Launching a new business is the desire of a lot of business people, and what better location to establish a business than the UAE. But starting a business in a new place can be a difficult task, this is the reason why always business people seek the assistance of the business setup consultants in Dubai, to start their business in a dedicated way. Business setup consultants have the proper market knowledge and they are aware of new demands and trends of the UAE market. They are able to complete the establishment process according to the rules and regulations. They can manage all the legal matters related to business formation in Dubai and the UAE. That’s why, if you want to start a business in Dubai, then it is best for you to consult with an experienced consultant.
The United Arab Emirates is scaling new heights with new businesses growing every day. The strategic location, world-class infrastructure, and profitability make sure an ideal business climate. The economy of the UAE is currently flourishing with bright business concepts and companies should find a method to stand out while making a decent flow of revenue while keeping costs low. To stay forward in the competition, strategies require to be formed so that they are able to handle regular operations as well as plan how to up their game in the market and at the same time retain customers. This is where the requirement to appoint business setup consultants.
The Steps to Start a Business in UAE
1. Choose the Business Name and Activities
The first move for forming a business in UAE is to outline your trading activity and select an appropriate name for your company. Your selected activity should conform to a pre-sanctioned list given by the authorities of the UAE. This is vital that you make a decision about your business activities prior to taking any other moves because it will determine the kind of business license that you will need. If you want to do a commercial activity, you will require to have a commercial license. If you want to do an industrial activity, then you will require an industrial license.
At this phase, you also need to decide on the name of your company. The company set up professional can assist you to select a suitable name according to the naming convention guidelines of the UAE, most of which are common sense – like not utilizing any word that is offensive to others. Again, you will require to select your company name in advance because you will have to check that, the name is available to be registered prior to applying for your business license.
2. List Your Business Needs
This is possible to apply for a standalone business license in Dubai and the UAE. Although, you also have the choice to make an application for a business license package through a free zone. These packages involve additional advantages like visa eligibility or the utilization of co-working features. Your package may also comprise a fully equipped office, land, or warehouse on which you can develop your premises. Applying for your business license as part of a package by a free zone is often the very affordable method to set up a business in the United Arab Emirates.
3. Submit Your Application
Once you’ve determined your business name, decided your business activities, and described what you need from your license package, this is time to make your application. If you have determined to establish in the mainland UAE, you can apply to either Municipality of the emirate or the Department of Economic Development. If you have selected to form in one of the free zones, then you have to submit your application to the managing authority directly of that free zone. In several cases, the starting application can be done online.
4. Get Your License
The next phase is simple, just wait to receive your paperwork. Your business license and bank letter would be granted on completion of the license formalities with your registration set.
5. Apply for Your Visa
If you have chosen a free zone with eligibility for a visa, your application for visa procedure would start as quickly as your business license is granted. If you are making an application for your own visa, you can do so as quickly as you get your business license. The procedure of a UAE visa consists of an application, complied with biometric capturing and medical tests. Because it is such a vital phase in the procedure, this is the best way to work with a specialist to make sure your application is submitted successfully and isn’t unnecessarily delayed.
6. Open a bank Account
The last phase prior to you being ready to do business is opening a bank account for your company use. Generally, in a free zone, you would be granted a bank letter which you can submit to any bank that you intend to open a company bank account in the UAE. Once again, move your work with the business setup consultants in Dubai that can assist you to make this move a breeze.
Also read, What is an offshore company formation?