11 Nov Establishing startups in Dubai
incorporation of start-up companies in Dubai, It is considered one of the successful investments supported by the UAE government and provides all the necessary requirements for emerging companies to enter the UAE market and compete in global markets. One form of support is through providing training courses for young entrepreneurs and providing business incubators for them.
In the next lines of this article, we discuss the establishment of start-up companies in Dubai , forms of UAE government support for startups in Dubai, examples of distinguished business incubators, and a lot of important information on the subject.
Establishing startups in Dubai
The UAE government has established business incubators to support the establishment of start-up companies in Dubai. District 2071, which includes workspaces at the highest levels of development, was established to support and qualify startups and young investors.
District 2071 includes all the factors needed to create attractive, innovative ideas and establish out-of-the-box practices in many sectors such as: Aviation, education, health, energy, entrepreneurship and technology.
One of the most important advantages of Zone 2071 is to help establish startups in Dubai. Issuing commercial licenses at lower costs than usual, unlike other investment areas in Dubai.
An investor can register in Area 2071 by obtaining the approval of the owner of the company through the Dubai Future Foundation, which is responsible for supervising Area 2071.
A study was conducted by the Mohammed bin Rashid Foundation stating that: 50% of the companies in Dubai are considered startups, and they host about half of the workforce in Dubai. This study demonstrates and confirms the amount of support that the UAE government directs to the establishment of start-up companies in Dubai.
Examples of startup incubators in Dubai
Dubai is home to a huge number of start-up companies, which represent half of the number of companies in Dubai . This was a strong reason for the creation of business incubators to finance and guide the owners of startups, in order to take the best investment steps among international companies.
Business incubators in Dubai are a necessary part of Dubai’s macroeconomic strategy. In the following points, we discuss examples of business incubators that support the establishment of start-up companies in Dubai:
Business Incubator “Bedayat”
It was launched in 2019 as one of the most important business incubators in Dubai. This is under the supervision of the “Mohammed Bin Rashid” Foundation for the Development of Small and Medium Enterprises. The aim of the business incubator “Bedayat”:
- Developing small and advanced enterprises in the UAE.
- Providing training courses for young people and entrepreneurs, and providing real opportunities to meet the largest businessmen.
- Providing state-of-the-art services and facilities for young investors and entrepreneurs, This is to test their products and services before launching them in the market.
Business incubator in5
It was launched by the N5 business incubator through the “TECOM” company, which means the five stages of investment, and they are as follows: strategy presentation, validation, Presentation, incubation and attraction, The N5 incubator aims to:
- Providing support for the establishment of start-ups in Dubai, by establishing business ventures, provide guidance, And holding events to support relationships and communication.
- Providing investment opportunities for entrepreneurs, laboratories and innovative spaces necessary for work.
Business incubator “Godforce Lab”
One of the most important business incubators in Dubai. It is located in the Dubai Airport Free Zone and works to provide support for the establishment of start-up companies in Dubai through the following:
- Providing solutions to support sustainable development for various sectors such as: food, agriculture, education, Finance and lifestyle.
- The business incubator supports the establishment of start-up companies in Dubai. By providing experts who guide young investors.
- The Godforce Lab encourages entrepreneurs to come up with new solutions to create positive change in society.
Steps to establish startups in Dubai
incorporation of start-up companies in Dubai, He needs to follow basic steps in order to obtain a commercial license to operate, These steps or procedures are summarized in the following points:
- Determine the nature of the activity in which you will work, The economic activities in Dubai vary between commercial, industrial, service, tourism and agricultural. And many other activities. The importance of this step comes in that it will determine the procedures and the next steps to establish your company properly.
- Choosing a trade name suitable for the nature of the activity and registering it with the Department of Economic Development in Dubai, It is an essential step for establishing startups in Dubai. This is subject to several conditions such as:
- Choosing a trade name related to the nature of the activity.
- The trade name must not include inappropriate words.
- It is not similar to the name of another company or government agency.
Determine the appropriate legal form for the nature of the company’s activity, There are many legal forms for companies as follows:
- Solidarity Company.
- Simple Recommendation Company.
- A limited liability company.
- Public contribution.
- private contribution.
- Commercial representative office.
- Civil works company.
- A branch of a local company.
- A branch of a Gulf company.
- A branch of a foreign company.
- Free Zone Company Branch.
- Individual Foundation.
- holding company.
- Obtaining the necessary initial approval for (trade name, Nature of the activity, Legal form).
- Choosing a suitable location for the business to be an actual location for the company, whether renting or owning, And to be documented by the concerned authorities.
- Obtaining additional approvals from the organizing authorities for specific activities. Such as:
- Municipality Department in Dubai.
- The Telecommunications Regulatory Authority.
- executive board.
- The Ministry of Economy.
- Dubai Health Authority.
- Supreme Petroleum Council.
- Ministry of Interior Affairs.
- Ministry of Justice.
The last steps to establish startups in Dubai, It is receiving the trade license necessary to work legally in the company and paying the trade license fees.
Tips for setting up startups in Dubai
Dubai is an important investment destination for investors and has proven its ability to create a global investment environment to embrace various types of investments, company sizes and capitals. Here are the top tips for setting up startups in Dubai:
- Prepare an action plan for what you want to do because having a clear action plan for your project, goals, strengths and weaknesses makes you ready for any challenges that may arise.
- Develop a business strategy for the growth of your startup in order to be prepared for all stages of growth in the startup until it grows and achieves its goals.
- Testing the market in which you will work first before starting to produce huge quantities of your products or a lot of services, First, it is necessary to know the extent of acceptance of the target segment, without wasting money.
- Establishing startups in Dubai requires building a network of relationships. Choosing the best partners with experience in the field in which your company operates, To take advantage of that expertise for the benefit of your company.
How do we help establish startups in Dubai?
- We have many years of experience supporting young entrepreneurs and investors.
- The work team in our company is efficiently trained to take over the procedures and documents for establishing startups.
- Issuance of commercial license and commercial register as soon as possible, as well as renewal of commercial licenses.
- Dealing with government agencies in Dubai and handling all transactions, documents and papers.
- Providing all the services required to create an integrated and comprehensive work environment for emerging companies in Dubai.
- Providing advice and legal solutions to various problems that may occur to the startup company.
Summary
In this article, we discussed how to establish startups in Dubai, presented examples of business incubators in Dubai that were established to support entrepreneurs, and provided advice in the form of points for establishing startups in Dubai.
Contact us today and get a free consultation to implement all your business plans!