If you are worried about starting a business in dubai, Dubai is a better opportunity. Dubai is considered a King in the Middle East and North African business world because it provides very wealthy opportunities and perks to businessmen who want to succeed in the business era.
According to the 2022 report, it was noticed that the GPD growth of Dubai was 7.6%. As of 2023, the actual GDP growth is 3%. However, Dubai is recommended as a lower-risk country for businesses. It is ranked 10th out of 152 countries in the Global Data Country Risk Index. Because Dubai offers a highly sustainable and stable spectrum of environment for business starters. So, the process of starting a business in Dubai is reasonable and convenient.
Dubai, a plae for business Dreamers
Process of Starting A Business in Dubai
Starting a business in Dubai is so simple and convenient. But there are some steps, that a person must follow. These are essential instructions that every single person must know before stepping into the world of business in Dubai.
You must ensure consistency in your decisions. It does not matter whether you are pursuing your steps on your own or through any business experts for your setup. Here is the complete roadmap for the process of starting a business in Dubai.
1. Selection of an industry
UAE’s industries offer many facilities and opportunities for innovation. Many locations in Dubai only allow some specific business kinds of stuff. So, before starting any business in Dubai, You must get to know the rules and regulations of that specific place!
For instance, some free zone locations permit activities like media or technology. Let’s take the example of the Dubai International Financial Center (DIFC). This location is where globally renowned financial companies like Credit Suisse AG, Morgan Stanley, etc have premium offices. Many business sectors have flourished since 2022. These innovative businesses not only facilitate their economy but also lavish the economy of Dubai.
2. Select the Appropriate Legislation for Dubai Company Establishment
After selecting your desired industry, now you have to opt between three essential legislations to set up a business in Dubai.
- Mainland
- Free zones
- Offshore
Mainland companies register themselves directly with the Emirates Economic Development Authority. Some designated authorities control the free zone companies. They provide only limited and specific opportunities. As Offshore suggests from its name, they don’t have any financial and economic businesses inside Dubai.
It depends on you, which type of jurisdiction you choose. If we talk about free zones, they provide particular and premium facilities to companies. For instance, the Jebel Ali Free Zone provides premium perks like tax benefits and infrastructure for importing goods.
But if you have to desire to start a business across the UAE, the Mainland is the best opportunity to avail yourself.
3. Choose your company name
Dubai announces the strict policies and rules on setting the names of your companies. So, you must be careful before committing to the company name. Whether it is according to Dubai’s policies or not?
Don’t use such names that include offensive terms. For example, it may be regarding any political or controversial party. For instance, if you commit a company name on the person’s name, he must be a partner, and his details must be mentioned. You must avoid using the starting letters of names or any abbreviations. Use a complete and proper name format.
4. Submission of official Document for Registration of Business
Firstly, you are required to contact the Department of Economic Development for registration of your business plans and trade activities. Then, defer your documents. For the process of documentation, it may takes time in weeks or months, but you have to tackle all these sytems accordingly. A better option is to take assistance form any professional or experts team to consume team, and money.
5. Issuance of a License
After the complete process of your application, the Government will announce your Company’s license. Once your application has been processed, the government will issue you with your company license. Besides location availability, you will only need a few official documents like a complete application form, passport copies, and some others. Some free zone jurisdiction needs your business plan. All these are the essential things you need.
6. Registration in a bank account
After the whole process of paperwork, you only need to open a bank account. There are many local or global corporate banks. There are some following:
- Abu Dhabi Commercial Bank
- Commercial Bank of Dubai
- Noor Bank
- Emirates Islamic Bank
- Ajman Bank
Above are all the local banks. Here are some international banks like HSBC, Citibank, and Barclays. It’s all up to your requirements which type of bank you opt for! It is essential to open a bank account before starting a business in Dubai.
7. Process of opening Business Bank Account
The process of opening a bank account takes almost two to four weeks in Dubai. takes between two to four weeks to open a bank account in the UAE. The bank needs your basic personal information such as:
- Your business setup location
- Your preferred currency
- Total amounts in your bank or cash
- Sales and Revenue levels
- Your targeted suppliers and consumer
You can get access to the bank of your demand, as the government issues your official documentation.
8. Apply for a visa
You can apply for Visas, even your stakeholders or employees. It all depends on which type of jurisdiction you opt for! Investor visas are eligible for every company nature. But for issuance of employee visas, it is required to get registered firstly from the Labour Department. There are four easy steps to apply for Visas:
- Permission letter for entry
- Status Compensation
- Medical Test
- Emirates ID registration and stamping on Visa
Wrapping Up! Are You Excited to Start a Business in Dubai
Even it seems that the registration process is too long to start a business in Dubai. But all these steps are straightforward and convenient to get rid of later on problems and difficulties.
As Dubai is a super challenging country for businessmen because the Government of Dubai provides many incentives, and perks to a business dreamer. Might Dubai have its limited social norms, but management and hospitality towards new entrepreneurs amaze every business dreamer’s passion. In the end, a common saying “ You can make the impossible possible” in the city of the unparalleled world of UAE.
