5 Simple Steps to Starting a Business
The first and most important stage in business setup in Dubai is selecting a commercial venture. To begin, you must determine the nature of your business. The nature of the business dictates the type of license and other government approvals necessary. Business, professional, or industrial licenses are available. The business’s location, whether in a Free Zone or on the mainland, is also determined by the nature of the firm.
Choose the company’s name.
When choosing a trading name for your firm, avoid using insulting or religious terms. It must be distinct and unambiguous.
Concluding the incorporation process
You must apply to the specified authorities together with the required documentation. On the mainland, DED is the regulatory body that issues company licenses. It would be best to get clearance from the Dubai Municipality and any other relevant external departments. Whereas in the case of a Free Zone, approvals are granted by the appropriate Free Zone authorities. Different Free Zones may have unique conditions that must be met before incorporation.
The following documents are necessary to establish a business:
Copies of the visa and passport, as well as a letter of authorization from the sponsor Copies of the tenancy contract.
Form for submitting a license application for a trading name
Departmental papers that have been approved
Establishing a Bank Account
Following the completion of the papers, you must create a bank account. The corporate bank account enables us to manage our money more efficiently. You may select from a variety of international and domestic banks in Dubai. Emirates NBD, Abu Dhabi Commercial Bank, Citibank, and HSBC are just a few banks operating here.
Visa processing is the final stage in establishing a business.
The final stage of business setup in Dubai is to process your, your employee’s, or your business partner’s visas. Visa processing may be summarized as follows:
Change of status of entry permit Medical fitness examination
Emirates identification card registration
Stamping of visas
The cost of registering a business includes the government’s mandatory contribution. It covers the initial permission, name approval, writing, and notarization of the memorandum of agreement, licensing fee, and office space rent.
After completing the five simple steps to company establishment outlined above, you may begin your firm. By following the procedures outlined above, anyone may establish a business in Dubai. However, it is recommended that you employ a company expert to assist you with the incorporation procedure.