When starting on your path to setting up a business in Dubai, it’s helpful to have a compass to point you in the right direction. Preparing a road map for your journey can save you time, money and a lot of headache, as many aspects of this endeavor are difficult to navigate without a good understanding of Dubai’s business environment. The following is a step by step guide to assist you in preparing for the journey ahead.
Business Activity
Decide the specific business activity that your company will conduct. Whether it is trade, certain services, consulting, etc. Your business activity will decide which area and which license would be best suited for you. Keep in mind that there are restrictions on business activities, depending on the location and type of license.
Business Entity
Decide the structure of your business. Will this be a partnership? sole propriety? LLC? Free Zone? there are many factors that go into the structuring of a new business and it’s important to know where you stand, before beginning the application process.
Business Name
Pick at least 5 names for your new business to be submitted to relevant authority. You may set priorities for your most preferred names. There are certain restrictions on company names in Dubai and there’s a chance your company name choice will be declined or charged a surplus (e.g. a company with a number in its name costs more than one with only letters).
Obtain all Required Documents
There will be a list with the relevant authority that stipulates which documents will be required. Gather these documents beforehand as a delay in a single document will mean a delay in the entire process of setting up a business in Dubai.
Prepare all Required Documents
Foreign documents are required to be attested and officially translated into English and Arabic. This can be a long process so it’s crucial to initialise the procedures early on.
Prepare Paid up Capital
Some jurisdictions require paid up capital to be present in your account at the time of registration. The money can be placed in the registered account to fulfill this requirement, and may be moved immediately after receiving the license.
Fill and Submit Applications
Correctly fill the suitable licensing applications and submit them along with your name preferences and the attested and translated documents.
Choose an Office
Whilst your application is being processed, it’s best to take this time to pick an office. The licensing body will have guidelines on which types of offices and sizes you may buy or rent. Once your license is ready, you will be able to book the office space.
Corporate Bank Account
Take the required approved documents to your bank of choice and open a corporate bank account under your new company’s name.
Residency in UAE
Apply for your residency visa and the residency visas of partners and employees. At this point you may also wish to apply for spouse and child visas.
Following this guide will drastically cut down on the time and cost of setting up a Business in Dubai. Keep in mind that it is not necessary to be present in Dubai for any of the steps listed above. Zola Group can assist to efficiently setup your company and advise you on the best way to go about it. We have a 100% success rate for company setup and bank account setup in Dubai. You may contact us here to get started.
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