Dubai is a business hub for entrepreneurs worldwide who want to start a new business. With every passing year, the number of foreign investors and entrepreneurs is moving towards emirates to benefit its business atmosphere.
As well as the rate of 0% tax, global strategic locations, and simple incorporation procedure, Dubai now allows foreigners to own 100% of their business in most cases.
Along with introducing a long-term visa, it has further bonded Dubai’s reputation as a perfect location for foreign business people.
Dubai welcomes active investors and business owners from abroad. An emirate is a place where you can find many business setup and company formation experts who help foreign entrepreneurs through the complete business setup in dubai process.
It is not complicated to start a new business in Dubai, but it still requires some knowledge about the business culture and policies.
What is the process of business setup in Dubai as a foreigner?
There is some setup for the process of establishing a company here that will be unfamiliar to many. Obtain an initial understanding of these steps will help make for a smooth process.
Hire a Business Setup consultant
So, the first step will be to hire an expert business setup consultant in Dubai who will guide through company formation in Dubai. The expert setup consultant will help you through each step of business setup and align your business with 2000 business operations.
You can also book a business setup consultant online after proper research. They will help you in several things like get your Visa done, arrange business resources if required for your business, complete the documentation, get your legal work done, licenses have done, etc.
It is advisable not to risk doing it all by yourself because you may end up wasting time and money.
Prepare a Business Plan
Things are not very easy when you have chosen to start a business in a foreign country.
Follow a process and do a determined number of activities to start your business in Dubai.
The first important thing will be the business plan for starting your business. The list contains all the details of your business that have a variety of questions answered. Before writing a business, plan must go through in-depth research or opt for a feasibility analysis that will help you explore business opportunities, probability of success, business type, etc.
A good business plan should include all the details like-
- Type of Business Operations
- Investment Budget
- Choice of Business Location
- Details of Investment
- Expected Turnover
- Methods of Starting Busines Process
- Other important Business Details
Decide the Type of Business
UAE offers business setup in the free zone area that is exclusively for businesses that provide various advantages. There are two options available in it-
- Free Zone Limited Liability Company
- Free Zone Establishment
Other than the free zones, the standard type of business is a share company, Proprietorship, LLC, a joint company, etc.
There are some requirements to start your business in specific zones.
Your business will start well as business goods or services, and you will be dealing with one of those goods and services. Dubai allows various types of companies to operate in the country. Some of them also have some restrictions, while foreigners cannot do some in the UAE.
Depending on the type of business the license is issued and various types of licenses, there are different criteria and eligibility.
Get Business Visa For Starting Company in Dubai
If you want to start a Dubai company, you will have to apply for Visa with different entries. Consult a local UAE embassy of your country to obtain the Visa.
The documents required to apply for Visa-
- Ticket Details
- Reason for Visit
- Business Plan
- Security amount
- Guarantors Visa
- Bank Statement
- visa application completed
Select a Business / Trade Name
It would help if you chose a trading name for your business, and it requires you to check the list of trade names is limited and is already in use. Don’t use Dubai or UAE in trading name, and apart from this, there are various other restrictions for choosing your trade name, which you can check out the free zone authority. Remember, Dubai has some strict rules for naming a company. Please make sure to follow them.
v Select a Business Location-
Next after this is to get a business space from which you will run your business. Like if you have a manufacturing business process, you will require a large area for doing business, and so based on business operation, you have to choose a location.
Dubai is very expensive, so you have to be very careful in choosing business space to avoid extra expenses. Size and space depend on the size of your business. To obtain an area such as a promoter or company adviser will help you.
v Company Formation-
Forming a company means getting all the paperwork, getting a bank account, having adequate capital, doing all the other important work related to your start-up, and getting approval for your business.
Registration is one of the important aspects because it will make your business a legal entity. For registration, you have to get all the documents, permits, licenses, business space, employees, capital, bank accounts, etc.
Dubai has a lot to give to prospective people in the business. There is a good chance that your business will thrive and so you should be optimistic and positive when you start your business.