A Step-By-Step Guide To Start Business in Dubai
Written By Antima – 26th June’22
Dubai has emerged as one of the most well-known cities in the world and a vital financial and commercial hub for entrepreneurs and investors. The city has attracted many corporate sectors and global traders, as it offers many benefits to foreign investors. UAE administration has welcomed a wide variety of international corporate operations. Employing a business setup consultant will certainly help your new company formation in Dubai.
If you are looking for a successful business setup in Dubai, then this is the best time to invest in the Emirates as an expat. Starting a business in the UAE is pretty simple, especially if you intend to do it in Dubai. This is due to the government’s many flexible laws for establishing a business.
As local government is encouraging investments and startups in a variety of ways, this seems like an excellent time to jump on board. Because of UAE government policy, foreigners will find doing business in Dubai to be relatively simple. It is quick and easy to establish a business in Dubai, and the businesses are booming thanks to the government’s recent announcements for long-term visas, 100% ownership for foreigners, easy business laws, quick approvals and many more.
Here are over 2100 business activities supported by UAE corporate law. Investors are taking advantage of the emerging market’s growth potential by establishing businesses in the desired location. However, many aspects must be considered before a business setup in Dubai.
What are the advantages of Dubai for your business setup?
The top 3 advantages of establishing a business in Dubai are listed below.
1. Ease of doing business
Thanks to quickly advancing technology and a helpful government, starting a business in Dubai is simpler than ever. You can register your business in Dubai in a matter of taps and days. When you have a reputable business setup adviser at your side, the procedure of forming a company in Dubai is simple and involves little paperwork.
2. Low tax policies
One of the most appealing aspects of establishing a business in Dubai is the lack of taxation. Dubai provides complete tax exemption, including income, corporate, and personal taxes. However, some businesses maybe required to pay a 5% VAT on certain business activities.
3. Robust economy
The reason Dubai is the ideal location for starting a business is because of its robust economy. The city provides foreign firms with top-notch amenities, legal protection, and financial stability. It continues to amend the rules and regulations that govern how businesses are conducted in the city in order to ensure quality, advancements, and expanded business opportunities. And an expert business setup consultant can help you keep up with all the latest regulations.
What do you need to know about starting a business in Dubai?
The following steps are necessary to start a business in Dubai
1. Prepare the documentation
Documents required for mainland company setup
Documents required for a free zone company setup
2. Get a business license
A business license is a document that specifies what activities a company can engage in the United Arab Emirates. The Department of Economic Development (DED), Dubai issues each trade license.
The different license categories that can be obtained in Dubai are listed below-
- Professional License: This type of license is issued to individuals who provide specific services.
- Commercial or trade license: Any person who deals with commercial activities needs to obtain this license.
- Industrial license: Enterprises that work in the manufacturing and industrial sectors are required to have an industrial license.
Before applying for any of these trade licenses, make sure you have all of the necessary paperwork in order. Moreover, you get all the license approvals in 24 hours. Failure to do so may result in a delay in the issuance of your license.
3. Apply for the Visa
Visa is a major step when establishing a business in the country. For Dubai free zones, you are allowed a visa permit for three years (both for the employee and employer).
The steps are as follows:
- Entry Permit
- Status Adjustment
- Medical Fitness Assessment
- Registration of Emirates IDs and Visa Stamping
4. Open a corporate bank account in UAE
Having a business bank account in Dubai is essential for every business. In order to begin a business in the UAE, you must first open a bank account for better financial transactions for your business. To do this, you need to have some documents handy to start the process of account opening in the top banks of the country. Before you can start trading in the UAE, you’ll need a bank account.
The documents required to open a bank account are as follows:
- Copies of all shareholders’ passports.
- Comprehensive CVs.
- Address proof for all shareholders.
- Your business plan.
- Personal and corporate bank account statements from the previous six months.
- A list of at least five suppliers and five customers.
- A complete set of certified documents for forming a business.
- Incorporation certificate.
FREQUENTLY ASKED QUESTIONS
1. Can a foreigner start a business in Dubai?
100% foreign ownership in Mainland license has been implemented in UAE by government. Any foreigners can start business in Dubai. RadiantBiz needs passport size photograph and Passport copy as documents. Get your business registered in Dubai without any hassle.
2. How can you start a business in Dubai?
Here are the steps on how to start business in Dubai, UAE.
1. Choose your business activity
2. Choose the business license as per your business requirements. it could be freezone license, mainland license or offshore business license.
3. Paper Work – Get you passport ready (it should valid for 6 months). Choose your business name.
4. Submit your application to concerned authority.
5. Get your business license from authority.
6. Apply for residence visa. Business owners can apply for residency visa under the sponsorship of his/her registered business name.
7. Visit you favorite bank and open your business bank account in UAE. It takes around 3-4 weeks.
3. Is it possible to start a small business in Dubai for a reasonable price?
Cost to start business in Dubai will depends upon many factors like business activities, place of business, number of visas etc. But, we have developed a cost calculator for investors so that they can calculate the business setup cost in UAE.
4. Is Dubai a good place to start a business?
No doubt that Dubai is one of the best place to start business due to several reasons like – Low tax regime, high net worth market, developed infrastructure, Key player in middle-east and Profit Repatriation are the factors which makes Dubai, one of the best place for Business. Dubai is also known as heaven for business.
Let RadiantBiz assist you with starting a business in Dubai
Radiantbiz aims to keep your initial tasks to a minimum in order to create a stress-free business environment. Our business setup services in Dubai are well-executed under the supervision of our experts for mainland, offshore, and free zones.
Get your business started with the leading business setup consultant in Dubai. RadiantBiz assists you during every step of the setup process.
- Our PRO staff will help you with banking services and quickly set up an account for you. We know how valuable and time-consuming opening a corporate bank account in Dubai can be, as well as the risk of the bank refusing to open an account for you.
- We also assist you with all the paperwork, license approval, and visa requirements. We make it easy for you and get you streamline the whole process in just 24 hours.
The team will guide you right from deciding on a trading name to legally registering it, we can help you with all aspects of company formation, licensing, visa services, banking services, and location selection.Our team will take care of all of your permissions, paperwork, documents, licenses, and other procedures. Additionally, we offer all the resources you’ll require to receive your license approvals on schedule. While we help you set up your business in Dubai, you may sit back and relax.
Dubai is widely recognized as one of the most financially appealing locations in the world, with a well-developed and diverse economy, excellent infrastructure and transportation links, and a one-of-a-kind low tax regime. Businesses will have access to the same professional services, a strong banking system, transportation, and cutting-edge technology as any other international business hub.
When forming a company, however, it is easy to make a mistake, so it is advised to seek expert advice and guidance from a professional consultancy. Radiantbiz keeps your preliminary tasks to a bare minimum in order to help you experience a hassle-free business setup in Dubai.
Hope you enjoyed reading our blog. Read our blogs on how to start a business as an Indian expat in Dubai.