Business Setup in Dubai — Important Guide For Foreign Entrepreneurs

Dubai holds a dynamic and diverse economy. It is a mainland to start a new business for the entrepreneurs from every corner of the world. The city aims to be at the forefront of technology and innovation.

With the increasing number of business people & entrepreneurs, Dubai provides low-cost tax facilities. Dubai is considered as the perfect place for entrepreneurs as it offers an advanced environment with a modern infrastructure and dynamic business culture.

This article gives you a guide on how to set up your business in Dubai for foreigners who are planning to open their own business in Dubai.

Starting a Business in Dubai for Foreigners

As a foreign business person, you should observe norms, rules and regulations as there exists different formations in business types . Understanding the formation of business makes it easy for you to set up.

That’s why we suggest you subscribe to a business setup service in Dubai. They will guide you each step with proper advice & technical support.

This area will cover the significant & informative steps to start your business!

Select The Economic Zone

In Dubai, before selecting your business types, you have to select which is the right jurisdiction for your business.

The UAE market has 3 different economic zones-

1. Mainland: In this zone, you are allowed to trade your business both inside and outside of the UAE market. Also, mainland companies can take on government projects easily, which is extremely profitable. 3 types of mainland companies — LLC, Professional Firms & Branch offline for foreign companies. You will get an unlimited number of visas also.
2. Freezone: In freezone, you will get 100% ownership of the company. It is introduced for the foreign business setup with 0% taxation benefits. But the limitation is you are not allowed to trade your business outside of the UAE market.
3. Offshore: Offshore company formation is like, you will get to register your company in Dubai & conduct the business outside the jurisdiction. You can set multiple currencies.

Select the Business Name According to the Law

You have to follow certain rules & regulations regarding selecting the name for the business.

• You can’t select any religious name.
• Restricted to use name that reflects any political name
• If the business name refers to a person, he/she needs to be a partner of that business.
• Choose name that does not violate any public moral
• Choose the name that justifies the legal form of the company

Obtain Trade License

After selecting the business name, you need to finish some paperwork like- submit passport copy to the government authority, giving your business plan, NOC (Non-objection certificates)

Then the most important step is to get a trade license from DED (Department of Economic Development) . You have to apply to get the business/trade license. Three types of trade licenses in Dubai & UAE, you may apply for-

• Commercial license- it covers the business like- real state, import & export, sales & logistic.
• Industrial license is needed to business regarding manufacturing products both for automatic & manual
• Professional license is for the specific service provider like- medical service, delivery service.

Open Corporate Bank Account

Next step is to create a corporate bank account to track your capital, revenue & expenses. Before setting up an account make sure all the business documents & license is accurate. You may choose from the following:

• Standard Chartered Bank
• Emirates NBD
• Commercial Bank of Dubai
• First Gulf Bank

Application To Apply For Visa

The final step to start your business is to apply for the visa processing. You have to process your visa according to the economic zone you have selected. Business visa is important for an outsider who wants to start a business in Dubai. Documents need for applying visa application-

• Copies of the first & last pages of passport
• Coloured photo
• Financial reports of business
• NOC for ladies & students

The benefits are-

• Smoothly run your business
• 6-months duration of stay to set-up your business
• Any 3 senior member can get 3 residency

There are a few steps to get your Dubai business visa. The government & business service providers make it easy for the business person to get the visa process done easily.Make sure to connect with any visa service in Dubai to get the visa without any technical problem.

Dubai is referred to as a business-friendly environment for international brands. Dubai has emerged as a hub for multinationals and home-grown businesses, due to its strategic location.

It is also one of the most globally connected cities in the world and offers easy access to regional and global markets with investment incentives on offer for foreign investors. Dubai is an amazing place for any entrepreneur, especially if you want your business to be surrounded by some of the most modern technologies and newest innovations in the world of work and business management.

I hope this article will guide you to understand the major steps to start your very own business.