Power rental company in Dubai- All you need to know
Do you wish to set up a power rental company in Dubai? Well, Bizvise got you covered, with everything you need to know regarding setting up a power rental company in Dubai.
Every under-construction site or finished construction project will require power rental systems at some point when there is zero access to sufficient power. Power systems working on a site, make it possible to carry out every single work happening there until the project gets completed. Over 90% of the business in the UAE is based on people opting for power rentals or generator capacities to get their work done. Every office business, worksite, personal event, meeting or conference, public or private party, etc needs the power to get going and because of that, the power rental business will not go unrecognized.
The power rental business requires the least capital investment, and that makes power rental attractive for many to make a business out of it. A temporary power system could be set up in no time and if required can be upgraded to a continuous power system by installing redundancy in the system. Easy to set up, less capital and the option to upgrade later are the perks offered by this business. All these advantages have led to an increased demand for power rental systems in UAE.
Power rental system has been inevitable in the sectors such as construction, utilities, oil and gas, manufacturing and event sectors, etc. A large number of suppliers, various brands, and low risk make power rental an active business. Additions and innovations are happening in this sector also. Even if generators are the popular power rental in industry, some businesses find generators ineffective. Innovations and equipment have been hitting the market. That means this sector has the scope to innovate and flourish in the coming years.
The power rental business in the GCC and UAE is worth approximately $1.2 billion. The UAE market alone is worth $170-180 million in the power rental business. Power rental for projects constitutes 25-30% of the GCC market.
To set up a power rental business in Dubai, certain procedures and formalities have to be done. You can consult a trustworthy, experienced consultancy like Bizvise to get assistance to set up your business in Dubai.
Once you decide on the location to set up your company, you can begin the process of incorporation. The steps to set up a power rental company in Dubai are given below.
The first step is to outline a business plan. Here, you can mention everything you wish to offer as services. A business plan may include details regarding office space, power rental equipment, services, service cost, the total budget, and everything about your business. A business plan is important to have clarity about the business you wish to start.
You will need to choose a company name. Dubai has strict conditions when it comes to naming a company and you have to abide by them. You should avoid offensive or blasphemous language and avoid naming your company after well-known existing organizations.
You can apply for a trade license, by directly going to the Department of Economic Development (DED) in Dubai. Consult with a business consultancy such as Bizvise to avoid complications and to ensure a smooth incorporation process. You will need to provide the below-mentioned documents to proceed with the application process.
A completed application form.
Articles of incorporation (if necessary).
Passport copies for all shareholders.
Brief descriptions of intended business activities.
Applying for a visa is not a tough task when you have Bizvise to assist you. You may need residency visas, visas for company employees, and visas for domestic staff also. Contact Bizvise for every assistance you need regarding applying for visas.
Opening a corporate bank account may be a tough task if you have no idea about the procedures. There are various local and international banks you can choose to open a bank account. However, opening an account can be a complicated process for overseas entrepreneurs. Bizvise can help you open a corporate bank account in the easiest way possible.
If you successfully completed all these steps, your company will start running in a month. For successful completion of your application procedure, licensing and opening a bank account, and everything that comes with it, connect with Bizvise. Bizvise is happy to help to start your dream business in Dubai. All you need to do is contact us.