Business Setup In Dubai
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in Dubai’s hotspots for new businesses.
Dubai is the second largest Emirate by population and size. It has been an economically flamboyant city since it has been established.
The business activities of Dubai are regulated by individual Emiratis and the government itself. The authorities researched deliberately to create a business environment which is organized but not excessively strict.
Setting up a business in Dubai is easy, businessmen just have to know what business activity type do they want, which legal form and the location.
Steps on Starting a Business:
- Choose a business activity.
Choose a legal form of Business – description of what sort of business you want to start.
- Professional – personally offered high-value services such as management consultancy or public relations
- Commercial – this includes any business that trades in goods or services to the public such as retail sales
- Industrial – this includes all manufacturing businesses or operations involving processing goods or packaging products for sale.
- Sole Proprietorship - a business possessed by an individual, not a company. This individual will claim 100% of the business control the majority of its operations and keep 100% of any benefits. He or she will likewise be 100% in charge of business obligations and some other money related commitments. He or she may require a Local Service Agent (LSA) if the proprietor is not a UAE National. Be that as it may, he has no immediate contribution in the business and is paid an irregularity entirety administration charge. The part of the Local Service Agent is to help with getting permit, visas, labour cards, and so forth.
- Civil Company – can be 100% foreign owned, although a local service agent will need to be appointed to take care of official procedures within various government ministries. A Civil Company can only practice professional business and is 100% owned by professional partners. Most civil companies require a Local Service Agent (LSA) if there is no UAE-National partner in the business.
- Limited Liability Company – a limited liability company can be formed by a minimum of two and a maximum of 50 persons whose liability is limited to their shares in the company's capital. Such companies are recognized as offering a suitable structure for organizations interested in developing a long term relationship in the local market.
- Private Share Holding Company (Private joint-stock) –is a partnership of at least three individuals. The partners must invest a minimum capital of AED 2,000,000 in the business. A Private Joint-Stock Company can be created for any commercial or industrial type of business. Professional activities are not allowed under this legal form. The company must have an appointed manager.
- Public Share holding company – an organization whose capital is isolated into transferable shares of equivalent worth. It must have a base capital of AED 10,000,000. The business name can exclude the name of any of the shareholders; except for licenses enlisted for the sake of a shareholder or if the business utilizes a store that has the name of a shareholder. The expression "Open Shareholding Company" must be incorporated in the business name.
- Partnership Company – a single business where two or more people share ownership. Each partner contributes to all aspects of the business and must administer the company unless a contract assigns administration to one partner or to another party.
- Free Zone Company – are business that 100% owned by the person who set it up. Doesn’t require a sponsor or an agent to act as liaison to manage the venture. There is no restriction tying you down.
- Select a Trade Name - When choosing a name for your business or company you should follow general trade name guidelines.
- Apply for Initial Approval Certificate - a document which says that the Dubai Government has no objection to you starting a business and means you can take the next steps to getting a business license.
- Prepare a Memorandum of Association and Local Service Agreement, if relevant.
Establish your business location - When you have distinguished an area for your business, you should visit Dubai Municipality Planning Section to give the chose plot number, estimate, the proprietor's name and your business movement. They will affirm the area's suitability for your business.
Get licensing approvals
Collect your business license- Depending on your business activity, the processing of your business license ranges from 1 – 7 days.
- Depending on the legal form of your company, you and your business partners may need to draft and sign a Memorandum of Association (MOA). In some cases, you will have to sign a Local Service Agent (LSA) agreement with a UAE national, who will represent your business with regards to licencing and compliance.
- Drafting an MOA is a process that you cannot do yourself. You will need to use a law firm, DED Legal Affairs or Notary Public.