Dubai has become one of the most valuable cities in the world due to the increased prosperity of the emerging UAE oil money (petro dollars). Rich people from different countries of the world have settled in UAE with different purposes. Many of them have business objectives, which mean that the UAE today is home to a wide array of industries that are booming every day. Many foreign investors want to start any business/company in Dubai or other emirates of UAE. One thing to mention here is that the UAE has adopted the most liberal policies for foreign investors or expatriates who want to start business there. The UAE government is inviting foreign investors by offering them many benefits especially the huge tax breaks. Attracted by this many foreign investors are coming to Dubai in the UAE, advanced technology and enjoyable travel, from health care to hospitality, there is always a new story of any business sector on the rise. Basically, you can be sure that even if an industry takes of globally, It will be a hit in the emirates. Because UAE is an emirate rooted in vast potential and prosperity for all types of businesses. There, the interior design business is very bright and the chances of success are high.
Is the global interior design industry promising?
The global interior design industry is in promising shape, estimated to be worth about $93.3 billion in 2016, the market is expected to grow to $ 121 billion by 2022 (surviving the corona period and lock down), according to estimates from about six years ago. The picture in UAE is not bad either, is just as promising. The UAE’s interior fit-out market is considered one of the GCC’s fastest growing industries according to the INDEX Interior Market Report by well known Ventures Onsite.
As we know, potential businesses can thrive anywhere in the world and the interior design industry being one of them is sure to thrive naturally and is going to catch the attention of entrepreneurs all over the world. The good news for those who want to get involved is that the interior design industry in the UAE is incredibly easy to start and even more affordable.
How to Start an Interior Design Business in Dubai?
Some decisions may be life-changing, opening the door to prosperity. That being said, if you want to set up an interior design business in Dubai, it is a good decision, For that, you have to go through some process steps, the first step is to choose a company name.
But in UAE, you are not free to choose any name as per your personal choice. While doing this you have to follow many rules in UAE. Keep in mind, however that, there is something quite strange about naming. For example, your company name should not include offensive or blasphemous language or refer to well-known organizations and corporations. If you are going to include your personal name in your business name, it must be complete – no abbreviations or initials. You need to check if your chosen business name is available to register. A company formation specialist can do this for you as part of the license application process. A naming issue like this can only be done if the government goes through mandatory process.
Once you’ve decided on your company name and chosen your activities, move on to the next step. That means you can apply for a trade license, but there is one thing, first you have to decide whether you want to choose a free zone or main land set up. The good news for the business owner is that both options have advantages. If set on the mainland you have the freedom to trade directly with the local market and take on government contracts – which can prove successful and profitable in this Asian part of the world.
What are the advantages of interior design business in UAE?
There are many positive things to say about the interior design business, If you choose a free zone set up Fujairah Creative City, income tax is free and you can benefit from 100 percent exemption from customs tax. What’s more unlike many other countries UAE free Zone business owners have full freedom to repatriate all invested capitals and profits. There are no foreign exchange controls or currency controls. Yes, all this is true, but not many people know it. No other country in the world like UAE is so generous to foreign investors.
Now, there is one more important thing to mention, there are many business setup consultancies or platforms operating in UAE with the aim of helping foreign investors and expatriates who are interested in doing interior design business, their service is good, without the help of such consultancies you cannot do any business in UAE. So, if you’re interested in doing an interior design business, seek the help of a reliable business d set up consultancy in UAE, if you try on your own, your business interest will not flourish.
Whichever set up you choose, a company formation expert can help you through this step and even mange the entire application process on your behalf. Company formation consultancy will have influence in all departments of the UAE Ministry of Commerce. So, their service is essential, when it comes to starting a business in UAE. Whether the venture through a company formation agent, you usually only need to provide a few details and some basic documentation.
Filled Application Form
Passport copy of the proposed owner or owners
Two color passport size photographs
Bizvise is a very reliable business set up consultancy in UAE and its business set up services are widely recognized. Tie-up with Bizvise and your Interior design business dream will easily come true.
Documentation is needed.
To establish an interior design business in Dubai, you must have or be able to get all of the necessary documentation. They are as follows:
Approval for the establishment of an interior design business in Dubai is the first step.
Licensing application (in English)
Detailed business strategy
Shareholders, directors, and management must all have passport copies on file.
Copy of the incorporation certificate or a copy of the trade license
In Dubai, interior design firms must be registered in order to operate.
Obtaining a business registration application form
Memorandum of Association that has been attested and notarized (MoA)
Checks with a post-dated date
Resolution of the Board of Directors
No Objection Certificate (NOC) from the current sponsor, which should be notarized copy of the certificate of incorporation