Entrepreneurs from all over the world live in Dubai. More and more investors and businessmen from other countries come to the emirate annually to take advantage of its excellent business environment. In most cases, foreigners can now own 100% of a business in Dubai. This is in addition to the fact that Dubai has no tax. Moreover, the business setup in Dubai is more straightforward as well. This, along with the introduction of long-term visas, has made it clear that Dubai is the best place for businessmen from other countries. Starting a business here doesn’t have to be challenging, but it does require some local, expert knowledge.
Can Foreigners Start Business Setup in Dubai?
First, let’s talk about the basics. Yes, a person outside of Dubai can start a business, and many do. Over 80% of the people living there are foreigners and many own businesses. Dubai is very open to foreign investors and business owners. There are many company formation experts and setup agents in the emirate.
They help foreign businessmen get licenses and visas and set up their businesses.
How Can a Foreigner Start a Business?
As a foreign business owner just starting out in the UAE, your first job should be to learn about the local ways of doing business. Many people won’t know how some parts of the company formation in Dubai work. The process will go more smoothly if you learn about these steps early on.
So, you should first find a company setup agent who can help you through each step and give you advice and support.
For example, a company is named differently in Dubai than elsewhere. If you want your name to be part of the name of your business, you must use your full name, not just your last name or initials. Your chosen setup agent can help you with each step and match your business to one of the more than 2,000 activities allowed.
You can move on to the licensing process when you’ve taken care of this early administrative work.
What You Need to Open a Business setup in Dubai
Companies set up in free zones must follow the rules of that free zone. So, the documents you need to bring will depend on the free zone to which you apply. Some of the documents that may be needed are:
- Application form filled out
- Plan for business
- Copy of the business license or registration certificate you already have (if you are an existing company, applicable for local companies only)
- Colored copies of the passports of the company’s shareholders and the manager or director who has been chosen for the new business.
- Sample signatures of the company’s owners and the manager or director chose for the new company.
- Two years worth of audited financial reports for the company or a letter of recommendation from the individual shareholder’s bank.
- NOC from the sponsor at the moment (for individuals)
For further guidance, you can contact a local consultancy agency. They have complete knowledge of how think works in Dubai.
How Much Does It Cost to Start a Business in Dubai?
The low cost of doing business is another reason why business people from all over the world like Dubai. Even though there are many factors, a trade license will likely cost between AED 15,000 and AED 25,000. This is a pretty close estimate, though. A business setup in Dubai depends on many things, like where you want to set up shop, if you want to rent space, how many employees you have, and a lot more.
For example, company formation costs in Dubai freezone are often much lower than on the mainland. Also, if you choose to use a co-working space instead of a permanent office, your costs to get started will probably be lower.
How To Start a Business setup in Dubai Quickly and Easily
Starting a business in the UAE has been made as easy as possible, and anyone can do it. Still, you need to know much about the region and its many rules and customs. That’s why it’s always best to hire a business setup company. They can also find the best license and type of setup for your business based on your needs and budget. Moreover, they can help you open a corporate bank account in Dubai, which is a must for a businessman.
When you use business setup services, you also get the peace of mind that your license and visa applications are free of mistakes and omissions, which can cause delays and rejection.
Conclusion
When you work with a company formation specialist in the UAE, you only need to give them some essential paperwork and a few details about your business. Then, you can relax and let the experts handle the rest. They will handle your license and visa applications, talk to all the relevant departments and authorities, and let you know when you are ready to start trading. It’s really that easy.
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