The United Arab Emirates is quickly becoming a top choice for expats to invest in. Those who are seeking a secure and exciting workplace with the added benefit of lower taxes should opt for this location when getting started. Many high-net-worth individuals, who are looking for safer nations with stable rules and regulations as well as efficient immigration and business rules come here to get started. There has been an escalation in trade and economy in the East. With its excellent career opportunities, safety, and ease of relocation, the UAE has become a popular choice for everyone.
The UAE has introduced many new initiatives in order to attract foreign investments into the nation. These include Green visa, Golden visa, 100% foreign ownership and other business and expat friendly laws.But what should be the steps that one needs to follow while setting up a business in Dubai? This blog covers all the steps that are necessary for you to follow in order to setup your dream business in the UAE.
How to establish a business in Dubai?
Dubai is the largest city in the United Arab Emirates. It is therefore one of the top priorities for people who want to get started with their dream venture. The three main phases in starting a business in Dubai are-
- selecting a business activity
- deciding on a jurisdiction
- requesting the required approvals.
- Selecting a business activity
The first step to get your business started is to select a business activity. This can be done by focusing on your interests and motivations and conducting market research to see if the potential business activity is appropriate for the market you are targeting. Dubai offers a wide range of sectors where foreign investors might be interested in investing. These sectors include real estate, healthcare, wellness, and real estate services. It is clear from Dubai’s thriving economy that its citizens are receptive to innovative ventures and concepts.
You can select your jurisdiction and choose your business activity according to the ones allowed in them. This way you can get started with your business and ensure compliance with the rules and regulations.
- Decide on jurisdiction
The second step is to select a jurisdiction for your business. This allows you to choose where to base your company in Dubai. The distinctions between a mainland corporation and a free zone company are essential to be taken into account here. If you want to enjoy 100% foreign ownership and profit from 0% taxes, Dubai free zone company formation may be beneficial for you. However, in that case, you will not be allowed to conduct business outside freezones. If you want to conduct business in the UAE market and worldwide, you can choose a business setup in the Dubai Mainland. The government now allows 100% foreign ownership in the mainland, however not on all business activities. It is therefore essential to research well before getting started. Both the options have their own advantages and disadvantages. This is why hiring a business setup consultant can help you make the right decision for your company.
3.Get the necessary approvals
Applying for the appropriate approvals to get your business started is the third and last step. The DED is where you should apply for a licence if you plan to establish a mainland business in Dubai. You must obtain your licence from the concerned free zone authorities if you are establishing your business in a free zone. You need to submit an application for a corporate bank account after receiving your business license. To open a bank account, you need to have a valid UAE residency visa. Applying for your UAE resident visa and Emirates ID together is an important step in the process to fulfill your banking and business needs. Getting a corporate bank account in Dubai will enable you to better manage your company funds and provide an easy transaction mode to customers too.
You might need to apply for additional licences and approvals depending on your line of work. Like in case of healthcare related business setups, additional approvals are needed to get started. The documents needed can also vary.
How can RadiantBiz help?
Starting a business in Dubai or any other emirate without consulting with a reliable and knowledgeable Business setup consultant is among the biggest mistakes an expat may make. This is due to the fact that hiring a consultant ensures that all of your business setup tasks are organised and that you receive all approvals on time and hassle-free. They considerably make the process simpler.
RadiantBiz is the right choice for you if you are setting up a business in the UAE. Our experts help you get to know all the details and tailor make a plan just for you according to your needs. Get started with us today. Book an appointment now!