As we all know that the whole world is facing pandemic condition since 2019. Dubai is still offering licenses for the new business setups in Dubai. Sixty-nine percent of new businesses developed in this year in Dubai. Dubai is the hub of business. The flourishment of businesses is guaranteed over here. The choice to start a business in Dubai is right because it is one of the world’s best markets these days. The economy of Dubai is diverse. It has a place for entrepreneurs to attach to technology, trade, hospitality, or the healthcare industry. Therefore, a few things need to understand before starting a business in Dubai:
- The benefits of establishing businesses in the UAE
- The steps to start a business
- What documents are necessary to start a business
- Total expense on business
Benefits of Establishing businesses in the UAE
Here are the following advantages to establishing a company in UAE.
The process of forming a business in Dubai is straightforward and fast. It took 1 hour and 30 minutes to register the company with Economic Development Department. Usually, the process prolongs 4 to 5 official days due to various issues, including the government certification.
The economy of Dubai allows the new business setups to start a business with the lowest investment, around 2000 DED.
Once the company has been established, they are not obliged to pay any extra tax.
The best benefit of business in Dubai. It offers 100 percent ownership. Typically, foreign investment regulations offer 49 percent ownership, and local partner offers 51 percent ownership.
Steps to Start a Business
If any businessman follows the following steps, then the company’s formation would not be a difficult task for an entrepreneur.
Select the type of business; To obtain a license. Firstly, the entrepreneur needs to know which type of business he wants to establish. Dubai offers 2000 plus bussineses options in commercial, professional, industrial, and tourism categories.
Choice the title of the company; This is a critical step. The name of the firm reflects the essence of the business. The title should not have such language which harms anyone and any religion.
Decide the economic zone; The UAE mainly works in three jurisdictions. Mainland, freezone and offshore. Each zone has its laws and regulations. Choose the jurisdiction according to the needs and nature of your business.
Structure; any business cannot run in Dubai without a proper structure. It gives an adequate framework to the organization how they can organize their resources and assets. It also tells how a company deals with earnings and losses.
Submission of documents to DED; license issued to any company after the formation. Licensed has several steps for approval. First, obtaining all the necessary permissions is a must—the Department of Economic Development approves all the documents related to business formation. The nature of the form depends on the type and activity of the firm.
Process of visa; the last thing that comes in the process is. If you and your employees are not a citizen of Dubai. Then you can apply for the visa of your employees and their families. The method of applying visa consists of 4 stages
• Take the entry permit
• Showing the status
• Medical report
• Getting any air ID and a visa stamp on it
What Documents Are Essential To Start A Business
No matter what method you are using to submit the documents to DED. Either you are choosing a business formation agent or applying directly. Several documents are required for approval.
• Investor’s passport copy
• Local sponsored passport copy (it’s optional)
• No objection certification
• Copy of any airline ID of shareholders
• Application document of registration from DED
• An attested document of association from governement
Get in touch with any company formation consultant if you find any difficulty or delay in the process. They will help you solve the issue, and the process will speed up with their help.
Total Cost Required In Starting A Business
The last but crucial step is how much a business setup license costs an entrepreneur? It is not much expensive as an entrepreneur thinks.
The expenditure depends upon the type of industry and which services they offer. Generally, the cost of registration lies between AED 12,000 to 30,000. The cost of investor employees visa depends on the type of employees you hire. The cost of an investor visa varies between AED 4,000 to 5,000 per investor and an employee’s visa 5,000 to 7,000 per employee.
The company formation will update you about the exact prices and compensate you according to your needs. This will ensure that you get a proper quotation that matches your defined budget and is according to your needs.