The United Arab Emirates, standing tall as the business hub of the Middle East, provides an enormous platform for budding entrepreneurs and business freaks to set up their own business. The nation has been speeding up in developing itself as an economic powerhouse. Be it an employee or an individual in family business, dreams to expand it on a larger platform, knowing the fact that it is not easy. Multiple business ideas are born every second, but few prevail due to the fire to chase it and turn them into a reality. To boost such business ideas, the UAE has manifested itself as a business platform at an international level to boost the nation as well as the world’s economy. Well, now you must be wondering how to start a business in Dubai? The answer to your query lies in this article, where we will explore company formation and setup processes, and activities which will guide you towards establishing your own business in the city of gold.
Business Setup in UAE
UAE is a collaboration of 7 emirates namely Abu Dhabi, Ajman, Dubai, Sharjah, Fujairah, Ras-Al-Khaimah, Umm-Al-Quwain. These emirates have got their own business zones and also embraces free zones that stand as the center of attractions to foreign investors. Before setting up a business in UAE one needs to be clear regarding the free zone and the mainland, obtain a trade license based on the business establishment, and initiate the process of holding a corporate bank account and visa processes.
Let's have a look at the company setup process in Dubai, and the different business entities that can be incorporated here.
Setting Up a Business in Dubai
Starting a business in Dubai and building your own business empire is encompasses multiple stages of corporate formalities and business conventions. The Emirates provides a platform for different types of business entities to shape themselves. Multiple free zones have been a major attraction to foreign investors. Let’s have a glance at the different types of business entities that can be incorporated in Dubai along with the types of licenses issued.
- Sole Proprietorship
- General Partnership
- Limited Liability Company (LLC)
- Joint Venture Company
- Public Shareholding Company
- Private Shareholding Company
- Professional Company
The different types of trade licenses available for the incorporation of business in UAE are:
This license is meant for companies that are involved in different trading activities.
Such a license is issued to companies involved in setting up a manufacturing or an industrial activity.
A professional license is meant for professionals who have the urge to work and deliver their service to the nation.
Company formation in Dubai normally involves a time duration of 4-5 days, but it also depends on different factors in achieving the certificate required for company incorporation.
Benefits of Setting up a Company in Dubai
As we have seen how the UAE has been moving towards being a pioneer for business platforms, let's understand certain benefits that it offers:
- 100% capital and profits can be repatriated by the foreign investors
- Exemption of individual and corporate taxes
- Experience the well-built infrastructure and network connectivity
- High-quality labor is easily available at an affordable cost
- One of the best platform for businesses to enter the international market
Now, let's quickly understand the registration process, so that you can initiate the process and avail the benefits mentioned above.
Dubai Company Registration Process
The registration process of a company in Dubai involves the following:
- You need to submit the company name and registration application to the Department of Economic Development (DED)
- Next, you need to get your Memorandum of Articles (MOA) notarized in the DED
- Obtain a trade license from the Chamber of Commerce and Industry
- Get the establishment card from the Ministry by submitting the application
- The final step is to get the workers registered with the Ministry of Labor and General Authority of Pension and Social Service
Thus, you can see that business setup in Dubai can turn out to be a complex process when you reside in a foreign nation. It involves a lot of complex processes and regulations that are to abide by according to the company laws in UAE. Now, to simplify this complex task for you, we have just the solution.
JAXA has been one of the best business setup consultants in Dubai. Since its inception, it has helped many business entities regarding their incorporation and formation. It has been helping the business firm in establishing and delivering multiple services that include core departments like accounting, taxation, tax services etc. Our company formation services include:
- Complete registration process depending upon the nature and size of business entity
- Obtaining a business license depending upon the business activities to be carried out
- Registration of share capital and opening a corporate bank account
- Dealing with the legal proceedings associated with business incorporation
- Visa related services for new and current employees
Commitbiz, our consulting division in Dubai, can guide you through the entire process of the business setup in Dubai, help in simplifying the company formation process, and also sort the legal proceedings. To take your first step in building your business foundation in Dubai, do contact us. Once you are done with the registration process, your business entity gets a green go!