When people think of starting a business, the most feasible option today is in Dubai. No doubt that Dubai is the hub for businesses and there is always an opportunity to start your own company. Taking this into an account, we thought that many people starting to make living in Dubai also have thought of setting up their own business at some point. Or else, you might be a complete foreigner looking for new investments. In any case, you must know a few things about starting a business in Dubai. It is not simply about having a properly designed office, but a whole process to get it started.
Before you rush for the office setup and decor by the professional interior design companies in Dubai, there is a whole list of things to know and do.
Things to know about business in Dubai
Remember that there are two zones to work in. You must choose whether you want to operate in a mainland-free zone before you can set up the company. Both solutions have advantages and requirements of their own, depending on your needs.
Mainland or Free Zone – which one to choose
You’ll need to deal with a mainland zone company that will demand a fee if you want to conduct business directly with the UAE’s local market.
On the other hand, if you decide to establish a business on the mainland, you are free to conduct direct business with both domestic and foreign markets. However, unless your line of work falls under the category of professional services, you will need to collaborate with a local partner who will own 51% of the stock in your business.
If you desire full control over your company, think about requesting a license and a location in one of Dubai’s free zones. To entice foreign investors to build businesses there, the Dubai government came up with the concept of a free zone. In essence, it’s a distinctive economic area where company owners can benefit from a variety of ownership advantages and 0% tax rates.
Steps to set up your business
● Choose your business activity
Making a decision regarding your company’s business activities is the first step in forming a company in Dubai. The fact that your chosen activities correspond with those on the official Department of Economic Development (DED) list is crucial in this situation. The list includes every conceivable industry, from potato trading to consulting, so there is a good chance that they will be.
● Choose the name of your company
Make sure your company name is suitable legally before committing to it because the UAE has certain rigorous naming conventions.
Any names that contain objectionable language or make reference to Allah, Him, or other religious, sectarian, or political organizations like the FBI or Mafia are prohibited. The person must be a partner or owner of the business if you decide to name your company after them, and their complete name must be used—no initials or abbreviations are permitted.
● Apply for the license
You will need to fill out an application for your chosen company name and activity, which you will submit to the appropriate government officials along with copies of shareholders’ passports.
You must fill out an application to register your selected company name and activity, as well as provide copies of shareholders’ passports when you arrive to register your company in the UAE.
To register your business activity and trade name, get in touch with the Department of Economic Development of your preferred emirate. After that, provide the necessary paperwork.
Your company license will be sent to you once your application has been finalized.
At this point, navigating the paperwork is arguably the most difficult chore you will face.
● Open a bank account and set up the office location
Following approval and receipt of the necessary paperwork, you can now open a corporate bank account. Both native and foreign banks are widely spread throughout the UAE. In Dubai, every business must have a physical address. So decide on a location and start building there. To aid you in upholding proper office etiquette, you may always consult an interior designer in Dubai.
Ready to take a plunge?
Time to give your sweat and energy to the company you are establishing now. Built it from the scratch, work every day, and make sure you have your plans ready to go. Most importantly, keep all the important steps in mind from choosing the location and making a proper office set amazingly to work by one of the special Interior Fit Out Companies in Dubai.
Get started now!