time, and conviction. While Dubai is a land of opportunities, it is on you to believe in yourself and take the initiative. There are only a few formalities involved in setting up a company in Dubai, and we will look at them in this article.
The key steps of setting up a company in Dubai are as follows:
Select the business activity
The first step of any business formation is an idea that gives you the feeling that a business in this direction will be sustainable and profitable. Before establishing the company, you must select the industry in which you intend to set your business.
- Decide whether it will be a manufacturing firm, services firm, or a combination business.
- The next decision is the domain – food, medical, technology, advisory, media, telecom, and many more.
You have to do in-depth research to finalize the business activity and the potential client base.
Select the legal structure
Another critical consideration is the legal structure of your company. One can choose to form an LLC, LLP, Free Zone Company, partnership firm, branch office, or any other form acceptable in Dubai. It is essential to decide since the process is different for different business structures and locations.
Deciding on the ownership and capital structure are also crucial decisions to be taken before setting up the company.
Choose the name of the company
One has to choose the name of the company as per the naming convention rules stated by the government. Offensive language and use of any religious, sectarian, or political groups are not allowed. If a person’s name is to be used in the company name, then he/she must be an owner/partner of the company. The naming must also include the business activity you intend to operate to give a better idea to the industry and potential customers.
Complete the application and documentation
You must submit the application form for the type of business activity chosen and submit to the relevant authorities. You must also submit the required documentation for the application, including identity proofs, address proof, ownership structure, business plan or no-objection certificate, local sponsor’s details, and other important documents.
Receive the business license
Once the authorities receive all the documents, they approve the application or reject it based on the sufficiency of the submitted documents and error-free application. After approval, the applicant receives the license from the relevant authority.
Open a bank account
Once you receive the license, the next step must be to open a bank account in the company’s name to make possible the payment and receipt of money for any transaction. You must check and compare the features, expenses, complicated procedures, and benefits of opening a bank account with various local and international banks in Dubai.
Process your visas
It is an essential step for the expatriates to apply for visas for their staff members, who are not locals. In some of the free zones, while selecting the package of business registration, a few visas are included. Furthermore, before putting the visa applications, it must be checked that you and others whose visa applications have been submitted comply with all the entry criteria for the visa.
The business is good to go!
Once all the necessary steps are followed, and the license is received, you are all set to start your business operations and focus on managing it well to achieve the desired growth.
You can take the assistance of professional company formation firms who can provide the required advisory services and help execute each step. Such professional business consultants are adept at handling all the technicalities and understanding the clauses of each relevant law and regulation.
NR Doshi & Partners is a prominent consultant in Dubai, providing all the services to form a company in Dubai. We are the company formation experts who guide you in all the phases and handhold you throughout the process to ensure no complications arise. We assist with company formation in the mainland, free zones, and an offshore company. We ensure that you comply with all the rules and regulations, possess the required licenses and permits, and are all set to run your business operations from the dream location of Dubai.
Just share your vision, and we ensure you a fruitful business setup journey!