Well, it is no secret that Dubai is a great place to start a business. And why so?
Because it is a global hotspot with a robust economy and attractive tax benefits. It very easily links Africa, Europe, and Asia to get around other places.
The government is all about making it easy for businesses to thrive here. Entrepreneurs who are planning to set up their business in Dubai have better opportunities than their competitors from other countries because there is no personal income tax that needs to be paid along with no corporate tax depending upon your business type.
For anyone aiming to launch a business in Dubai but finding yourself confused by all the information out there, this guide to business setup in Dubai will clear things up. Here are 8 steps that can help you to setup your business in Dubai with all the perks that this city offers for entrepreneurs.
Step 1: Choose an Industry
What should be the first step? Picking the right industry for your business to flourish. Since Dubai has a diverse economy, you can choose an industry for your business from so many options, like technology, real estate, tourism, finance, or wellness, being aware of your skills, passion, strength, and what is currently in demand. Suppose you are a tech enthusiast, then Dubai’s growing tech scene should be your aim.
Step 2: Choose a Location
Now, think exactly where you want to set up your shop. Dubai offers a couple of options, if you want to do business in Dubai or the UAE as a whole, then the mainland will be the best option. On the other hand, if you want full ownership and work in a tax haven, then you should focus on the free zones, keeping in mind the restrictive nature of the free zones. Your decision should reflect where your customers are and how much control you want in your business.
Step 3: Choose a Company Name
Here, you have to be a bit more creative because Dubai has certain rules of its own when it comes to the names of the companies, which we have to adhere to. And who wants to redo all the brainstorming to decide a new name for their business? The name you come up with should not be offensive at any cost, should reflect your business, and should be available for use, and all this needs to be done in compliance with the UAE naming guidelines.
Step 4: Complete the Paperwork
Now, let’s tackle the paperwork. You need to gather essential documents like passport copies, a solid business plan, and a No Objection Certificate (NOC) if you are already working in Dubai and planning a side venture. The requirements will change depending on your business type and location, but it’s essential to get everything in order to move forward smoothly.
Step 5: Apply for a License
You are almost there at the finish line! The next big thing in your way that will help you operate legally in Dubai is a business license. Your license depends upon your business type, whether it is commercial, industrial, or professional. The Department of Economic Development (DED) deals with mainland licenses on the other hand, free zone licenses are managed by respective authorities.
Step 6: Open a Bank Account
Got your license? You can now open a corporate bank account. Plenty of banking options are available to choose from in Dubai, both at the local as well as international levels.
Step 7: Get Your Visa
If you are moving to Dubai to manage your business or if you have decided to employ workers, you will require visas. As the owner of the company, you can apply for a UAE residency visa that will give you the chance to stay and work in the country. Additionally, you will be able to apply for visas for your employees, allowing them to come and work with you legally.
Step 8: Learning Business Practices in Dubai
One of the most overlooked but important aspects of conducting business is to respect the business customs of your host country to make a difference in building business connections. A strong understanding of business etiquette is required, from following a proper dress code to showing respect in business meetings. Be patient in conversations, hand out business cards to make a lasting impact, and always remember it takes a lot of time and effort to build connections in Dubai.
Here’s what we think.
The process of business setup in Dubai may seem challenging, but with this checklist you will be ready to excel in this fast-growing city. Every step, from obtaining the correct type of business license to applying for valid visas, is less complicated than it seems.
The good news is that you don’t have to do it alone. Quickplus is ready to help you at every stage, from filling out forms to getting licenses and opening bank accounts. So are you ready to step into the world of business with us? Let’s make it a reality!
