Due to the primary commercial businesses and an environment that is not overly restrictive, Dubai has gained a prominent commercial city in the UAE. Setup your business in Dubai offers the most favourable operational conditions, including tax exemptions, asset protection, complete secrecy, and limited responsibility.
The Advantages of Starting a Business in Dubai
- Excellent development prospects (imports have more than doubled since 1990) and innovative liberalization strategies
- A thriving market in one of the world’s wealthiest locations, with a diverse range of products and prospects for dealers.
- There are no trade restrictions, levies, or currency regulations (open market)
- Accessibility by air or water is excellent (around 90 airlines and 170 shipping lines)
- More than 30 free zones exist, each offering 100 percent foreign ownership, freedom from corporate and personal income taxes, and total capital and profit repatriation.
The Steps to Starting a Business in Dubai
There is a need for a local sponsor. A local sponsor is a UAE person (or a firm controlled entirely by UAE citizens) who operates as a service consultant to Setup your business in Dubai, as well as a sleeping partner for your company. A comprehensive agreement must be written outlining the sponsor’s responsibilities to the business and the annual fee. To carry out your commercial activities, you’ll need a certificate of no objection from the local sponsor.
- Make a Memorandum of Agreement (MOA) for your company. It is a document that lays out the primary conditions under which a business must function.
- Notarize the Memorandum of Agreement (MOA) at the Department of Economic Development (DED) in Dubai to obtain preliminary clearance for the company. It is preferable to do so through a lawyer or a business strategist.
- Decide on a company name and register it with the DED. The title should be one-of-a-kind and appropriate. If a corporation with a similar name already exists, the DED can reject or change the name.
- Create a company office space; this is a requirement for acquiring a business licence. The lease or office property contract provides evidence of a registered office’s address. In the case of an offshore business, the registered agent’s address (chosen by the company from a list of authorized agents registered in the UAE) can be used as the company’s official address.
- Request a business licence from the DED, which will be issued once more. Depending on the type of business activity your organization engages in, a commercial licence can be one of the following.
For manufacturing activity, you’ll need an industrial licence.
A professional licence is required for service businesses like legal firms, educational institutions, or artisans.
For any form of economic activity, a commercial licence is required.
Send the relevant documentation to the DED and the Commercial Registry Department, as well as the licence fee, depending on the nature and location of your business.
Business Link UAE experts are well-versed in the time-consuming process and paperwork required to accomplish a business setup effectively. Our ties to regulatory organizations give businesses a leg up on the competition when operating and prospering in the UAE.