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How To Setup Business in Dubai
Dubai is the best place to start a company. This statement could have been accurate at any point in the last decade, but the signs right now are auspicious. It seems like there is a new project being announced or delivered every week. The UAE’s growth projections indicate that this is a bandwagon worth joining. The IMF predicts that the UAE will lead the Arab Gulf’s economic growth in 2017, rising by 2.5%. This significantly more than the forecasted growth of 0.4% for Saudi Arabia.
Together with the impressive growth in the previous year, these numbers have helped attract an increasing number of companies. The good news for those interested in joining them is that Dubai company formation is relatively easy and quick with solid incentives, especially in the UAE’s free zone.
You have many options when it comes to what type of business you can establish in the UAE. However, free zones are very popular with foreign entrepreneurs. They offer 0% corporate and personal taxes, 100% company ownership and profits repatriation, zero currency restrictions, and 100% exemption from import and export taxes.
Are you being tempted? Are you tempted? How do you get there?
UAE Company Setup: A Step-by-Step Guide
Although the financial, administrative, and technical aspects of forming a company in Dubai may seem overwhelming, and it is possible to keep things simple by following these steps step-by-step guide is much easier and more affordable than you may think if you have the proper support. Many companies have been helped to establish themselves in free zones. We can help you break it down into six steps.
1. Choose a business activity
The nature of your business may impact which zones you are allowed or not to set up. Some free zones do not allow certain activities, like media or transport. It is often a good idea to establish nearby businesses within the same sector. Also, consider transport links. You will want to pick one of the free zones and close to an airport or port if your business depends heavily on import/export.
While the final decision is best made later in preparation, establishing your business activity can give you a head start and help eliminate potential pitfalls. It is possible to list multiple business activities under the same trade license.
2. Choose a company name
There are strict rules regarding naming conventions in the UAE. Name of the company makes sure your product conforms to the requirements. Words that contain offensive language, or representations that reference Allah, Him, or any other religious, sectarian, or political group, like the FBI and Mafia, are prohibited. Name your company after someone if you do so. They must be partners or owners of the company.
A business setup expert can help you understand the various naming conventions. It is possible to save time and energy by having your proposed name run through them. They can check whether it passes, and if not, they can help you find something.
3. Gather all Documents
An application will need to be completed for the chosen company name and activity.
All shareholders must submit their Passport copies to the appropriate government authorities. Additional documentation may be required for specific zones, such as a business plan and Non-Objection Certificate. This letter is from your sponsor confirming that you are permitted to open another business in the UAE. That is the most difficult of all the steps. Documentation doesn’t have to be difficult if you get expert guidance. Your partner in the business setup can help you with the paperwork and assist you with it.
4. Receive your license
After the government has processed your application, you will be issued your company’s certificate. MMC notifies our clients when documents are available for collection.
5. Apply for a bank account
After your paperwork is returned, you’ll have all the documentation required to open a corporate bank account. You can approach Many banks in the UAE, including Emirates NBD and Abu Dhabi Commercial Bank, and global names such as HSBC and Citibank. The bank you prefer or ask your partner in business to set up meetings with several institutions to help choose the best option.
6. Apply for a visa
The final step in Dubai company formation is now complete. Many free zones permit you to apply for your visa. You can also submit applications for family members and staff. The number of applicants you can offer will vary depending on the free zone you set up. If you’re looking for visas for your spouse, child, maid, or driver, you should seek professional advice. You can obtain permits in the free zone you choose, and that you and any person you wish to sponsor can meet all entry requirements. The process consists of four stages: visa stamping, status adjustment, entry permit, status adjustment and medical fitness tests.
That’s all! These six steps are all you need to do to start doing business in the UAE.
Contact a business setup Consultant to make it simple
Dubai has many advantages. The process of forming a company is easy due to the ease-of-use conditions in the free zones. However, it takes less than a week for the process to be completed with the proper support.
It’s not difficult to understand, but I have simplified it. Virtuzone is a partner in a business setup. Each step can present complications that could cause problems for inexperienced applicants. A little knowledge of the UAE can go a long way. We can help you navigate through each step and also liaise with UAE authorities to spot potential problems.
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Process of Business Setup in Dubai
Prepare all the documents
Get a business license
fee for the license
Register Your Business in Dubai
Business Setup in Dubai & Company Formation UAE
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