Growth prospects have attracted an increasing number of entrepreneurs to the city. Fortunately, if you're thinking of setting up a company in Dubai, the process is relatively simple, especially when it comes to free zones in the United Arab Emirates. Why start a business in Dubai? — Choose an industry— Choose a location— Choose a company name— Complete the paperwork— Apply for a license— Open a bank account— Apply for a visa— Etiquette in the United Arab Emirates Conclusion Whether you decide to undertake the process yourself or hire business setup experts to accelerate your setup, make sure you get good advice on the implications of your decisions. After helping more than 60,000 entrepreneurs start their businesses, we have developed the definitive roadmap on how to start a business in Dubai.
The future of business in Dubai also looks very promising. According to the International Monetary Fund (IMF), the United Arab Emirates is expected to lead economic growth in the Arabian Gulf this year, with an increase of 2.5%. This is well ahead of the region's largest economy, Saudi Arabia, which is expected to grow by 0.4%. On the other hand, if you choose to establish yourself on the continent, you can trade directly with local and international markets.
However, unless your business activity pertains to professional services, you'll need to work with a local partner who owns 51% of your company's shares. Virtuzone provides companies on the continent with a local nominated corporate shareholder who will act as their local partner. In this way, foreign business owners can retain 100% operational and financial control over their continental company. Once you've completed these steps, you're ready to start trading.
Compared to other parts of the world, starting a company in the United Arab Emirates is very simple: it is ranked 16th in the world in the World Bank's latest ease of doing business ranking. Al Saaha Office B, 404, Souk Al Bahar, Burj Khalifa District, Dubai, United Arab Emirates. Determine the type of legal entity When deciding the type of legal entity your company should adopt, you must choose a business name. For example, the Dubai International Financial Center (DIFC) is a financial free zone located in Dubai that mainly serves professional companies in the financial services sector, while the Dubai Internet City (DIC) is a free zone that serves technology companies in the region.
If you want to set up a free zone company in Dubai, you should also choose a suitable free zone based on your industry and business activities. If you are going to set up a continental company in Dubai, apply for its license at the Dubai Department of Economics and Tourism (DET), formerly known as the Department of Economic Development (DED). Companies in the continent must meet certain capital requirements, which must be included in a memorandum of association. Once you've decided on an industry, your next big decision is whether to launch it on the continent or in a free zone.
If you are going to establish your business in a free zone, you must receive your license from the appropriate authority in charge. On the other hand, establishing a continental company in Dubai allows you to trade directly in the United Arab Emirates market; however, there may be foreign ownership restrictions. Before opening a company in Dubai, conduct thorough research on the viability and profitability of the activity. If you follow these three steps that I have learned in my 12 years of professional experience in Dubai, I believe that you will be well on your way to successfully establishing your business in this global hub.
For example, if you want to create a company that provides financial services in the DIFC, you must not only obtain a business license, but also a financial services permit (FSP) from the Dubai Financial Services Authority (DFSA), the DIFC's financial services regulator. There is no limit to the number of visas that a continental company can apply for, while companies in free zones will have some restrictions, which vary from one free zone to another. Another example is the Dubai International Financial Center (DIFC), where large global financial services companies such as Credit Suisse AG, Goldman Sachs International and Morgan Stanley have offices. Restrictions aside, there are other reasons why you might want to set up close to companies in the same industry as you.
The Department of Economic Development (DED) must approve your company's trade name before you can continue and start the process of creating your company in the United Arab Emirates. .