- Business Formation
- Mr. Wasim Firoz
Guide to Set up Business in Dubai, UAE
Dubai, located in the northeastern UAE is the business hub of the country. It is the fastest-growing economy among the world’s other cities. That attracts the investors and business starts-up and they begin setting up their business in Dubai.
Now Dubai government allows ex-pat business owners to own full business in some cases and the 0% tax rate as well. In the UAE expat can get long-term visas that make it the perfect location for overseas entrepreneurs.
Why should you establish a business in Dubai?
The fastest-growing economy has shifted from the oil economy to the business innovation economy in the last 30 years. Multiple reasons make Dubai the first choice for investment and business owners.
Due to the strategic location and business-friendly government rules and regulations Dubai fascinates foreign investment and business owners alike.
Business owners want to start their business due to two prime reasons. The reasons are following:-
- Business Friendly Environment - The United Arab Emirates got the 16th position for an easy place to do business by the World Bank. Setting up the business in Dubai is not complicated. It’s quite simple and easy. Many business owners can establish their businesses within a week provided they have all the approved documents. There are many free zone areas to set up a business that the UAE government has established. In the free zone areas, the Dubai government allows 100% foreign ownership, profit earned repatriation and large tax exemption.
- Low Rate of Taxes And Open Market - In Dubai, there is no tax on personal income. And has a free-trade economy. The Dubai government and regulatory authorities do very little interference in the private sector activities. Dubai has a liberal policy system; this allows a business owner to easily hire employees from anywhere in the world. Dubai has implemented strict rules and regulations for fraud and money laundering. Foreign investors love to invest here because of the clean place and with little worries.
- World Class Infrastructure - Dubai has various international standard free zone areas for the business. It also has a modern infrastructure in the entire world that holds significant importance. Dubai handles thousands of visitors with its beautiful airports and seaports. It also has numerous roads and highways that make travel easy and fast. Trusted telecom infrastructure, undisturbed power supply, and loaded with amenities to attract business owners throughout the world.
- Best Accessible location - Dubai is located in the center of Africa and CIS (Commonwealth of independent states). Currently, 8555 airlines are operating here. It is connected with more than 120 Shipping lines. Dubai is an easily accessible location from anywhere in the world.
- High Standard of living - Dubai is a diverse. Numerous foreigners have made Dubai their second home. Dubai leads the world in real estate, housing facilities, educational institutes, recreational activities. Dubai is a low-crime city that makes it the safest city in the entire world.
How To Set Up Business In Dubai?
If some want to set up a business in Dubai then setting business is a simple and pretty smooth process. Dubai is the best city for the set-up business. The process to apply for business approval is quite simple.
The process to set up business in Dubai:-
- If someone wants to start a business in the mainland of Dubai, then they should have a local investor. Investors should be local Emirati.
- After getting local investors the next step to acquire the NOC from the local sponsor.
- Now you have to Prepare the MOA of the company. MoA should have the basic condition on which business is carried out.
- Get approval from the DED (Department of Economic Development). It’s an initial approval and must.
- After obtaining the initial approval from the DED then register your business’s unique name.
- After getting a business trade name. Placed your business at the best suitable location for their business.
- While setting up the physical office, a business owner should apply for a trade license.
- After receiving the trade license, the business will be set up within a week.
Required Documents To Start Business
If company location in free zone areas that are governed by the respected rules. Then the required documents will depend on the area rules. A required document may include.
- Business plan
- Application Form.
- If you are an existing company or applicable for the local company then you need a copy of the registration certificate and trade license.
- Director, Manager, and shareholder passport copy and Specimen signature
- For individuals, we need NOC From the sponsor.
Company Formation Fees
The Cost of company formation is low in comparison to the other cities which is another reason that entrepreneurs like.
There are many factors involved, But for the trade license you can expect the AED 15,000 to AED 25,000.
The company formation cost in Dubai depends on the location, premises, No. of employees, etc. If you are establishing your business in a free zone area then the cost will be lower than the mainland.
Popular Area Name in Dubai
- Al Quoz
- Al Qusaia
- Al Karama
- Business Bay
- Bur Dubai
- Sheikh Zayed Road
Free zone area in Dubai:-
In the entire UAE, there are about 45 free zones. Some division are:-
- Information Technology
Establishing company In Mainland.
- Real estate
Hope this short Information Help you If you have any doubt and query, please contact our business consultant team. When you allow us to work with you, first we understand the business model; get information about the business and nature of business. Now you sit back and let our team manage trade license work and communicate with all relevant authorities and departments. After completing our team report you back when all the things are set and you are ready to start trading. We also give time-to-time reports of working status.