Thinking of starting a business in Dubai? Bizvise can help you realize your dream. Dubai is a global business hub with liberal economic policies, attractive tax benefits, world class infrastructure, and strategic location. It has become the favourite spot for investors and entrepreneurs looking to set up a business. Because of its business friendly policies and free economy, it attracts investments from all over the world.
Starting a business in Dubai is tough. It involves various processes such as planning, researching and budgeting. If you are looking for company registration in Dubai, you need guidance and assistance from an experienced business consultant. You have to find a local sponsor, trade name, prepare documents and apply for trade licenses. All these tasks cannot be done without the help of a group of individuals who are well versed in business setup procedures. Our business setup services in Dubai can help you meet all your company setup needs.
Company formation in Dubai can be a stress-free process if you have the required documents and approvals in place. You can get the trade license within a week if you have a clear understanding of the setup procedures. As a leading business setup consultant in Dubai, we can guide you through the process of setting up a business in an effortless manner. You just have to follow few steps to achieve your goals. Let’s have a look into some of the formalities involved in the process of company formation and trade license acquisition.
Select a local sponsor
To start a mainland company in Dubai, you need a local sponsor. AUAE national must be your local sponsor. The sponsor acts as a service agent as well as a sleeping partner of your company. The investor needs to pay a yearly sponsor fee. An agreement, stating the responsibilities of the sponsor towards the business as well as his/her annual fee, has to be prepared. Apart from that, a no-objection certificate from the local sponsor is also needed.
Prepare a Memorandum of Association
A Memorandum of Association (MoA) must be prepared for your company. It is a document that contains a list of operational guidelines you need to follow. The company must strictly adhere to the guidelines. MoA outlines:
- The main purpose of the company
- Capital investment
- Issuance of shares
The Department of Economic Development (DED) will notarize the MOA. You get the initial approval after the MOA gets notarized. You can seek the help of a business consultant or a lawyer for MOA notarization.
Find your Office space
For obtaining a license for your business, you need to find an office space. The office tenancy or ownership contract acts as the proof for a registered office address. In the case of a mainland company, office space or registered address is compulsory. For an offshore company, the address of the registered agent can be provided as the official address of the company.
Find a trade name
You have to find an appropriate Trade name for your company. After that, you need to get your trade name registered under DED. For getting the approval, the name must be unique and relevant. If a company with a similar name already exists, the DED has the right to reject or change the name.
Apply for a trade license
Apply for a trade license which is issued by the DED. There are mainly 4 types of trade licenses and depending on the business activity, you can choose the right one.
- Industrial license, for manufacturing activities
- Professional license, for service-based companies
- Commercial license for any kind of trading activity
- Tourism License for tourism related business activities
Pay the license fee
Submit the required documents to the DED and the Commercial Registration Department and pay the license fee. If everything goes well, your company will be registered within a week.
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