As a foreign entrepreneur looking to make their mark in the United Arab Emirates, it is essential to understand the local customs and business practices. Doing so will provide you with access to the diverse UAE market, as well as an opportunity to expand your business to other countries in the MENA region. The business setup in Dubai offers tax exemptions, good connectivity, a talented workforce and a strong infrastructure. To get started, you must first become a member of the chamber of commerce of the emirate in which you operate.
It is best to have your lawyer or business creation advisors obtain preliminary approvals, as they are familiar with the entire process of setting up a company in Dubai. Depending on the type of company you are creating, you may need to request additional licenses from the governing body of your type of company. If you are establishing your business in a free zone, you must receive your license from the appropriate authority. Once all necessary licenses and approvals have been obtained, it is time to find a suitable office space and obtain a lease agreement. The costs of setting up companies in the Dubai Free Zone are usually much lower than when they are established on the mainland.
In addition to a 0% tax rate, a strategic global location and a simple incorporation procedure, Dubai now allows foreigners to own 100% of their businesses in most cases. The Forbes Business Council is the premier growth and networking organization for business owners and leaders. The mainland of Dubai offers tremendous opportunities to its entrepreneurs if they establish their businesses in the jurisdiction. The next step is to register your company with the Department of Economic Development (DED). This process requires submitting documents such as a Memorandum of Association (MOA), Articles of Association (AOA), and other documents related to your company's activities. Once registered, you will be issued a trade license that will allow you to operate legally in Dubai. After registering your company with DED, you will need to open a corporate bank account.
This process requires submitting documents such as proof of address, passport copies, and other documents related to your company's activities. Once approved, you will be able to transfer funds into and out of your corporate bank account. Finally, it is important to obtain insurance for your business. This will protect your business from any potential risks or liabilities that may arise during operations. It is also important to ensure that all employees are covered by health insurance. Setting up a business in Dubai can be an exciting and rewarding experience for foreign entrepreneurs.
By following these steps and understanding local customs and business practices, entrepreneurs can take advantage of all that Dubai has to offer.