Dubai is known for providing opportunities to reputable business companies and entrepreneurs. This city is filled with extraordinary business platforms that are still in the developing process in other famous cities. Those who want to get a chance in the Dubai market must understand some basic guidelines to start a business in Dubai.
Let’s take a deep dive into some interesting facts about Dubai business hubs and how to get a chance to establish one of your branches/companies in the best city in UAE.
Steps to Start a Business in Dubai
There are some major categories of business in Dubai, from which you have to choose one according to your financial capability and requirements.
Limited Liability Company (LLC)
In this business, the company is owned by one or two members who can start it with minimum chances of legal documentation submission. The tax value will be low and if your company by any means liquidates then all the bank accounts, cars, and homes will not be added to the company’s assets list.
A safe type of business for entrepreneurs.
A building where only one objective is focused can be linked with goods/services. These establishments can be an office where services are performed or a store where you can sell your goods. Any factory or warehouse lies in the category of the establishment even your private office in your home can be included in this format of business. Starting a business in the free zone or the mainland of Dubai for your future office/factory involves searching for a proper place with the help of business consultants.
Some major private cities within UAE are dedicated to specific business classifications.
Free zones in Dubai
This inner-city is one of the first ones which made a huge impact in the technological world for creating a perfect platform to attract major international companies for online business in Dubai. Companies like LinkedIn and Facebook also made a branch in this city. The internet city is ideal for IT entrepreneurs who want to get maximum perks while doing online business in Dubai.
They can avail of tax exemption for more than 40 years, full foreign ownership, medical security, and top-level Metro Ethernet facilities.
You can set up your business in Dubai Media City, this minor city is a core for the best technological advancement in the media world. Your company can get proper linkage with famous media brands. Listed among the world’s best media ecosystems, this city offers a great range of products and services for entrepreneurs to avail knowledge and start a new business in Media City. The media city arranges workshops, media sessions, and experience the latest technological products right after their announcement.
The most important city of UAE, if you are a doctor or want to start a business in Dubai linked with the medical department then this Dubai Healthcare city is designed for you. They have clinical, commercial, and retail spaces made according to your professional skills and type of business.
Healthcare city compromises clinics /commercial offices that offer great government services to assist doctors, surgeons, and members of health departments. This city is still an under-developing state which means great opportunities available for new-comers in Dubai to start their health business.
Process for business start-up
The last stage of starting a business in Dubai is finalizing the legal documents required by the DUBAI Department of Economic Development. To accomplish that you must fulfill some requirements and those are;
Any business in Dubai cannot be continued if all the legal paperwork is not complete or there are some errors creating hurdles for you Bureau of Financial Functions in Dubai. To avoid these problems, you must perform some legal activities to clear all the slips for your business transactions.
For entrepreneurs, they must get a license based upon the type of their business. Such as;
- Commercial License
- Professional License
- Industrial License
If you can acquire one of these licenses, then the government of UAE will open major gates for you to start a business in Dubai and get maximum advantage from the services designed by economic departments.
To get a license all you need to do is:
- Photocopies of passports of all the legal members with whom you made business deals.
- Photocopies of your financial transactions and bank accounts you opened in Dubai.
- Get approval from (DED) after submitting your general trade license photocopy.
- Passport size photographs.
- Photocopy of your passport.
- Photocopies of your tax residency.
When you conclude all the necessities then the next step is to register your company and present it globally.
Register your company
The cost of starting a business in a free zone is about 9000 AED including attesting fees and forms submission. You can register your company with the help of business set-up consultants who can guide you with all the form-filling and assisting you to get your company registered name, logo, and slogans.
Get Local Sponsors
To start a business in Dubai and getting local sponsors is an extremely complicated process but with the right guidance and knowledge, you can get what you are looking for. Local sponsors who represent Corporate Sponsorship, these companies will hold around 51% of your company’s shares and liabilities to take full accountability for your business. It is extremely important to check the sponsor’s records, if they are clean and no chance of any sort of fraud then make a long-term deal with these local sponsor companies.
UAE visa is becoming a need for those who want to start a new business in Dubai. Without acquiring the Visa things may turn unfavorable for your business because numerous official papers and bank accounts will be activated if you are a citizen of Dubai.
KWSME is one of the best consultant teams that can help you to start a business in Dubai with zero chance of deception or failure in the process of business setup. They can help you to create office buildings in the Media/Internet city of Dubai, fully furnished office spaces for small and large size startups.
KWSME can get you Employment and Family Visa for settling permanently in Dubai. They have the best expertise to complete all of your legal documentation and solve major problems within days. Feel free to visit their website kwsme.com for further details about opening an online business in Dubai.