Dubai is the top business center of the Middle East. With its liberal economic policies, dual tax deals with most of the nations of the globe, reasonable corporate tax rates, generous infrastructure, and passage to trade routes, it has become a destination of choice for entrepreneurs or corporates who looking for a Dubai company setup. If you are also looking to establish a business or company in Dubai but do not have proper knowledge of the Dubai market then no need to worry, you need to consult with Start Any Business UAE consultants who will provide you complete assistance and guidance throughout the entire procedure.
The major industries in Dubai are real estate tourism, aviation, and financial services. These and several others are reinforced by the presence of region-oriented free zones in Dubai, which offer no tax, 100% ownership for overseas investors or entrepreneurs, and complete repatriation of profits and capital. Given these advantages, setting up a business in Dubai is indeed a very attractive proposition. And this is not very tough either – setting up a business can be complete within a week, if you have the necessary approvals and documents. Although, learning the ropes of an established business here can prove to be something for a new person to Dubai. But do not worry – we at Start Any Business UAE are here to provide you guidance throughout the procedure of setting up a business in Dubai.
Process of Dubai Company Setup
For setting up a company in Dubai you need to follow some crucial steps that are given below:
- To establish a company in Dubai mainland, you required a local sponsor. A local sponsor should be a UAE citizen who works as a services agent for your company in Dubai, usually also working as a sleeping partner of the business or company. An agreement in detail is to be drawn up saying the liabilities of the said partner to the business along with the sponsor’s annual charges. A NOC letter from the local agent is needed to conduct your business activity.
- You need to prepare a draft of the Memorandum of Association of the company. This is a document that providing the fundamental terms on which a company has to conduct such as – the major purpose of your company, issuance of shares, and capital investment.
- Get preliminary sanction for your company by notarizing the memorandum of association at the DED (Department of Economic Development). This is best done through an attorney or business consultant.
- You need to decide on an appropriate name for your company and register the name with the Department of Economic Development. The name will have to be relevant and unique. The Dubai DED has the right to change or reject the name of your company in case the same name already exists in the market.
- Look at office space for your company – it is a prerequisite to getting a business license. The office ownership and tenancy agreement act as evidence of a registered office address. In case of a Dubai offshore company, the registered agent’s address may be given as the company’s official address.
- You need to apply for a business license, which is re-issued by the Department of Economic Development. Based on the kind of business activity the company conducts, a business license can be one from – Industrial license, commercial license, professional license, and tourism license.
- Depending on the kind and place of the company, submit the necessary documents to the Commercial Registration Department and Department of Economic Development and make payment of a business license amount.
Documents required for Dubai company setup
The necessary documents that you need to prepare for the process of setting up a company in Dubai are mentioned below:
- Attested LLC contract
- License application
- Government forms
- External approval
- Internal approval
- Tenancy agreement
- EJARI registration certificate
- Copies of the valid passport of the partners
- Dubai Chamber of Commerce and Industry registration
Advantages of Dubai company setup
The advantages of setting up a company in Dubai are:
A Vibrant Economy Dubai is a very successful city in terms of economic growth and has successfully particularly in bouncing back after the recession in 2009. Sectors like tourism, trade, and transportation, logistics for around 60 percent of the GDP of Dubai.
This is the wonderful vision and foresight of the leader of Dubai that has created the modern and successful city across the globe. Their belief in the future has led to the transformation of an obscure dusty trading post into a main global destination.
Favorable Investment Environment and Government Support
The Department of Economic Development of Dubai has credit for turning the economic agenda of Dubai. This acts to improve the economy and gives all kinds of support required in building a conducive investment environment to international and local investors.
The existing investment laws and regulations and incentive packages have been continuously amended to promote overseas investment. The Emirate was the first to allow overseas ownership of the company and shares. The UAE is a member of international entities, conventions, and treaties that protect the intelligent asset, involving the World Trade Organization, World Intellectual Property Organization, Patent Cooperation, Pairs Convention, and the Rome Convention, and more.
Dubai has the best infrastructure facilities across the globe, whether it’s the road network, airports and ports, and telecommunications. Along with the world expo 2020, Dubai is investing a lot in infrastructure. The Road and Transport Authority of Dubai has announced schemes to build an underground system of railways to join the various pavilions at the expo site.