How To Setup in Dubai
- Type of business
Has a list of more than 2100 activities that you can choose from when deciding what business you want to start. If you are still finding it difficult to find the activity that you want, than you can contact the DED and find out.
When it comes to free zone areas, they tend to have their own separate regulations and approval procedures than the rest.
If you are a foreign national and you want to own 100 per cent of your company, then you need to look into the numerous free zone areas in the UAE. Each free zone has its own set of activities that they cater to, you need to look into which free zone offers a license for the activity that you are seeking for and which area is the best option.
DED provides the business license if you want to operate a business locally, however the DED license does come with some requirements in terms of the share of ownership for foreigners.
- Legal form
There are certain rules for your firm that u need to follow when setting up your business. These rules are dependent on where your firm will be located and what type of business it will be. For example, if you want to start a legal consultancy firm than it can only be setup as a branch of an existing company or a stand-alone company. A sole proprietor will not be able to set up a legal consultancy firm.
When it comes to free zones, they come with their own set of benefits and restrictions when it comes to the company’s structure. The official website of the zone can be helpful to find this type of information.
- Trade Name
One of the most important aspects of the legal procedure for setting up a business is you trade name. It is important that your trade name describe the nature of business unless you are planning on opening a branch of another company in which case the trade name will be the same as that company. DED’s official website has provided all the rules regarding trade names
- Share capital
Minimum share capital is usually set out in the Memorandum of Association of your proposed company. At the time of setting up your business, minimum share capital isn’t usually required.
Once you have all your licenses and legal documents for starting your business, the next step is finding an office space. This can be done by creating a list of all the office space available with its cost and other details mentioned so that you can compare which best suit you.
In free zones, you will be provided with some help when you are looking for a suitable place that fits with your requirements. You will also be given assistance in setting up your electricity, internet, water and other amenities in your office.
With most licenses from DED, a manager is required to oversee the operations in this country. Make sure the person you hire is prepared and willing to assume the managerial position before the registration process is complete. In other cases you don’t have the ability to hire at all. For example, Intelaq license holders (license for home-based Emirati business owners) are not allowed to hire staff however they are able to appoint contractors.
- Local support
There are some requirements for DED license holders as they need to have a local agent, partner or sponsor which can be a really good support system for foreign nationals.
For free zones, having a local network of contact can help enhance the business significantly. This is not a requirement for investors and businessmen to have when they are setting up a business in a free zone.
Dubai is a business destination that provides systems that allow for easy business set-up for all individuals, regardless of their nationality.