How to Setup a Start-Up in Dubai

How to Setup a Start Up in Dubai: Startups are those businesses that are focused on top-end revenue and growth potential of their venture. They provide unique services or products in the market. They are small companies which can fit well in any economy. The startup market in Dubai is one of the most leading hot spots as theories a lot of booming economies there. With the influx of many many young entrepreneurs and women entrepreneurs, the startup market is gaining a lot of traction. Moreover, the new visa system offers 10-year visas for business persons and professionals if they want to start a business in Dubai, therefore it attracts more business.

The way to set up a startup in Dubai is the same as starting any business. There are some procedures to follow:

Research the Jurisdiction

There are many zones in Dubai Market – Mainland, Free Zone, and Offshore. Make sure they meet the demands of your business and the activities you want to conduct. Each has different perks and limitations.

Company Structure

To know the correct form of operation of the business, you need to decide the legal form or the company structure for your business at an initial stage before you start the rest of the procedure.

Getting Approval for Name and Activity

One needs to get approval for the name and activity that you want to do from the Department of Economic Development before actually setting up. The activity is also approved at this step and required documentation is distinguished for the process of licensing.

Getting License

Depending on the type of business you can choose the type of license you want to obtain – Commercial License, Professional License, Industrial License and Tourism License.

Registration of the Business

Licensing and Registration are done hand in hand, therefore the entire process is known as the registration process. The Department of Economic Development (DED) usually deals with giving trade licenses to businesses to conduct business-related activities.

Local Sponsor/Partner

One of the rules of incorporation of a business as default is having a local sponsor who can either be a percentage partner or is strictly involved only as a person to authorize documentation. There can be a leeway in Freezone companies in this regard.

Getting External Approvals

Sometimes approval from DED alone is not enough and requires approvals from other bodies, governmental as well as non-governmental bodies. For instance, companies may require getting approvals from the municipality, banks, embassies, etc.

Drafting an MOA

Ensuring to take expert advice is crucial because a lot of details can’t be changed and they need to be made in a way that they comply with all business regulations.

Renting Office and Getting Tenancy

There are some restrictions and rules for the amount of office space required in some areas of jurisdiction. A tenancy contract must be acquired before getting the business license.

Getting the Business License

After the entire procedure is over and several documents are submitted – Memorandum of Association, the License Application, the attested LLC agreement, governmental forms, name reservation certificate, initial approval certificate, external departments approval, tenancy contract, registration certificate, passport copies partners, NOC for partners (if any) or any other specifications as per your business demands – one will have to pay the necessary fee and get the license from DED.

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Originally posted 2021-09-29 04:08:11.