This is a good summary of the essential steps to start a business in Dubai. Here’s a more detailed explanation of each step:
1. Choose Your Business Activity
- Identify the type of business you want to set up, ensuring that the activity aligns with Dubai’s laws and regulations.
- Activities can range from trading, consulting, manufacturing, retail, etc. Choose the one that fits your business model.
2. Select Jurisdiction (Free Zone, Mainland, or Offshore)
- Mainland: Allows direct trade within the UAE and more freedom in business operations, but requires a local sponsor or service agent.
- Free Zone: Provides 100% ownership, tax exemptions, and no need for a local sponsor. However, business within the UAE market may be restricted.
- Offshore: Ideal for businesses that operate internationally without engaging in UAE’s local market.
3. Finalize the Company Name
- The name should align with the UAE’s naming conventions (e.g., no religious or political names, no abbreviations for personal names).
- Ensure the name is unique and not already registered with the Department of Economic Development (DED) or relevant authority.
4. Get Approval & Complete Incorporation Process
- Obtain initial approval from the relevant authority (DED for mainland, Free Zone Authority for free zone companies).
- Submit the required documents, including your business plan, shareholder details, and company structure for incorporation.
5. Get a Business License
- Apply for the appropriate business license, depending on your activity and jurisdiction:
- Commercial License for trading.
- Professional License for service-related businesses.
- Industrial License for manufacturing.
- Authorities like the DED or Free Zone Authority will issue the license once the process is complete.
6. Apply for a Residency Visa
- After obtaining your business license, you can apply for residency visas for yourself, employees, and dependents.
- In mainland or free zones, you will need to complete medical tests and have insurance before receiving your residency visa.
7. Open a Business Bank Account
- Choose a UAE-based bank to open your corporate bank account. You’ll need your trade license, passport copies, and other company documents.
- Ensure the bank fits your transaction needs and offers business banking solutions relevant to your industry.
8. Activate Your Business
- Once the visa, licensing, and banking processes are complete, your business is officially activated, and you can start operations in Dubai.
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