What are the requirements for setting up a Business in Dubai?
It almost takes a week for a person to register his business in Dubai. Although there are many legal formalities still the processes are carried out in a very less period of time. The business set up requirements may seem many but they are there for your own security business venture.
To start a Setup Business in Dubai, the requirements needed are as follows.
1. Business Type
You must choose your business type mindfully because that will be the determinant of your business license in the future. while you are on the verge of selecting the type of your business, you will have to get certain approvals from the authorities and government bodies as well.
If you are a foreigner in Dubai and want to get a company on 100% ownership, you should choose a free zone for your business activities. In every free zone, the type of activities offered is different from one another.
If you are seeking a local license, the Department of Economic Development (DED) will be the authority behind the business registration. For the local license, you will get ownership of 49% while the rest of the 51% will be that of the UAE national.
3. Company Structure
The type of your business and the physical location will also help you determine the legal structure of the company. It can either be a branch company or a sole proprietorship as well.
4. Company Name
Your trade name or company name is really important for the standing. the nature of your business will be indicated by the trade name. you can check all the rules and regulations regarding the company set up on the official website of DED
5. Share Capital
In most parts of Dubai, you won’t need a minimum capital to pay. The share capital you use is usually mentioned on the Memorandum of Association
While setting up a company, you would need to hire a manager so that they may oversee all the business operations properly. If you are not allowed to hire one, you can engage the contractors in such a case.
7. Local Support
You must get the help of a local agent if you have a DED license. The local sponsor will act as a huge support for foreign investors.
Until or unless you complete all these requirements, you will not be allowed to go for a business set up in Dubai. The steps mentioned above are really crucial and you should be very careful while following them. A little mistake in them can prolong the whole process of registration for help regarding precautions you can take the advice from Farahat & Co. So, you better keep up with all the requirements in a good way, furthermore, if you think you do not understand the legal terms and legalities of business formation in Dubai, you can always ask for help from the business consultants. They will help you with the management and the registration process while helping you stay as accurate as you can.