Steps To Follow For An Entrepreneur To Establish A Business In UAE
Are you tired of being an employee of a company and want to become the empire of your business? If yes, then UAE is one of the best places for setting up a business as it is one of the busiest tourist destinations in the world that has people from all corners of the world. Not only is it business-friendly, but also eco-friendly ensuring that you grow your business in a sustainable living and environment.
Amidst Covid-pandemic, the government has come up with several business-friendly initiatives to attract new entrepreneurs and investors to Dubai. That being said, to have a business setup in Dubai, you need to follow these steps below:
- Choose your business activity and nature
If your business depends on import and export, you will have to select an area in a free zone located near to an airport or seaport, why because some free zones in Dubai allow only certain types of activities such as media, transport, or medical business.
- Determine the type of jurisdiction
The Dubai business market is differentiated into 3 zones namely – Free Zone, Mainland, and Offshore. These zones are called jurisdictions and each zone has its own set of rules and regulations, that need to be strictly followed, which also varies depending on the business needs. Hence you need to select the one that meets your business activity requirements.
- Select a company name and get approval for its activity
To move on with the formalities of setting up a business in Dubai, you need to get clearance and approval from The Department of Economic Development (DED) for the trade name.
- Apply for a trade license and register your company
Once the company name and business activity are approved, you need to submit the relevant documents to apply for a trade license.
- Find a local sponsor or partner (optional)
If you are planning to start your business in Dubai mainland, you might need a local sponsor of UAE national, who shall hold 51% of shares in your company.
- Get your other approvals cleared
These include additional approvals that need to be cleared from government authorities, or non-government agencies, depending on your type of business.
- Select a rented office or opt for a shared workspace
If you are a startup, it would be ideal to go for shared workspaces in the initial years, and then shift to an individual building once things started falling in place.
To set up a business of your own in Dubai is a time-consuming process, which may take days and months to get things cleared. That’s why it is ideal to hire a consultant for business setup services in Dubai. If you are looking for the best business setup consultants in Dubai, then Global Links has a lot to offer as they are one of the experts, who can help you get your business formation done at a minimized cost.