Steps to Setting up a New Business in Dubai

Steps to Setting up a New Business in Dubai: Dubai is a leading economic power in the middle east. Business creation is booming, and if you are looking to join the bandwagon, now is the time.

Selecting the name and location for your business

There are regulations regarding the names of the businesses in Dubai. Make sure the name you select adheres to the protocol. It would help if you researched the viability of your product or service in the market. Use it to choose your business location. You can set up shop in the city or in one of the free zones. Do market research and choose the perfect spot. Take into consideration the various costs, locations and permissions. Free zones usually are expensive.

Find a local sponsor

There are restrictions on starting a business in the Dubai mainland. You need a local license. You have to find a UAE or Dubai based citizen to partner with you. Your partner can take on an active role in your company or be a sleeping partner. Get a written agreement attested in court. The sponsor has to send you an invitation as the investor for you to get the proper visa.

Way to own 100% of your company

There is a way to have sole proprietorship of your company. You can start your business in one of the free zones. There are many free zones, each operating for various services or categories. You can later expand to the mainland by following the required norms and applying for permission from the Department of Economic Development(DED).

Licensing for your business

Apply for Memorandum of Association with the DED and get preliminary approval. Register the business name with the DED. Different businesses have different licenses. Some companies need more intermediate steps to cross before you can get a permit to start your business.

Hiring employees

This is a process that depends on your type of business and your license. Some allow you to hire staff while others have various restrictions. Ensure you have a clear idea about the rules relating to your business and licensing.

The process is extremely efficient and provided all the documentation is submitted, and the business registration takes 7 days on average. If you are still unsure of how to set up your business, you can always hire a consultant!

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Originally posted 2021-09-29 04:47:07.