Set Up Your Company in Dubai – In the United Arab Emirates, starting a company is surprisingly easy. Furthermore, it is becoming increasingly appealing. Oil prices have stabilised, and Expo 2020, along with the UAE’s well-known tax and lifestyle advantages, is compelling reasons to consider the UAE for your next business venture.
So, how do you go about starting a new company in the United Arab Emirates? There is plenty of professional assistance available, but the procedure can be broken down into the five steps below.
- Choosing The Business Activity
In the UAE, multiple business sectors are booming.
However, the structure of the UAE market landscape can influence your choice of company setup in Dubai. Many free zones specialise in specific industries, such as media or healthcare. On the other hand, mainland businesses may engage in a broader range of activities.
Therefore, the type of operation and the licence required would impact the cost of starting a company. Multiple functions, on the other hand, may be registered under a single licence.
You Should Be Aware Of Your Choices When It Comes To Business Activities
Understanding the distinctions between different free zones and working as a mainland business will help you narrow down your options early on. Consider where you want to go in terms of foreign transportation and other types of companies in the region. It is usually advantageous to place your company near other businesses in the same industry.
- Get Your Business Name Registered
While picking a company name can be enjoyable, keep in mind that the UAE follows some strict naming conventions. Make sure you understand them and choose a name that suits you. Checking your proposed name with a business setup specialist is a wise decision. They would tell you if it complies before you register it, it will save you a lot of time and effort.
You Must Know the Naming Rules
Also, company names that have Allah or any other sectarian, religious, or political group should be avoided. If you want to name your company after someone, they must be a partner or owner.
- Get Your Incorporation Paperwork Completed
You must fill out an application to register your preferred company name and operation.
Companies on the mainland would have to meet specific capital requirements, which must be specified in their Memorandum of Association. Some free zones will require additional paperwork like a business plan or if you already have a local sponsor. A Non-Objection Certificate verifying your permission to open a second business in Dubai is also necessary.
Check and Submit All Your Paperwork
To register your business and trade name, contact the Department of Economic Development in your chosen emirate and request the necessary documents. Under Information and Services, you can find links to the relevant offices on the UAE government website.
The paperwork can be pretty intimidating. But with the assistance of a business setup adviser, it can be completed quickly and comfortably. Your company licence will be given to you after your application has been approved. If you hire a setup adviser, they’ll let you know when your documents are ready to be picked up.
- You Must Open Your Bank Account For Business
Before you can start trading in the UAE, you’ll need a bank account. Emirates NBD, Emirates Islamic, Noor Bank, Mashreq, Ajman Bank, and RAKBANK are among the many banks to choose from. Your personal needs will determine the best option for you.
How to Open a Company Bank Account in the United Arab Emirates
In the UAE, opening a bank account usually takes two to four weeks. The bank would want to know about your key business areas, expected currency and overall deposit volumes, sales levels, and leading suppliers and customers.
When the government returns your documents, you’ll have all the details you need to contact the bank of your choosing. Your business setup partner will help you choose the best banks for your business and schedule the requisite meetings.
- Start Arranging Your Visas
The final step in starting a company is to get visas for yourself, your workers, and their dependents.
A mainland business can apply for as many visas as it wants, while free zone companies are subject to limitations that differ from one free zone to the next.
How to Obtain Visas for Yourself and Others
If you need visas for a partner, child, or domestic worker, such as a maid or driver, you should seek professional advice to ensure that this is possible in your desired area. An expert company setup in Dubai will also ensure that all applicants meet the entry requirements.
Entry permit, status change, medical fitness test, and finally, Emirates ID registration and visa stamping are the four simple stages of the application process.
You will be ready to trade once you have completed these five steps. It is straightforward, with the country ranking 25th in the latest World Bank Ease of Doing Business rankings. With a trustworthy business setup expert by your side, you’ll be ready to take advantage of the UAE’s booming economy.
