If someone aims to establish a business in Dubai’s free zone, the most important thing is its diverse area. Business settings are in three ways in the UAE Viza free zone, free and excessive zones. Once again, the free site divides into specific fields that have different rules and regulations. Thus, an individual must cross the examination of various protocols to find out how to start a business in the Dubai free zone. Because the process can be a little complicated, recently, people took the help of registration of the UAE-Dubai Smart Zone Company to find out how to start a business in the Dubai free zone.
How to Start a New Company in Dubai, UAE?
If you want to set up a new business in Dubai, it is essential & a tip to set the right business requirements. Do planning correctly about the business and type of market will focus. Based on the needs and planning, the company’s location selects a business location as a different free zone with various rules. Now when all plans have are clear, it is time to know about business formation in Dubai’s free site.
Decide the Type Of Business
Your type of business will determine the type of license you need. Whether it’s industrial or a commercial or a professional license, this will define the basis of your operations. However, when choosing, remember that certain activities such as food trade, trade, veterinary activities, and legal consultations require further approval from other government departments.
Work On Business Plan
Make sure that your idea needs to solve problems or provide new benefits to your clients. Your idea pitching is the most crucial step when starting from the beginning. The challenge proves the feasibility of your proposition by reducing the risks and potential weaknesses of your request. It is also essential to present your idea to partners and investors – your likely proposal is through visual materials. Use visual aids such as images, videos, simulations, or augmented reality.
Decide Business Location
As a foreign national, if you want the ownership of 100 percent of your company, you need to choose a license and location in one of the many free UAE zones. There are more than 45 free zones in the UAE with various operating categories, so you don’t lack options.
If you require permission to operate locally in Dubai, UAE, then you should seek consent from DED, Dubai. DED licenses come with certain restrictions on foreigners’ ownership section, based on different legal structures under DED.
Understand the Legal Structure
Follow a specific legal structure before starting a new business in Dubai, UAE. There are particular rules to follow. For example, if you plan a consulting firm, this can be done only as a branch of the company or as a stand-alone company. The single owner is not allowed to take this activity. Each free zone has its limit on the company’s structure, and you can see it on the official zone website.
Work on Trade Name
Your trade name is an essential part of the legal procedure. Select a company name that depicts your business’s type and nature, and it should not be the same as any other existing business. Dubai has stringent norms and rules for trade names, so read and understand those norms properly before selecting a name. All the rules regarding trade names are on the DED official website.
Complete The Paper Work
Complete the application for the name and activity of the company you choose, and provide it with a copy of the shareholder passport to the relevant government authority. Not all free zones work on the same rules; some will require additional paperwork than others. The different papers include business plan docs, NOC, the letter from sponsors, etc. Your business setting partners can advise you on the required documents and help you solve them.
Receive Business License
It is the easiest step of everything. After your application is processed, the government will issue you with your company’s license.
Look for Local Sponsor
For DED licenses, you must have local agents, partners, or sponsors, which is an excellent support for foreign nationals. For free zones, having local contacts can help bring business ahead effectively. It is not very compulsory, although it is straightforward to find a suitable sponsor in Dubai.
Open Company Bank Account
After your document comes back, you will have all the documentation you need to open your company’s bank account. Many banks are present in the UAE, both local banks and international banks like Dubai commercial bank, Abu Dhabi bank, etc.
You can approach your chosen bank or ask your business setting partners to arrange meetings with several institutions to help you choose the most suitable options.
Apply for Visa
And to the final step of the company’s formation in Dubai. And submit your visa; many free zones allow you to enter applications for staff and dependents – the exact number you can send will depend on the free zone you choose. Suppose you want to get it. Visa for couples, children, waiters, or drivers, the best is to seek expert advice to ensure that first, it is possible to do it in the free zone you choose, and second, that you and anyone you would expect for a visa sponsor fulfil all entries criteria, Assuming this all check out, the process consists of four simple stages: Entrance permit, adjustment status, medical fitness test, then Emirate ID registration and visa stamping.
It might take some time to set up a new company in Dubai, UAE, if you find it challenging to business setup in Dubai. Take the help of business setup consultants in Dubai, UAE, and they will help with the company formation steps without any problem. They all get all your paperwork done easily and quickly. There are many business consultants present in UAE, so choose wisely. Select the one that fulfils all requirements. Take a free consultation from some good business consultants and then make the selection.
Amy is a zealous writer and with her passion to read and write about business setup consultants and their services and its implementation in our modern world. Her inquisitiveness towards learning about how business has evolved in emirates is commendable. With such curiosity embedded in herself, she researches extensively before writing a blog to deliver a credible and detailed content piece.