Dubai is the most welcoming country. Dubai’s government is always ready to support foreign investors. Dubai offers the easiest options for business to new entrepreneurs. The gates of Dubai are always open for entrepreneurs around the globe. Dubai offers 100 percent ownership to foreign businesspeople, and also, they can take advantage of 0 percent tax on personal and corporate income. Another benefit of starting a business in Dubai is it offers long-term visas to foreigners. So, they can stay here and retire here at the end of their career. Setting up a business in Dubai is easy because it offers every step to a businessman from the start to the end.
Types of Business Licenses
Initially, the Dubai government grants foreign entrepreneurs two types of business licenses to form a company. The first option is a free zone. It is the most cost-effective and straightforward to start a business as a non-resident in Dubai. Free zones are beneficial because they offer entrepreneurs many leverages like no restriction on currency, zero percent tax on corporate income, and 100 percent customs tax exemption. The other one is the mainland. A businessman can start a business anywhere on the mainland, and he needs a local sponsor to trade.
Essential Steps To Start A Company
work with a consulting company
Although establishing a business in Dubai is a straightforward process. Still, little admin help is needed to start a business, especially when a foreigner. Consult with a consulting company at this stage will guide you through each step. They will recheck all the accurate or not documents before going to a final stage.
choose a business category
The license type depends on the business activities that an entrepreneur intent to carry out. For example, if the business activity is related to buying and selling goods, the entrepreneur requires a commercial license.
mainland or free zone
Forming a company in free zones or the mainland depends on the entrepreneur and type of business. Both areas have their advantages and attract businessmen at many levels.
select a company name
Choosing a company name in Dubai is different from other countries in the world. An entrepreneur must follow a strict set of naming conventions. The entrepreneur cannot choose abbreviations or use well-known company names and should avoid offensive language while choosing a company’s name.
license application time
Applying for a license is a vital step.
Mainland and free zone work differently in this case. In mainland Dubai Department of Economic Development (DED) will approve the application. The entrepreneur can directly apply to the managing authorities in the free zone.
Document Required To Forming A Company
Whether an entrepreneur is setting up a business in a free zone or mainland, the following documents required
- An application form
- Passport copies of all stakeholders
- Details about the business activities
Cost of Starting A Business In Dubai
There are many variables involved in starting a new business. So, it isn’t easy to find out the exact price a company will face without a complete picture of the business.
According to the rough idea, if an entrepreneur gets a business license, gets one visa, and uses a co-worker’s free zone will cost him around AED 24,775.
Suppose you want to get a whole idea about the cost before starting a business in Dubai. You need to consult a consulting company. They will guide you and provide you with a personalized and detailed quotation.
Benefits Of Starting A Business With a Professional Company
There is no need to worry if you are a foreigner or non-resident and want to start a business in Dubai. Professional companies will help you with every step.
They have prior knowledge about the process. It is easy for them to guide you well. The application form is only straightforward if the license application is completed without errors. Taking help from any professional company in building up a business in Dubai would be a great idea in many terms.
Consulting companies have a team of professionals and can change the dreams of motivated entrepreneurs into reality. They can handle any license-related issues. In addition, they can assist you in opening a bank account and advise you on the most appropriate financial institute according to your needs. They also offer visa and immigration services and can handle all government permissions, facilities and trade-related documents in Dubai or worldwide.
In short, they can stand with you in every setup of the business formation. Even they can work on your behalf, and you need to tell the business idea to them. After telling the idea, now it is consulting company’s responsibility from license to visa application. You are tension free from all the processes.