Many entrepreneurs from around the world opt to do business in Dubai/UAE for various reasons. The primary source of interest is the United ArabEmirates’ attractive tax policy, which levies a 0% tax rate on personal and corporate income. The UAE’s strategic location in the Middle East also makes it an attractive hub for international trade.
There are various choices for starting a small business in Dubai. A lot of workouts are required while starting a small business. However, before starting up a business in Dubai, there are a few important considerations to ponder.
Many entrepreneurs worldwide opt to do business in Dubai/UAE for various reasons. The primary source of interest is the United Arab Emirates’ attractive tax policy, which levies a 0% tax rate on personal and corporate income. The UAE’s strategic location in the Middle East also makes it an attractive hub for international trade.
1. Decide on business activity – In Dubai, various economic sectors are growing. The resolve to diversify beyond the oil economy implies that any new enterprise that helps achieve that goal will be welcomed.
However, Dubai’s business landscape structure may influence your choice of business activity. Many free zones specialize in specific industries, such as media or healthcare, but mainland businesses can engage in broader activities.
The type of activity – and thus the license required – will influence the cost of starting a firm. You can, however, register several activities under one account.
2.Register your company name – While picking a company name can be enjoyable, keep in mind that the UAE follows some rigorous naming regulations. Make sure you understand what they are and choose a name that fits.
Checking your proposed name with a business setup consultant, who can tell you if it complies before registering it, can save you a lot of time and work. You should be aware of the following naming conventions.
Any corporate names that use objectionable language and any names that refer to Allah or any other religious, sectarian, or political groups are prohibited. If you name your company after someone, they must be partners or employees.
3.Finish your paperwork for incorporation – When you arrive to register your company in the UAE, you must fill out an application that includes the firm name and activity and copies of shareholders’ passports.
There are specific capital requirements for mainland companies, which must be identified in their Memorandum of Association. Some free zones will require additional documentation, such as a business plan or, if you already have a local sponsor, a Non-Objection Certificate (NOC) confirming your permission to open a second business in the UAE.
4.Establish a business bank account – Before starting trading in Dubai or UAE, you’ll need a bank account. Emirates NBD, Noor Bank, Emirates Islamic, Mashreq, RAKBANK, and Ajman Bank are many institutions to choose from. Your specific needs will determine the best option for you.
In Dubai, opening a bank account typically takes two to four weeks. The bank will want to hear about your key business areas, expected currency and total deposit volumes, revenue levels, and leading clients and suppliers. Once the government has returned your documents, you will have all the documentation you require to approach the bank.
5.Make your visa arrangements –The final stage in starting a business is to get visas for yourself, your employees, and their dependents.
A mainland corporation can apply for an unlimited number of visas, however free zone companies are subject to certain restrictions that differ per free zone.
How to get your own visa?
If you need visas for a spouse, kid, or domestic assistance, such as a maid or driver, you should seek professional counsel to ensure that this is possible in your desired destination. A business setup consultants expert will also ensure that all of your applicants meet the admission requirements. Entry permit, status adjustment, medical fitness test, and lastly Emirates ID registration and visa stamping are the four easy parts of the application process.
Prepared to conduct business – You will be ready to trade once you have finished these five steps. Setting up a business in the UAE is relatively simple compared to other world areas, with the country ranking 25th in the current World Bank Ease of Doing Business rankings. If you are looking for business setup consultants in Dubai, Acsel is the right choice. And with the help of qualified business setup services, you may take advantage of the booming Dubai economy.