This “city of gold” provides thousands of business opportunities and has extraordinarily reliable and investor-friendly modules for any new company setup in Dubai. Following the below-mentioned steps, you can also easily open your company within a matter of a few weeks.
Do Research Before Choosing Your Business Niche
Each company focuses on solving a specific niche problem. When you start your company, do some research, and find the right niche for your business that offers profit, practical solutions, and, of course, should be feasible. Make sure it benefits the UAE market in particular.
Make Sure Your Company is in the Correct Zone
There are three main economic zones or jurisdictions in UAE: Free zone, offshore, and the mainland. Each zone has specific formalities and regulations for business setups. Therefore, you need to select that jurisdiction that caters to your business requirements and helps it in profitability.
Decide Your Company Structure for the License
What should be the structure of your company, or what should be the legal form for your company, is the most important question of your entrepreneurial venture. Deciding the company structure helps you plan the layout of your company and provides you with the right approach to deal with assets and profits. Moreover, you cannot apply for a trade license without the legal form. Here are some of the branch options of legal forms to register your company in UAE:
- free zone company structure
- civil company structure
- limited liability company
- local company
Approval of the Company’s Trade Name & Niche
After selecting the structure of your company, now you must get the approval of your company’s trade name and niche from the Department of Economic Development (DED). Otherwise, you cannot set up your company in the UAE. It will be considered illegal. Once you receive the approval comes the part of getting a trade license to open your company officially.
Application for Trade License
Depending on your jurisdiction, the trade license policies and regulations are different. For the mainland, there are a few types such as tourism, professional, and industrial, but for free zones, the requirements and options of the license will be different.
Company’s Registration
Don’t think registration and license are the same things; they are not. You need to register your company along with the license application for a successful business setup. Directed by the DED, you need to get different documents approved by relevant government departments.
More Approvals
Depending on your business niche, DED can ask for further external approvals from different government, semi-government, and non-government authorities such as foreign embassies and international banks.
Be Ready for MoA
The Memorandum of Association (MoA) decides the minimum percentage of your share capital. Therefore, it should be aligned with the UAE government mandates and follow your business’s goals and interests.
Preliminary Authorization
Before you get your license, launch your business, or do anything else, you need to get approval from the Department of Economic Development. This approval will state that the UAE government does not have any objection regarding your business startup.
Get Your Trade License
To collect your trade license UAE, you need to get a tenancy contract, Ejari registration application, rent an office, and all the above documents from the government and submit them to DED along with specific fee requirements.