Dubai has begun to attract business investors because of showing economic stability in the international market. The market trends in Dubai provide tremendous opportunities for foreign investors to start a new business. However, the administrative, financial and technical aspects of company formation in Dubai are quite challenging. We have assisted many companies in establishing themselves in Dubai and the following steps will support you in that.
- Choose the Nature of your Business
It is essential to choose the nature of your business that you want to set up. You need to consider which free zone you should or can set up the company. Some free zones allow specific types of activities like medical, media and transport. Apart from the restrictions look at the transport links too. For example, if your company will relay on the export and import, then you must choose the free zones that are situated near the port or airport. Establishing the business plan aids in eliminating some options early. You can also start multiple business activities under one trade license, so do not restrict yourself to a single setup.
- Select the name of your Company
There are some restrict naming conventions in UAE. So, before deciding a company name makes sure that the name complies with the rules. Any names that consist of forbidden or offensive language, the company names that refer to ALLAH or any other political as well as religious groups, Mafia or FBI are strongly restricted in Dubai. If you want to name the company after a person, then the person must be your partner or owner of the company.
2.Finalize the Incorporation Paperwork
The company formation in Dubai requires to complete an application of the selected company name and the business activity. This document is provided with the copies of the shareholder’s passports to the relevant authorities of the government. Additional documentation might be required for some of the free zones. The partner of your business set up can provide your advice on the paperwork and assist you in completing it.
3.Receive the License Notification
Once the application of your company formation has been processed, the government issues the company license. The clients are then notified when the documents are ready to be received.
4.Open the Bank Account
After the completion of the paperwork, you need to open the corporate bank account with all the documentation. Dubai is the home of many local as well as international banks. You can choose the bank of your preference or according to the choice of your business partner.
5.Process your Visa
The final and last step of company formation in Dubai is to apply for your own visa. Along with that if you want to obtain a visa for your staff, spouse, maid, child or driver, then you must choose the free zone that provides the facility.
When these six steps are completed, you are good to go and can set up a company in the chosen UAE free zone. The company formation in Dubai is not simple but with the experienced advice and support the process of business set up is completed in just a few weeks.