Want to set up business in the hub region of the Middle East and North Africa. Dubai, the city of well-known trades helps in boosting the business and helps them in succeeding. If you are looking for a business setup in UAE, luckily the steps are very simple. And the reality is the GDP of Dubai is increasing year by year which is also one of the reasons new entrepreneurs want to set up their companies in UAE.
Where To Setting Up A New Business?
The first question that arises in your mind will be which area to select for setting up the company. Free zone or offshore, both have their own advantages.
The Free zone was introduced by the government of Dubai to give rise to the interest of people over the world in setting up a business in UAE. This is considered to be the economic area for business owners with 0% taxation sake.
One thing to remember here is that if you want to set up your company in any of the free zones then you will not be able to trade with the local market of Dubai.
Offshore companies also have the same benefits as free zones. These companies can make trade outside UAE but not inside. It will strict the ownership of your company to 49%.
Setting Up A New Business Steps:
Find Business Type:
The first step to setting up a business is getting a license and regulating the nature of your business. There is a list of the type of businesses which is available on the DED website.
Decide The Area:
Decide and discover the area you want to set up the business either free zone area or offshore. Starting a business in Dubai free zone will increase the chances of growth. Also, there are a total 30 number of free zones in Dubai you can decide the area according to the type of your company.
Choose Company Name:
Choosing the name of your company, you must go through the UAE conventions of strict naming. You can choose and decide the name according to the convention.
Apply For Approval:
After completing the above steps, you must set the seal on from the UAE Government. If they verify the documents and allow you to set up the company in UAE, you are good to go with further steps
Open A Corporate Bank Account:
After the verification of the government, you must open an account in any bank in UAE. This will ease the transaction process.
Set Up Location:
You must have the physical pace of office in UAE. There are wide ranges of places available for offices. So you need not worry about this.
Apply For Final Approval:
After completing the above steps, you shall go for final approval from Dubai’s government for licensing of your business. Things required in this process are:
- First Approval Receipt by The Government
- Lease Contract.
- Attested Service Agent Contract.
These are the steps you need to go through if you want to set up a company in UAE. Entrepreneurs will need a minimum investment to start business in Dubai, as it is the most developed country in the Middle East which also ensures the growth of your business. It looks like a long process but it will only take a few weeks and then you are all ready to start your business in the pivot region. Also, Dubai Company setup packages are very less in number but the profit you will make will be on the top. Reach2World is your go-to choice when you are looking for business setup consultants in Abu Dhabi.