Can a Foreigner Own a Business in Dubai?

Can a Foreigner Own a Business in Dubai: The UAE is a business hub, and it is a great place to invest in and start a new business. Dubai is a land of opportunities. But, the law does not allow you to have a business without the sponsorship of an Emirati. There have been recent amendments allowing for 100% FDI, but the rules are not very clear on its operations.

Meanwhile, if you are looking to open a wholly-owned business in Dubai, you can look at the various free trade zones. There are 20+ free zones in Dubai, and more are under construction. Different types of businesses can operate in specific free zones. Free zones have many advantages like 100% ownership by foreigners, excellent support, no currency restrictions, and efficient logistics and such.

How to start up a business in Dubai Free Zone?

• Identify your business type and what type of company you want to set up. In the free zones, you can have a Free Zone establishment (1 shareholder), Free zone company ( 2 or more shareholders) or the branch of a company operating in UAE or any other country.
• Check out which are the free zones where you can set up your business. Choose the best location depending upon the cost, footfall expectations and other margins.
• Research about the free zone and find out the regulating authority- In Dubai, the free zones come under many authorities like Dubai Creative Clusters Authority, Dubai Multi Commodity Centre Authority and many more.
• Know what type of licence to apply. Depending on the nature of your business, you can apply for trade licence, industry licence, service licence or general trade activity licence. The concerned free zone authorities issue the licences.
• Choose and register the trade name. The trade name should be available for use with the concerned free zone authority, and the company name should follow the general naming convention according to the law.
• Fill up the forms, get your documentation ready like a business proposal, MAA, copy of passport and other relevant documents and apply for the licence. You will get your licence in a maximum of four weeks.
• Open a corporate bank account. Show all your documents about your business and your licence to open a corporate account.
• Apply for a business visa. Depending on your licence you may get the visa for yourself and a few employees.

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Originally posted 2021-09-29 05:02:27.