Undoubtedly, a successful business setup in Dubai is nothing less than achieving a victory like no other. It is, indeed an amazing platform for a number of companies to establish and earn an international recognition and achieve a long term business growth.
Dubai is the home to spectacular infrastructure, a beneficial strategic location, easily accessible markets and an uninterrupted connectivity. All these amazing perks makes Dubai an ideal location to fulfil your dream of setting up a thriving business!
Why chase your vision of a victorious Business Setup in Dubai?
Apart from the amazing environment for corporate setups to prosper, there are three essential perks of setting up a business in this great city of opportunities. They include the following:
- All the taxes like corporate, withholding, VAT, import-export along with capital gains do not apply to the companies in Dubai
- The UAE has also signed up for more than 66 international double tax treaties with countries like China, the USA and also the members of the EU
- There are no exchange controls so the foreigners can get local money very quickly and easily
Perks of setting up a business in Dubai
Dubai is one of the most popular emirate of the UAE. Moreover, it is also referred to as an unmatched “global business hub”. In addition to that, the local government in Dubai has ensured that people from various backgrounds can find growth opportunities according to their potential. Thus, there is definitely something for everyone.
Furthermore, there are some other standardized advantages of a business setup in Dubai, which are listed below:
- Recruitment of expatriate workers
- No taxation
- More than 20 free zones
- Unparalleled technological progress
- Geographically beneficial location
- Spectacular infrastructure
- Comfortable and high quality of life
- Easy visa access
- Government support
Are you a budding entrepreneur? Well, you have just come to the right place to explore your business horizons. Expand them here in Dubai, where there is no end to the opportunities you can explore and achieve a victory to your long term vision.
How to set up a business in Dubai?
UAE has successfully emerged as the hub of global investment and tourism over the past few years. Therefore, all the progressive business owners prefer to have a business setup in Dubai.
For this reason, it is essential for all kinds of entrepreneurs to be familiar with the process of setting up a business in this amazing city. It has all kinds of legal requirements that you must comply with in order to ensure a smooth business set up process. A single error could not only ultimately result in a major financial loss but it can be a nightmare that is absolutely unimaginable.
Thus, first things first. For a growth-friendly business setup in Dubai, you need to have a trade license from the DED (Department of Economic Development). This ultimately approves your business identity and all its relevant activities.
The four most important licenses in Dubai include the following:
- Commercial License
- Industrial License
- Professional License
- Tourism License
Consequently, any one of the above allows you to commence your corporate activities in Dubai.
Furthermore, in this blog we take a deeper look into how to achieve your “vision” of setting up a flourishing business in this vibrant city of endless opportunities. The step-wise approach to a successful business setup in Dubai is as follows:
- Find your business activity
First and foremost: determine the nature of your business activity. This is the most crucial. It doesn’t matter if it’s a small business or a large scale venture. You just need to know what category your venture falls into among the following: industrial, commercial, professional or tourism etc.
Moreover, you can access the DED website to know further about how to categorize your business to ensure better growth opportunities for your venture.
- Decide on a free zone
Secondly, you should know that there are over 30 free-zones in Dubai. Make sure to choose a free zone that best suits your corporate and entrepreneurial activities. Generally, it is recommended to opt for a zone that is closer in proximity to other businesses in the same sector.
This ultimately lets you explore better growth opportunities.
- Choose a company name
Third, you have to opt for a company name. It should be noted that, it is essential to comply with the UAE’s nomenclature regulations to avoid any hiccups in the long run. The company name must be free from any religious or political biases or offensive language. Moreover, there is a strict law about not using any kind of initials or abbreviations in naming a business setup in Dubai.
For this reason, it is recommended to consult an expert to avoid these hiccups. These nomenclature experts and consultants help you follow the business conventions and find a suitably appropriate company name that is approved.
- Apply for initial approval
Now, you need to get in touch with the DED for the initial approval. If they have no objections then you can apply for an online business license. Moreover, you will need the following documents for this process:
- Business registration and licensing form
- Copy of your passport or ID card
- Visa or residence permit’s copy
- Company’s articles of association
- Project’s feasibility study
- Open a corporate bank account
Completed all the necessary documents? Time to open a business bank account! You can choose for a local or international bank in Dubai. It has innumerable options. Some of the leading names include HSBC, Citibank, Barclays Abu Dhabi Commercial Bank, Commercial Bank of Dubai etc.
- Set up your office location
Finally, it is mandatory for your business setup in Dubai to have a physical presence. Generally, people prefer to set up businesses in the free zone as you find office space without any hassle.
- Apply for final approval
Last but not least, now that you have completed all the necessary documents and the associated legalities, it is time to apply for the final approval of getting your “Victory to your Vision”. You have to apply for the final approval. For that, you need to take care of the following:
- Initial approval receipt and all the previously-submitted documents
- The lease contract provided by the Real Estate Regulatory Agency (RERA)
- Duly attested service agent contract (for civil establishments and companies that are 100% owned by non-GCC nationals), the UAE involving a local service agent
- Approval from other government entities concerned
Finally, you’ll need to pay for the license through various approved payment channels – and your business is ready to run.
Get in touch with GCC Solutions today and take another step that takes your closer to your “Victorious Vision”. We’re here to assist you every step of the way. Our professional consultants of business setup in Dubai are eagerly waiting to hear from you. Reach out to us today!
Related Resource: Dubai LLC Company Registration