The United Arab Emirates is popular among investors and business figures. It is not only an investor-friendly country, but its low tax policies and ease of doing business have strengthened its status as a Middle Eastern economic powerhouse. The government also has policies that benefit and encourage business owners. Here is a quick guide from Eunion Capital on how to set up a company in Dubai.
Setting up a company in Dubai
Before you begin establishing your business in Dubai, there are a few things you should be aware of. Let's look at each one separately.
Jurisdiction is also called economic zones. The UAE market is divided into three economic zones:
- Free Zone
Each of the above jurisdictions has its own set of business setup rules and regulations. They also cater to a variety of business requirements.Your company's jurisdiction is defined by your needs and the nature of your business.
The legal form of the company and getting the approval
Choosing the company's legal structure during the initial planning stages is important when starting a business in UAE. It is obligatory to decide on the company's legal form to apply for your business license. Following are some forms of legal companies:
- Limited liability company (LLC)
- Sole establishment
- GCC company
- Foreign company branch
- Free zone company branch
- Local Company branch
Before you can move forward with setting up your company in the UAE, the Department of Economic Development (DED) must approve the trade name for your company. Once the company name and chosen business activity have been approved, you can apply for the trade license.
Apply for the Trade License
Aside from settling on a zone, you'll also need to choose what kind of license you'll need. You can apply for one of three primary types:
- Commercial License
- Professional License
- Industrial License
Name of the Company
Names that contain offensive language, could offend religion, or refer to political groups are prohibited. The process of naming your company can be complicated. It is recommended to consult an expert to assist you in following the norms and have your name approved to save time and work.
Register your Company
Each type of business requires its own set of documents.Department of Economic Development will need you to obtain approvals from appropriate government authorities.
There are several banks to pick from in the UAE, both local and foreign.You can now open a corporate bank account once approved and received all relevant documentation.
All firms in Dubai are required to have a physical address. Depending on your business needs, you can rent an office unit or use a shared workspace at a business Center.
Get the Initial Approval and collect the trade License
You need to get the initials approval from DED indicating that the UAE government has no objections to establishing a business in the country.Finally, you'll need to pay for the license using one of the permitted payment methods, and your firm will be up and running.
About Eunion Capital
Eunion Capital is an international company with offices in Dubai, Rome, Hong Kong and Miami. Eunion Capital is a global business that operates in the fastest growing markets in the world like Middle East, Europe, USA and Asia. Eunion Capital support and help businesses to export, promote and sell their products in the main target markets. Eunion Capital helps businesses also to find investors or buyers in the wealthiest markets in the world.