Start a New Business in Dubai in Six Simple Steps
The United Arab Emirates is not just one of the top-rated tourist destinations on many people’s bucket lists, but it also has tremendous business opportunities to offer. According to the World Bank’s latest report, the UAE’s economy is expected to accelerate this year compared to 2021, growing at 4.6per cent in 2022 against 2.6per cent in 2021. These figures, along with impressive business growth in previous years, have attracted many entrepreneurs to set up business in Dubai.
Dubai has it all, from astounding infrastructure, top-notch facilities to constant government support and world-class technology. If you are thinking of starting a new business, why not set up business Dubai? If you’re worried about the process, then don’t. To do a new business setup in Dubai is speedy and straightforward. If you follow the given steps, you can set up a business in Dubai in a matter of 3-4 days. All you need to do is take care of the paperwork and acquire the necessary approvals from the government.
You can connect with Shuraa business experts to help with your new business setup in Dubai as well as other business set up activities in the UAE.
6 Simple Steps for a New Business Setup in Dubai
Step 1. Define Nature of Your Business and Select Business Activities
The first step to start the process for your new business setup in Dubai is to define the nature of your business. Depending on the nature of your business, you need to select the activities you want to conduct in the country and obtain the necessary license, approvals, and permissions to set up business Dubai. There are three different business zones in Dubai: the mainland, free zone, and offshore. You can choose any of the three zones as per the nature of your business and the one that offers maximum benefits.
The Dubai government provides over 2000 business activities to choose from. According to the nature of your business, you can select up to 10 business activities you would like to conduct in the country on one trade license. Furthermore, if there is any specific activity that you want to opt for but is not on the list, you can apply for external permission. Note that you might have to submit a few additional documents and take approvals from concerned departments as well.
Step 2. Decide Your Company Name
The next step to set up business Dubai is to choose an appropriate name for your company. The Dubai government has laid out specific rules to keep in mind while deciding on a name for your company. A few of which are not to use an offensive term refers to God or any other religion. Moreover, avoid the use of abbreviations in your company name. Another thing to note is that if you name the company after a person, that person should either be the owner or a partner in the company.
Once you have decided on a suitable name for your company, register it with DED (Department of Economic Development). Another crucial thing to remember is that if the name you choose for your company is similar to an existing firm, the DED can reject it.
Read Also: What is LLC Company Cost in Dubai?
Step 3. Obtain MoA Rent an Office Space
Now you need to draft and sign an MoA (Memorandum of Association) and Article of Association. These are contracts stating the set of clauses. It is mandatory to draft and get them signed by all the shareholders in the presence of a public notary to set up business Dubai. Without these documents, you cannot apply for your trade license or rent a physical office space. You can get in touch with a company formation expert or a local sponsor to help you draft the articles of association.
Step 4. Rent an Office Space
Once you have got the MoA and AoA, you can now look for a suitable location to rent office space for your new business setup in Dubai. To set up business Dubai, renting a suitable office space for your business needs is mandatory. Select the locality and the office space according to the nature and activities of your business. Once you rent the space, register online with Ejari to obtain a tenancy contract, and do not forget to generate your unique Ejari number for future references. Remember that you cannot get a license to set up business Dubai without a valid office address.
Step 5. Acquire Initial Approvals and Permissions
Next, you need to apply for getting an initial approval certificate. An initial approval certificate states that the UAE government has no problem with you setting up your business in the country. It is advised to seek help from your lawyer or your business consultants to get the necessary approvals, as they are familiar with the process to set up business Dubai.
However, to give you an idea, these are a few of the required documents you need to submit for initial approval:
- National ID
- Copies of passports of all the business partners
- Passport size photographs
- Business plan
- Application form with selected activities
- MoA and AoA
Step 6. Acquire Trade License and Finish Paperwork
Anyone who wants to set up business Dubai, first needs to find out if their business activities are allowed under the licenses provided by the government of Dubai. Dubai offers three types of licenses to set up business Dubai. Namely, professional, commercial, industrial, and tourism licenses. You can apply for any one of these as per your business nature and activities.
In order to complete the process for your new business setup in Dubai, you need to warp up all the documentation work. Submit copies of the passports and visas of you and your business partners. Also, submit and acquire the necessary final approvals, permissions, and certifications from the DED (Department of Economic Development). Once your application is processed, inspected, and approved, the government will notify you. At last, pay the required fee through the provided payment voucher and get your trade license to set up business Dubai.
Conclusion
The process to set up business Dubai is pretty straightforward. We are sure that if you follow the six steps mentioned above, you will set up your business in Dubai within just 3-4 days. We highly recommend you to connect with the expert business consultants at Shuraa Business Setup. They will help you throughout the process of setting up a business in Dubai, along with taking care of all the necessary paperwork, your license, and other business activities in Dubai. All you need to do is get in touch with us and we’ll take care of the rest.
Moreover, get to grow your business with the right advice. You can reach out to our experts at +971 44081900 or drop a WhatsApp message on +971 507775554. For assistance via email, please write to us at info@shuraa.com.
