confirm Your Visa Eligibility
For starting a business in the region, a visa permitting you and your employees to live is essential. Visas are allowed for all businesses. But the number varies according to different factors like size of the office, business type, the category of the employee, investor etc. You must work with your sponsor to get your visas if your startup in Dubai is a local company. Other than your passport and other legal requirements, a letter is also required from your sponsor to highlight the individual’s personal information, the reason for the visa application, etc. before processing. If your sponsor agrees to give you the authority, then you will be allowed to apply for the visas of your employees.
6. Hire a Registration Agent
The easy way to start a business in Dubai is to hire a business consultant. Hiring a business consulting firm to register a business is the ideal option for any entrepreneur. At Bizvise, we will not only work with you throughout the setup process but will also actually register the company for you. Apart from that, we can help you open your bank account, arrange for an auditor and offer you nominee services. Our expertise in dealing with the local government bureaucracy and with different authorities will greatly help you in planning and implementing your business goals.
The cost to start a business in Dubai will vary depending on the location and type of business.
Where to Start a Business in Dubai?
Choosing between Dubai Mainland, Free zone and Dubai Offshore is a common challenge faced by entrepreneurs. Bizvise has a team of experts who will plan out your company registration from scratch. The detailed planning involves creating strategies for the smooth setup of your business, developing solutions for facing business challenges, itemizing potential costs, acquiring licenses, location identification, and so on. We will take care of all the requirements to help you to have your business registered legally with minimal problems and inconveniences on your end.
Bizvise’s expert staff will assist you and speed up your business setup process where роѕѕіble. The company is always up to date with the most recent laws and rеgulаtіоnѕ. Hence, we will ensure that every piece of information regarding the business is used to enhance the customer experience so that you can fully focus on managing уоur company іnѕtеаd of wasting your valuable tіmе dеаlіng with gоvеrnmеnt agencies аnd other formalities. Contact us if you you require any advice on how to start a business in Dubai.