Starting a business in Dubai can be a daunting task. Before you plan to start, it involves research, budgeting, setup, and decision making among other things. You need proper guidance and assistance on selecting the right trade license for your business, especially when you are a new entrepreneur. Here are important steps to start a new business in Dubai.
Set up your business activity
At first need to define the nature of your business. When you choose your business activity, remember to check the feasibility of the chosen activity concerning the Dubai market. There are many kinds of free zones in Dubai. Depending on the nature of your business, you should choose a home base of your business in a zone that offers maximum benefit.
Form a company structure
When you start a branch office in Dubai, choice of legal form is an important decision. It sets the structure for dealing with profit and losses. And you should organize your assets and resources. Your company structure will help provide a layout of your company. Without deciding your company legal form, you cannot apply for business license.
Choose the right jurisdiction
There are different types of economic zones in Dubai. Dubai provides mainland business setup, free zone company formation and offshore business establishment. Selecting the right jurisdiction depends on the nature of your business and your business activity. All jurisdiction has their own laws and regulations obtaining to business setup.
Get your company name registered
Before you choose your company name, keep in mind that Dubai has some strict naming rules. If your company name refers to Allah or any other religious name in any language, then you cannot choose the name.
A company name containing any offensive language is also forbidden. If you choose your company name after a person, that concerned person should be the owner or a partner of a company.
Register your company and apply for trade license
For company registration, you will get all the approvals from government authorities as requested by the Department of Economic Development (DED). When the company is registered by DED, the license will be proceeded and could be collected duly.
Hire a local agent
When you start a branch office in Dubai, it is mandatory to hire a local agent. A business set up consultant will be dealing with the local government bureaucracy and with the free zones authorities to be of great help in planning and itemize your business startup costs.
Open a bank account and process your visa
After your visa application is processed, you need to open a bank account for your company. Dubai is home to many local or international banks. And the final and most important step is processing visa. You can apply for a visa on behalf of your staffs, partners, and other personnel required to run your business.
All the foregoing details, it is obvious that Dubai company registration is a substantial process. You can make it quick by appointing a business set up consultant, which also cost effective.