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.
This will determine the type of license you need. License types include commercial, professional, or industrial. The food trade, the jewelry trade, veterinary activities and legal consulting are just a few examples of activities that need the approval of other departments. The Department of Economic Development (DED) lists more than 2,100 activities that the business owner can choose from.
You can contact DED if you need help. There are 45 free zones in the United Arab Emirates, each with its own regulations and formalities. You must first obtain a license and location in one of the many free zones in the United Arab Emirates, if you prefer 100% ownership of your company. How much will it take to set up a company in the United Arab Emirates? Setting up a company in the United Arab Emirates can take a while if you don't have all the necessary procedures and documentation that have been approved by different government agencies.
With the right consultants to help you, you can set up your business in the United Arab Emirates in just three days. The business license and registration can be completed within three weeks. However, if the business activity requires certification or certification from any other judicial body, this may prolong the process. The creation of a company in the free zones of the United Arab Emirates can take between 3 and 10 days, while the creation of an offshore company can be established in 48 hours, if you have the right resources.
Last but not least, you must request the necessary approvals to operate your business. Depending on the location you decide for your company, the business activity you are going to carry out and the nature of the company, you must choose the right jurisdiction when creating your company in Dubai (United Arab Emirates). On the one hand, setting up a business in one of the free zones can be beneficial if you want to benefit from a 0% corporate and personal tax and enjoy 100% foreign ownership. When learning how to start a business in Dubai, it's important to understand how to deal with local Emiratis.
You must obtain several consents from the relevant authorities in order to start your business in Dubai. To set up a company in the continental United Arab Emirates, you need a local sponsor, who will own a portion of your business. You can mainly find three types of businesses in the United Arab Emirates, segregated by zones: continental companies, free zone firms, and offshore businesses. The Forbes Business Council is the premier growth and networking organization for business owners and leaders.
Even so, setting up a business abroad isn't as easy as walking in the park, since everything is new to you, from regulations (% 26%), regulations and relevant authorities to the environment (% 26%), culture and location (% 26%), the market. Dubai, the commercial capital of the United Arab Emirates, comes first when a foreign entrepreneur like you thinks about setting up a new company or expanding the existing business abroad. The location and type of property your business houses play a critical role in your daily operations and, of course, in your brand image. In addition, having a physical existence of the company is mandatory in Dubai, which means that only after receiving the lease agreement, the documents from the Real Estate Regulation Authority (RERA) and EJARI, the DED, grant the initial approvals.
These steps will provide you with access to the diverse market in the United Arab Emirates, but they can also provide you with an opportunity to expand your business to other countries in the MENA region. Therefore, the first and most important thing in doing business is to check if your business fits the standards of Dubai, United Arab Emirates. With an experienced business advisor at every step of the process, you can eliminate unnecessary problems and the possibility of errors in documentation. .