21 Apr What are the benefits and steps of establishing a company in Dubai?
Despite the global pandemic that has left several dire economic impacts on most countries of the world, However, Dubai issued more than 55,000 new business licenses in the first ten months of 2021. And compared to the same period in 2020, This was a growth of 69 percent. It is expected that this percentage will increase in 2022. These numbers prove the positive growth witnessed by the corporate market in the UAE, and specifically in Dubai, as it is one of the most thriving places in business.
If you are planning to start a business in Dubai, You made the right choice. The expanding economy of the United Arab Emirates provides many attractive prospects for potential entrepreneurs and established companies alike in fields as diverse as healthcare, hospitality, technology, trade and other areas.
Here is everything you need to know about starting a business in Dubai in 2022. Starting from naming your company and applying for licenses and visas to the necessary legal and administrative issues.
What are the benefits of establishing a company in Dubai? :
There are several significant advantages of company formation in Dubai. Among these:
1- Quick setup:
Dubai has a fast and straightforward company formation process. in about 90 minutes, You can register your business with the Department of Economic Development. The typical setup time is only four to five days.
2- Diversity of commercial activities:
Dubai offers you more than 2,000 commercial activities in various fields that you can choose from.
3- Tax advantages:
Companies in the United Arab Emirates are exempt from paying any taxes.
4- 100% foreign ownership:
The Foreign Direct Investment Model Regulations limit foreign business investment to 49 percent of the business. While the local partner is entitled to 51 percent ownership, in the United Arab Emirates, Foreign business owners can own 100% of their companies using a variety of corporate structures, according to the latest laws in the UAE.
What are the steps to start a business in Dubai? :
Company formation in Dubai can be complex. But if you follow a simple step-by-step process and with the right help, It might be a lot easier than you think. Itqan has helped countless companies establish their branches in Dubai. We can simplify the process into the five steps listed below:
1. Determine the type of work:
The first step towards incorporating your company and obtaining a license is to determine the nature of your business. Choose from 2000 commercial activities listed in several specializations, including industrial, commercial, professional, tourism, and others. You can find the full list on the Department of Economic Development website.
2. Choose your company name:
Your trade name is a critical component of the legal process. unless the company is a subsidiary of another company, The company name should ideally reflect the essence of the business. It is also crucial to adhere to the strict naming conventions in the UAE and not deviate from their terms in naming your project.
3- Legal form:
Choosing the legal form for your business is crucial when starting a business in the UAE. defines the framework for dealing with profits and losses, How to organize your resources and assets. You cannot apply for a business license until you have determined the legal structure of your business. Below are some of the legal forms of companies available for registration in the UAE:
A limited liability company
Individual Foundation
civil company
Branch of a local or foreign company
Free Zone Company Branch.
4- Submitting all documents to the department:
Your company incorporation and licensing coincide. However, the documentation and approval process requires several steps. At this stage, You must obtain all required government approvals as needed by the Department of Economic Development. The required documents vary according to the type of company and its activity.
5- Your visa:
It is the final step in setting up a business in Dubai. You can also apply for your employees and family members along with your visa application. Assuming all information is in order, The process consists of three stages:
To obtain an entry permit to the Emirates.
Do a medical examination to ensure your safety.
Taking the Emirates ID and stamping the visa on it, And congratulations.
We are an ITQAN company for company formation in Dubai, We specialize in providing the solutions that best suit you when starting a business by providing quick assistance. Help in setting up your business in Dubai is just the first step. We also provide assistance with tax preparations, legal advice, HR services, and more.
Take advantage of our consultations today and get expert advice on setting up a business in the UAE.
Contact us today and get a free consultation to implement all your business plans!