Business incorporation in Dubai continues to open a new world of opportunities for investors around the globe. If you want to open a company in Dubai, now is the time to get started with the company formation activities.
You can repatriate 100% of your profits and capital gains, enjoy complete foreign ownership, and make the most of the UAE’s tax-friendly laws. Launching a company in Dubai becomes easier than ever when you connect with the business experts at Shuraa. We take care of documentation, licensing, banking, etc., for you.
What are the Steps to Set Up a Company in Dubai?
The process to open a company in Dubai is straightforward and doesn’t require more than two weeks when you follow the right steps. Here are the 7 key steps you need to follow:
1. Decide your Legal Structure and Associated Business Activities
The UAE’s legal framework is home to several legal structures. You’re free to launch an LLC (limited liability company), joint venture, sole proprietorship, etc., in Dubai. A local service agent will help you with various legal procedures without having equity in your company.
Next, you must list down all the business activities you’ll be carrying out in the Emirates once you have permission from the government. The DED maintains a list of 2000+ business activities, and business owners can choose the ones that match their requirements.
2. Trade Name Reservation
All legal entities in Dubai must have an official trading name. It’s a critical step to open a company in Dubai as you’ll need the trading name reservation receipt to apply for a business license. Note that you’ll need to pay an additional fee for using a foreign trading name.
Ensure that you follow all the naming convention guidelines when finalizing the list of desired trading names. The name shouldn’t contain any demeaning terms or words that hurt an individual’s sentiments or religious beliefs.
3. Select the Business Location
The decision regarding your business location must be taken after considering all the business scenarios. You must deep-dive into the advantages and limitations of each business zone in the UAE. This will help you decide whether you want to start a company in the Dubai mainland region, in any of the free zones, or an offshore establishment.
You don’t need to worry about any of these factors when you collaborate with the company setup experts at Shuraa. We help you start a company in Dubai by taking care of all legalities, and business formation procedures.
4. Procure an Office Space
It’s imperative to have an office space in Dubai as it’s your official address for communication. All the official letters and formation confirmation documents are sent to this address only. Renting office space has several monetary benefits that help you in the long run.
Business owners can also apply for virtual office space in the UAE by connecting with Shuraa’s legal advisors. It’s a modern solution that helps you remotely launch your company in Dubai. Simply sign a sustainability contract with us, and our experts will handle the rest.
5. Obtain your Business License
You can apply for the desired business license once you’re done with all the above steps. Your business activities decide the type of license that you should apply for. It can be a:
- Commercial License
- Professional License
- Industrial License
- Tourism License
Furthermore, you need to renew your trading license from time to time. All you need to do is fill the BR/1 form, review your tenancy agreement, and settle the payment using the payment voucher. Moreover, business owners can obtain external approvals for activities not listed by the economic department.
6. Secure Visas
You need to manage visas for yourself and your family members to ensure their safe stay in the UAE. The number of visas you can obtain depends on your business application, investment plan, and your office size.
Applicants can get in touch with the concerned department to file their visa application. It’s a straightforward 4-stage process, and you’ll get the visa permits at the end if there’s no issue with your application.
7. Open a Bank Account
The last step to start a company in Dubai is opening a corporate bank account. You’ll need this account to manage all the monetary transactions that you’ll handle post your company’s establishment.
Always choose a reliable bank that offers long-term benefits and top-notch banking facilities. However, you don’t need to worry about it when you connect with Shuraa’s banking advisors. We find the best banks for your company by analyzing your business requirements.
Benefits of Launching your Company in Dubai
Here are a few among the many benefits of forming your business in Dubai:
- Complete Foreign Ownership: individuals with professional licenses enjoy 100% expatriate ownership right from the start. With the latest amendments, foreigners can enjoy complete business ownership in the mainland region as well as free zones. You need to collaborate with a reliable LSA who’ll assist with paperwork and other steps.
- Tax Haven: Dubai is a true tax haven. You aren’t liable to pay any corporate taxes or surcharges when you start a company in Dubai. The best part is that the VAT rate is also a nominal 5% (among the lowest in the world).
- Diverse Business Opportunities: businesses of all sizes and sectors flourish in the UAE, thanks to the supportive government reforms and advanced business infrastructure. You can choose from an enormous pool of approved business activities and obtain the desired business license.
Which Documents are Required to Open a Company in Dubai?
Dubai’s government follows a stern documentation policy to mitigate business risks for expatriates and local investors. Therefore, you must have the below-mentioned documents to open your company:
- Payment receipt of trade name reservation
- List of business activities
- Passport copy of the shareholders
- Entry stamp or visa page
- Passport size photograph as per the protocols (size, background color, etc.)
- Initial approval receipt and documents submitted previously
- Copy of the lease agreement signed by the Real Estate Regulatory Agency (RERA) in Dubai
- Duly attested Memorandum of Association (MoA) for all types of companies
- Approvals from other concerned government authorities
Open your Dream Company in Dubai!
The lucrative business opportunities in Dubai make it a no-brainer for investors to set up their companies in this region. You can connect with the business consultants at Shuraa to open a company in Dubai. We do all the heavy lifting for you so you can focus on other growth-related activities for your business.