There can never a better time to start a business in Dubai rather than right at this moment. Not two weeks had passed. New ambitious projects announced by the government or leading figures influential UAE or a foreign commodity that promotes economic growth in the UAE make it worthwhile to jump on the bandwagon.
According to the IMF, the UAE is to lead the Middle East in economic growth exceeding the largest economy- Arabia- Saudi territory by a whopping 2.5% compared to Saudi, at least 0.4%.
These figures are projected, along with stable economic growth, which has made Dubai the main objective to increase the number of attempts. If you are planning to form a business in Dubai, then you have made the right decision.
Such as business setup in Dubai give unlimited opportunities, including international exposure for your company to increase profit opportunities and increase brand value. Dubai is the place to start your business as the city has mastered the art of building and starting a business. It has become the foundation for small business owners, entrepreneurs, and SMEs.
Currently holds the rank-21 for ease of doing business. Big city Dubai provides many free trade zones to incite individuals motivated and encouraged to start a company in Dubai instead of sticking to their job 9-5. Free zones offer the best platform for established businesses and incentives such as 100% foreign company ownership, minimal taxation, and no restrictions on currency, presenting endless possibilities for anyone who wants to start a business in Dubai.
Why Should you Start a Business In Dubai?
Before we get into the nitty-gritty, Dubai has become the center of all the business stuff and has taken center stage in the ease of doing business simply because of the policies used in the free zone trade. His city has got more than 12 attractive Free Zone with dozens of investors and pushed them into starting a business in Dubai. It, in turn, has made the economic growth of Dubai is fast and stable.
Employers may choose the type of company formation in Dubai; can be offshore, land, or at one of the free zone. Business in Dubai free zone is often a preferred option.
How to Start a Business in Dubai?
Step 1 Decide The Type Of Business
The first thing you have to decide well before you jump into the world of business start-up is the first decision you will take as an entrepreneur: the type of business activities you will do. Because by then, you will decide which location is most appropriate for the activity you choose.
As some of the free zones do not allow companies related to health, media, or transport. Apart from these restrictions, sometimes it makes sense to establish a company with close peers. Another reason may be the transport link, in the case of import-export business, it is best to choose a free zone closer to shore to reduce transportation costs.
Department of Economic Development (DED) gives you a list of more than 2100 business activities to choose from. If you can still find a particular business activity among the activities listed, you can always contact the DED directly and put a formal request.
Do not panic if you still have not finished your company’s type of business activity will appear because the license Dubai Trade allows the movement of more than one business under one license.
But it would help if you tried to narrow down the possible business activities as it will help you make wise decisions and eliminate improper selection, thereby reducing the overall cost of business setup in Dubai.
Hiring a consulting firm can help you make this choice as this consultant will inform you about how much it costs to begin a business in Dubai? And what can be done to minimize costs?
Select a Trade Name For your Business
The selection of your company’s name is essential because it can not apply for a license or not start its business activities without the company name.
The naming convention in Dubai is very tight, restricting the use of abusive language. Similarly, the use of every political and religious group is also prohibited. To ensure you get the NOC to do business in Dubai. The company name must be following all required naming conventions.
The best practice is to hire a consultant company formation in Dubai; they will help you select the best business name that is catchy and attractive and following the naming conventions UAE.
Complete The Paper Work
You must have completed all the required documents before applying for a trading permit in the Free Zone.
Required forms include
- The name of the company and its activities
- A copy of the shareholders’ passport to the authority concerned.
Some of the Free Zone also require additional documentation when the formation of a company like NOC (No Objection Certificate) from your present place of work or sponsor.
As soon as you get the NOC, your business is ready for operation. In case of refusal to obtain NOC, no need to fret because the Dubai Free Zone allows entrepreneurs to do business despite these shortcomings. It is the most daunting task in establishing the company as a whole, but this task can be relatively pain-free with professional help.
Receive Your License
As soon as your documents are processed, the government will issue licenses for your company. Upon receiving, the company can begin operations.
Open a Bank Account
As soon as you receive your license and have a company name is approved, your business can now open bank accounts for your company’s needs. Dubai and the whole UAE is home to many high standard and quality banks such as HSBC, Citi Bank, Barclays, and Commercial Bank of Dubai. You can select these banks to meet your financial needs either by approaching them yourself or hire an expert company formation to come them on your behalf or ask them to arrange a meeting with them to choose the best option from them.
Process Your Visa
Last but not the final step in the process of company formation in Dubai is the visa application. Dubai and many of the Free Zone allow you to apply your own Visa and Visa for your servants, employees, and dependents. Some of the Free Zone to permit only a visa application per sponsor. So you can focus on Starting and developing your business.
Are you passionate about starting a business in Dubai? If yes, you need a business consultant who will facilitate and simplify company formation in Dubai. A skilled team of experts will guide you throughout the entire process.
In a nutshell, understanding the above-indicated points will help you take a firm stance while establishing a business of your dreams in Dubai. Taking the help of an experienced Business setup Consultant in Dubai, UAE will always help save a lot of time and effort in company formation in Dubai.