Why Choose Dubai For Your Business SetupMay 29, 2023
Why Setup a Business in the UAE?May 29, 2023
Your selected business activity along with your Company Name And Activity goes through approval through the DED (Department of Economic Development) and this is a preceding step that is required before you can continue going about how to setup your business in Dubai. Once this initial approval has been gained, you can finally submit the documents required to apply for your trade license and begin the process of opening up a company in Dubai.
Apply for your trade license
There are four types of business licenses in UAE listed below for you to choose from:
- Commercial license
- Professional license
- Industrial license
- Tourism license
These business licenses are to be used for mainland company formation as Free zone establishments have a structure of licensure that is segregated according to your business activity.
Register your company
Further on, how to set up your own business in Dubai encompasses company registration right after you have undergone your licensing. However the entire process goes through various steps and you will have to get all the necessary approval from the relevant government authorities as requested by the Department of Economic Development in Dubai.
Find a local agent (if required)
A business consultant would be ideal for this step due to them being able to offer you connections with companies that offer corporate sponsorship where you will be given 100% ownership of your business and documented authority.
Get your external approvals
Company Name And Activity Some businesses might be asked as a requirement on how to set up your own business in Dubai to get approvals from the municipality, specific banks and embassies etc al depending on your business activities.
Prepare your Memorandum of Association
The memorandum of association must be drafted in accordance with the mandates of the UAE government which means that you should be ideally receiving expert advice before drafting the agreement as it should also include into consideration the your business interests before you start your company in Dubai
Rent An Office
The question of how to set up your own business setup in Dubai is further cleared with renting out an office space which is dependent on your business activity if you can rent a business centre, shared office space, or whether you will be needing to rent out multiple office locations under your name.
Get The Tenancy Contract & Ejari
An agreement between you and the real estate agency whose office space, or shared unit that you have intended to rent. Ejari is an online system that allows fairness between both parties that are involved in the tenancy contract. You must submit your tenancy contract and a few other documents to activate your ejari account and you will be needing this account to renew visas for your family members/ employees.
Get The Initial Approval
Crucial on how to set up your own business in Dubai is getting the initial approval from DED as it approves that the UAE government does not have objections regarding your running a business in Dubai. A hindrance in this approval will prevent you from proceeding to the further steps that are required.
Collect Your Trade License
To get your UAE trade license, you will have to submit the following:
- Relevant government forms
- Trade license application
- Initial approval certificate
- Memorandum of association
- Tenancy contract
- Ejari registration certificate
- Passport copies and NOC from partners
- External approvals and any other documents required by DED
Biztrack business is a premium business setup consultancy with a wide range of domain knowledge and a team with decade’s worth of industry experience.
To capitalize on existing business setup opportunities that are customized to meet your needs contact our consultants for free consultation.