Dubai is the capital of the UAE (United Arab Emirates). It provides opportunities to do business around the world. There are many benefits of doing business here as it is safe and secure, one of the world’s lowest tax rates, latest technology hub, etc. If we talk about future market trends, then it shows that doing business in Dubai can prove to be very beneficial.
This is a place where if you are serious about starting a business, you can achieve great success. According to a law firm in DIFC, it’s always a better idea to consult a business lawyer before starting a business. In this article, we will talk about how to start a business in Dubai.
How to start a business in Dubai
Due to no currency restrictions, easy availability of partners, many people want to start a business in Dubai, but do you know how to start a business in Dubai? Let us know-
1. Have a Clear Business Idea
Before starting a business, it is very important that you should have an idea of what you want to start the business. If you do not have a clear idea, then your business cannot be a success. Apart from this, you should also see what the scope of your business will be in the future.
2. Choose a Company Name
There are a lot of strict regulations to name the company in Dubai. So, you have to keep in mind that the name you choose does not contain any offensive language and also reflects your business activity. Please study once which words you cannot include in your business name and see if the name chosen by you is available or not.
3. Select a Business Location
Finding the right location is very important to do business in Dubai. You should do market research where your product will sell more and where your product demand is more. Apart from this, you should also find out how much cost will be incurred on starting a business.
4. Fill Out an Application Form and Other Necessary Documents
When you have chosen your business idea and think about your company name etc., then it is the turn of paperwork. If you have to set up your business in Dubai, then you may need a preliminary approval certificate.
When you are going to apply for a business license, then you have to specify what kind of business you are about to start. Apart from this, the passport of you and your partner should also be submitted to the government authorities.
5. Receive Your Business Residence Visa
You will also need a residence permit to start your business. Visa gives you the right to stay in Dubai. It is worth noting that you cannot get a permanent visa made in Dubai; that is, you will have to apply for an extension after every three years.
6. Open a Bank Account
When you become free from documentation and license, then open a bank account as well. There are many local and international banks in Dubai where you can open an account to transact your business.
7. Find a Local Partner
If you want to do business in Dubai, then you have to find a local partner. And according to UAE commercial law, that local partner should have 51% shares in your company. Hiring a business lawyer can help you with partnership agreements and contracts.
Renting commercial space is a huge responsibility. Before you approach the landlord to rent a commercial space. It is important that you must ensure that you have a clear understanding of the basic terms of the commercial lease agreement.
Now you are ready to do business in Dubai. Keep in mind that it is never easy to do any business, and challenges keep coming into it. So, make sure that you are ready to face all the challenges of your business. So, these were some steps that you can follow to establish a business in Dubai. Please keep in mind that all these steps are significant for doing business here, so read about them in detail.