Dubai is a global business hub that offers a favourable environment for entrepreneurs and investors. The city's strategic location, world-class infrastructure, and business-friendly policies make it an ideal destination for setting up a business. However, the process of starting a business in Dubai can be complex and daunting, especially for those new to the region.
Below, we will provide all the information you need to start a business in Dubai.
Choose a Business Activity and Legal Structure
The first step in starting a business in Dubai is to determine the business activity and legal structure. The business activity determines the type of license required, while the legal structure determines the ownership and liability of the business. The most common legal structures in Dubai are sole proprietorship, partnership, and limited liability company (LLC).
Choose a Business Name and Reserve it
The next step is to choose a unique business name and reserve it with the Department of Economic Development (DED). The business name should reflect the nature of the business and comply with the naming conventions set by the DED.
Obtain Initial Approvals and NOCs
Before obtaining a trade license, businesses need to obtain initial approvals and No Objection Certificates (NOCs) from various government departments. The approvals and NOCs required vary depending on the business activity and legal structure.
Rent a Commercial Space
To obtain a trade license, businesses must have a physical commercial space in Dubai. The commercial space can be rented or owned, and it must comply with the zoning regulations set by the Dubai Municipality.
Obtain a Trade License
The final step in setting up a business in Dubai is to obtain a trade license from the DED. The trade license allows businesses to legally operate in Dubai and conduct the business activity specified in the license.
What else should you know before setting up a business in Dubai?
In addition to the above steps, businesses in Dubai must also obtain visas for their employees and dependents to legally reside and work in Dubai, maintain a minimum share capital and keep proper financial records and comply with all legal and regulatory requirements set by the government of Dubai.
Starting a business in Dubai can be a complex process, but with the right guidance and support, it can be a rewarding experience. If you're looking to set up a company in UAE, then you'll need the help and support of a company formation services agent in Dubai.
At Time & Motion, we offer advice and practical support to all kinds of entrepreneurs and business owners when it comes to company formation in Dubai.