Establishing startups in Dubai

26 Jun Establishing startups in Dubai

Establishing startups in Dubai

The establishment of startup companies in Dubai is one of the types of investment that the UAE government has worked to support and provide all the necessary requirements for emerging companies to obtain a share in the UAE market and compete in global markets, by providing training courses for young people and emerging investors and providing business incubators.
In this article, we discuss how startups are established in Dubai and how the UAE government supports startups in Dubai by providing various business incubators and a lot of important information.
Establishing startups in Dubai
The UAE government has provided business incubators to help establish startups in Dubai, where District 2071 has been established, which includes advanced workspaces for supporting startups and young investors, as District 2071 includes all the factors that help create innovative ideas and design out-of-the-box practices in many sectors such as aviation, education and health. energy, entrepreneurship and technology.
One of the important advantages provided by District 2071 to support the establishment of start-up companies in Dubai is the provision of commercial licenses at lower costs, unlike other areas.
A study was conducted by the Mohammed bin Rashid Foundation stating that 50% of the companies in Dubai are startups and embrace about half of the workforce in Dubai, which indicates the amount of support that the UAE government directs to the establishment of startups in Dubai.
Incubators for the establishment of start-up companies in Dubai
Dubai is home to a huge amount of startups, which has led to the need for business incubators to finance and guide the owners of startups to be ranked among international companies with the best investment steps.
Business incubators are an essential part of the macroeconomic strategy developed by the UAE government for Dubai. Here are some business incubators that support the establishment of startups in Dubai:
Business Incubator “Bedayat”
In 2019, one of the most important business incubators in Dubai was launched under the supervision of the Mohammed Bin Rashid Establishment for the Development of Small and Medium Enterprises. The business incubator “Bidayat” aims to:

• Developing small and advanced enterprises.
• Providing training courses for young people and providing real opportunities to meet with experts and the largest businessmen.
• Providing the latest services and facilities available to investors and young entrepreneurs to test their products and services before they are available in the market.

Business incubator in5
The N5 business incubator was launched by “TECOM” and the word “N5” means the five stages of investment, namely: strategy presentation, validation, Presentation, Incubation and finally attraction.
The N5 incubator aims to:

• Supporting the establishment of start-up companies in Dubai through the establishment of commercial projects, provide guidance, And holding events to support relationships and communication.
• Providing investment opportunities, laboratories and innovative spaces necessary for work and studios.

Business incubator “Godforce Lab”
The business incubator “Godforce Lab” is one of the important business incubators in the city of Dubai, which is located in the Dubai Airport Free Zone and works to provide support for the establishment of start-up companies in Dubai through:

• Providing solutions to support sustainable development for various sectors such as: food, agriculture, education, Finance and lifestyle.
• The business incubator “Godforce Lab” supports the establishment of start-ups in Dubai by providing experts who guide young investors.
• The business incubator encourages entrepreneurs to create innovative and new solutions to create positive change in society.

Tips for setting up startups in Dubai
Dubai is known to be an essential 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. One of the types of investments that the UAE government gives special attention to is establishing startups in Dubai. Here are the most important tips for establishing startups in Dubai:

• Prepare a clear action plan for what you want to do because having a clear action plan for your project, goals, strengths, weaknesses, threats and opportunities will make you ready for any challenges that may arise.
• Developing a clear strategy for the growth of your startup is a necessary step in order to be prepared for all the different stages of growth that the startup will go through in order to grow and achieve its goals.
• Giving priority to research and development in the sense of testing the market in which you will work first before proceeding to produce huge quantities of your products or many services, so you must first know the extent of acceptance of the target segment without wasting money.
• Establishing startups in Dubai requires building a network of relationships and selecting the best partners with experience in the field in which your company operates in order to benefit from that experience for the benefit of your company.

Steps to establish startups in Dubai
Establishing startups in Dubai requires following basic steps in order to obtain a commercial license to operate. These steps or procedures are summarized in the following points:

1. Determine the nature of the investment activity in which you will work, as the activities in Dubai vary between commercial, industrial, service, tourism, agricultural, and many other activities. The importance of this step is that it will determine the procedures and next steps for establishing your company properly.
2. Choosing a trade name suitable for the nature of the commercial activity and then registering it with the Department of Economic Development in Dubai, which is an essential step for establishing startup companies in Dubai, according 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.

1. Determine the appropriate legal form for the nature of the company’s activity, as 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.

1. Obtaining the initial approval for (trade name, Nature of the activity, Legal form).
2. Choosing a suitable location to work in, so that it is an actual location for the company, whether renting or owning, and that it is documented by the concerned authorities.
3. Obtaining additional approvals from the authorities organizing these 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.

1. The last step in establishing startups in Dubai is to obtain the trade license necessary to work legally in the company and pay the fees for the trade license.

These are the steps for establishing startups in Dubai to obtain a commercial license to start operating after this step in an actual and official manner.
How do we help establish startups in Dubai?

• We have many years of experience mentoring young entrepreneurs and investors.
• The team in our company is trained to take over the procedures for establishing startups.
• Issuing a commercial license as soon as possible, as well as renewing commercial licenses.
• Dealing with government agencies and all transactions, documents and papers.
• Providing all necessary services to create an integrated work environment for emerging companies in Dubai.
• Providing advice and legal solutions to all problems that may occur to the startup company.

Summary
In this article, we covered the steps for establishing startups in Dubai, examples of business incubators that were established to support entrepreneurs in Dubai, and gave tips for establishing startups in Dubai.