Investing in Dubai’s expanding economy has the potential to provide massive returns. Furthermore, it has become more cost-effective and hassle-free to open a company in Dubai, thanks to the UAE’s supporting government that continues to implement business-friendly policies.
You must follow the appropriate steps to start a business in the UAE, which Shuraa’s business consultants can assist you with. Your relationship with a Dubai business setup organization is advantageous because you won’t have to worry about the laws of company creation if you work with company formation experts like Shuraa.
What are the Steps to Establish a Company in Dubai?
Free zone ventures have to approach the respective jurisdiction for licensing procedures while mainland companies should connect with the DED for the same. All the business investors and budding entrepreneurs need to follow the steps discussed below to open a company in Dubai:
-
Decide the Legal Structure
It’s important to be aware of the various permissible legal structures in the UAE to plan your business model and investment plans. Remember that there’s no limit on the maximum number of visas and business partners when you open a company in the mainland region.
The various legal structures include opening an LLC company in Dubai, a joint venture, e-biz, civil company, branch of a Dubai/GGC foreign-based company, public and private shareholding company, and many more.
-
Finalize the Operational Activities
The second stage in forming a company in Dubai is to complete the list of all the business activities you intend to conduct in the UAE. It’s critical to cover all the activities since you won’t be allowed to do anything else unless the government has approved it.
Once you’ve completed the list, you can send it to the DED for review. Keep in mind that you can request external permissions to get more privileges to carry out all the desired business activities in the UAE.
-
Select a Business Name
To experience risk-free commercial operations in the UAE, all organizations must register a valid business name for their endeavors. The trade name you pick should reflect your daily business operations and not be a gimmick used by another organization.
Furthermore, disparaging language or statements containing any reference to a God should be avoided. You can make a list of three to four desirable trading names and submit it to the appropriate department for approval. Note that an additional fee is applicable in case you wish to use a foreign trading name.
-
Choose a Location
Business investors should contact a Dubai-based business setup company to learn about the advantages and disadvantages of each business location. You’ll also need a thorough understanding of how each UAE jurisdiction operates in order to choose which one best suits your business needs.
You can start your firm in the business zone of your preference once you have enough details about Dubai’s legal structure. Shuraa’s legal advisors make this selection easy for you by giving you an in-depth overview of all the business zones in the United Arab Emirates.
-
Request for a Trading License
Once you’ve completed all the above procedures, you can request for a trading license. To obtain the license in a reasonable timeframe, it is necessary to submit all required documents, present accurate information, and make timely payments.
You must also renew your business license every year to verify that you are not in violation of any existing business laws. To get your license renewed, all you have to do is submit the BR/1 form together with the necessary papers and pay the designated fee.
-
Open a Bank Account and Manage Visas
The best aspect about forming a company in Dubai is how simple it is to obtain a visa. It’s a well-defined four-step process that allows you to obtain visas for yourself, your dependents, and domestic helpers. You can apply for the desired number of visas (no upper limit) when you have a mainland formation.
However, you must get in touch with the concerned free zone department to know about the maximum visa applications you can submit for your free zone formation. Investors should also open a business bank account with any local or foreign bank to handle all of your company’s monetary operations. Shuraa’s business consultants choose the optimum banks for your business model after learning about your investment strategy, and other factors.
What are the Benefits of Incorporating a Company in Dubai?
You can enjoy a plethora of benefits by setting up your dream venture in the UAE. Here are a few such benefits:
- 100% Foreign Ownership: entrepreneurs with professional licenses profit from 100% foreign ownership. Thanks to recent amendments, expatriates can now own 100% of their firms on the mainland and in free economic zones. You’ll need to engage with a trustworthy LSA (local service agent) who can assist you with paperwork and other formalities.
- Diversified Business Opportunities: businesses of all sizes and professions thrive because of the supportive government laws and contemporary business infrastructure In the Emirates. You can choose from a wide range of permitted business activities and apply for the preferred business license.
- Moderate Tax Reforms: when you start a business in Dubai, you won’t have to pay any corporate taxes or additional. The best part is that the VAT rate is also set at 5% (among the world’s lowest). You can also repatriate 100% of your earnings and capital gains without worrying about any currency restrictions.
Read Also: What is RAK Free Zone License Cost?
Which Documents do you need to Submit to Open a Company in the UAE?
The UAE’s government has a robust documentation regulation in place to protect expatriates and new-age investors from business dangers. Hence, you’ll need the following paperwork to open a company in Dubai:
- Payment receipt of trademark reservation
- List of business activities
- Passport copy of the shareholders
- Entry stamp or visa page
- Passport size photo in accordance with the guidelines (size, background color, etc.)
- Initial approval receipt and paperwork submitted during the initial stages
- Copy of the rental agreement signed by the Real Estate Regulatory Agency (RERA) in Dubai
- Duly attested Memorandum of Association (MoA) for all types of companies
- Approvals from other concerned government authorities
Open Your Company in Dubai Today!
The UAE’s vast commercial business opportunities make it a no-brainer for entrepreneurs to establish their businesses here. To open a company in Dubai, contact the business consultants at Shuraa. We do everything for you so you can take care of other aspects of your business’s growth.
To learn more about forming a company in the UAE, book a free appointment with our business professionals or contact +971 44081900. You can also reach out to us via WhatsApp at +971 50 777 5554. For email assistance, mail your query at info@shuraa.com.
