Dubai’s transition from an oil-based economy to a business destination is no mere a fete. This transformation is the result of a futuristic vision of the rulers of Dubai. The business policies formulated have assisted the growth of business here. The infrastructural advancement also has added advantage for the business lot. Businesses, whether small, medium, or large, have all gained momentum. The present pandemic phase has affected the business all over. However, the hope for revival is still on. If the paper works are proper, it takes around 7-10 days to start a business. Here we have mentioned the 5 easy steps for a business setup in Dubai.
5 Easy Steps to setup business
First and foremost of the steps for business setup in Dubai: Choose the business activity
Initially, you have to decide the nature of the business. The nature of the business determines the type of license required and other approval from authorities. The license may be commercial, professional, or industrial.
Select the company name
While selecting a trading name for the business, make sure not to use offensive words, or words relating to religion. It must be unique and not ambiguous.
Finalizing the incorporation work
You have to apply to the prescribed authority along with the necessary documents. In the case of the mainland, DED is the authority that sanctions the business license. You have to seek Dubai Municipality and other external departments approvals also if required. Whereas, in the case of Free Zone, the respective Free Zone authority grants permissions. Different Free Zone may have different requirements to be fulfilled before incorporation. The documents required to set up business are as follows:
- Copies of Visa, Passport
- NOC from the sponsor
- Copy of tenancy contract (Ejari)
- Trade name certificate
- License application form
- Approved documents from Departments
Opening a Bank Account
After the submission of paperwork, you have to open a bank account. The business bank account helps to deal with our finances easily. You can choose from the different foreign and national banks in Dubai. For instance, Emirates NBD, Abu Dhabi Commercial Bank, Citi Bank, HSBC, are some of the banks functioning here.
Visa Processing: final of the steps to setup business
The final step is processing your, employee, or partner visas. The Visa processing may be summarized in the following steps:
- Entry permit
- Change Status
- Medical fitness test
- Emirates ID registration
- Visa stamping
The cost of registering a business includes the statutory payment to be paid to the government. It includes payment for initial approval, name approval, drafting notarization of MOA, license fee, and office space rent.
Once the above mentioned 5 easy steps to setup business are completed, you can launch your business. By following the above mentioned steps one can easily setup a business in Dubai. However, it would be best to hire a business consultant to help you in completing the incorporation process. Beyond View, with the help of its expert team helps you in the incorporation of the business in a hassle-free manner. Contact us for more details.