Are you thinking of starting your business in Dubai? Congratulations, you have chosen one of the best business ecosystems in the world for your new endeavor. Dubai is more than mere a city of architectural marvels- it is one of the most fertile grounds for new businesses. This is just one of the many things that make the commercial capital of UAE the best place to live and work. And as for starting up a business here, there’s no question that there’s a lot of potential to be tapped here in Dubai. So, if you are eager to set up your own enterprise, this article will help explain what you need to know and do to get your company registered and off the ground.
We have equipped this article with necessary links to guide you about the process and documentation required. Take a good look at the below countries to travel from dubai before you kick off the actual process- the good news, though, is that on average, if you are ready with all required documents, it takes less than 10 days to start your company in Dubai. So, let’s start!
The success of a great business venture depends on sound knowledge of the local region, thorough research into the viability and demand for your product or service and a credible business plan that is likely to attract investment partners.
Yes you have a great idea, but is there a demand for what you are offering? What does your competition look like and what puts your business offering a notch above the others?
Select a Location that optimizes suitability, convenience, and costsAnother important step in planning a business startup in Dubai is to determine the most suitable location for the business. Setting up a profit-based enterprise in the city wouldn’t do you much good despite the growing economy if you’re customers or clients can’t reach you.You need to set up your business in an area that is most profitable for your business or most convenient to your business. A location in the right city can be selected for a shop or an office is most known for the type of product or service you are dealing with.
If you are planning a Free Zone company then you must make the selection based upon the criteria of distance, costs and if it is suitable for your product, business model, and trade requirements.
A tenancy contract must be concluded. If you’re aiming to start a small-scale enterprise, then the basic amenities, like telecommunication, storage, and space inside the establishment is the basic concern that must also be satisfied. Other services available in the commercial property can vary greatly.
Once you business is registered, the Ministry of Commerce will require owners to show proof of financial investment. If you are new to the region and have no track record, you must be prepared to find your own financial resources through your bank or by other means rather than relying on local support.
Once you have established the validity of your concept, from a marketability stand point as well as financial viability, you can now look at the steps for turning your idea into a booming business.
UAE Commercial Companies Law and Federal Law define seven basic categories of business organization that can be established in Dubai and the UAE. The requirements for minimum capital levels, shareholders and procedures for incorporation will vary with the type of business structure.
Anyone coming into the UAE as a professional or as an investor is typically granted a residence visa of two years, which is renewable. This has now been changed to a ten-year visa for investors and professionals in highly skilled fields such as engineering, medicine and science. Students will be given a special five-year visa, while those who consistently perform well and earn top grades will be granted a ten-year visa as well.
Another very significant change is in the ownership of companies.Businesses within the UAE are divided into two main categories: mainland businesses and freezone businesses.
At present, mainland businesses can be partially owned by expatriate entrepreneurs, but must have a UAE national as a majority shareholder in the company. Freezone companies, on the other hand, can have full foreign ownership and are subject to separate regulations depending on the freezone.