Embark on your entrepreneurial journey with confidence. Our step-by-step guide demystifies the process of setting up a business account in Dubai. Ensure a smooth entry into the dynamic business accounts in Dubai with our comprehensive guide.
Setting up your Business in Dubai: Your Step-by-Step Guide
If you are looking to start a business abroad no further than Dubai. As the leading hub in the Middle East and North Africa (MENA), accounts in Dubai offer many advantages to businesses looking to succeed, thrive, and connect with the rest of the world.
The UAE economy is on track to experience a period of unprecedented growth despite a global pandemic and recession. The prospect of economic growth has naturally attracted many entrepreneurs to the city, eager to take advantage of the opportunities on offer.
Fortunately, if you’re thinking of setting up a business in accounts in Dubai the process is relatively straightforward- especially in the UAE’s free zones.
Setting up a business account in Dubai
There are a few things you need to understand before you begin the process of establishing or setting up your business in Dubai. Let’s take a closer look at each of them:
Economic Zone: Free Zones vs Offshore
First, you will decide if you would like to operate in a Free Zone or Offshore. It depends on the requirements. Both options include their own advantages and specifications.
While setting up a business, if you are looking for 100% company ownership, then consider applying for a license and are in one of Dubai’s free zones.
In addition to deciding on a zone, you’ll need to recognize the sort of license that is necessary. There are 3 primary sorts of licenses you can apply for, and the Department of Economic Development (DED) is in charge of issuing them: –
Commercial License: Businesses engaged in trading, import/export activity, and basic commercial operations often need a commercial license. It includes tasks like making purchases and sales of goods and services and carrying out business operations.
Professional License: For people or companies offering specialized professional services, a professional license is required. Doctors, attorneys, engineers, accountants, architects, consultants, and other professionals who perform professional services all often need professional licenses.
Industrial License: Companies engaged in manufacturing, processing, or other industrial activities are eligible for an industrial license. Businesses that perform any type of industrial operation, including production, assembling, packing, or any other, must have this license.
Accounts in Dubai Free-zone Company Setup Process
In setting up a business in Dubai’s free zone numerous actions must be taken. Here is a general description of the company setup process in Dubai free zones, while exact requirements and procedures may vary significantly based on the selected free zone: –
Choose a Free Zone: – Do your research and pick the free zone that best fits your needs and business operations. It’s crucial to consider aspects like the industry emphasis, location, infrastructure, and cost because each free zone may have its own rules, advantages, and restrictions.
Choose Your Business Activity: Decide which business activity you want to carry out inside the free zone. This will assist in deciding what kind of license you should apply for.
Submit Application: Prepare and apply to the appropriate free zone authority. Documents necessary for forming a corporation, including the application form, a business plan, copies of shareholders’ and directors’ passports, and other necessary supporting documents, are typically included with the application.
Legal Documentation: Following the approval of your application, you will have to sign the essential legal paperwork, including the Memorandum of Association (MOA) and the lease for any offices or storage facilities you choose to rent inside the free zone.
The Final Words (Conclusion)
Although it may seem like a lengthy process, properly setting up your firm only requires a few weeks.
Get in touch with an experienced and professional consultant to acquire adequate information in establishing your company in the world’s top free trade zone and hub of international commodities trading. From creating documents, handling submissions, assisting with translations, establishing bank accounts, requesting approval, and offering general advice & consultancy, we’ll be there for you every step of the way.