Setting up a company is easy and has many perks. Let's instantly check out the procedures for setting up a company in Dubai. Keep reading to know about easy setting up a company in Dubai instantly.
Setting Up a Company in Dubai is a simple process and doesn’t require knocking every time to a lawyer’s office at every step of the procedure. According to the IMF in 2017, the UAE is expected to grow by 2.5 % ahead of the Arabian Gulf’s biggest economy, Saudi Arabia.
The impressive growth in previous years has attracted several businesses in the Country. The good news is that setting up a company in Dubai is an easy and instant process, especially in an economic Zone with 100% Foreign investment and control.
The UAE government offers various incentives for Businesses in the free zone like tax exemption from revenue collected from export businesses, capital tax exemption, and favorable foreign currency exchange rules and regulations. The inter-connected and evolving infrastructure also supports your business to grow in the Arabian Gulf and Middle countries. Learn more about setting up a company in Dubai instantly.
Steps To Incorporate A Company In Dubai
The Company registration in Dubai passes through various processes like getting a business license, registration for your company name, getting ready with multiple documentation, obtaining NOC from authorities, and getting your visa. Let’s see the step-by-step process to incorporate a company in Dubai, especially in free zones
Choose Your Business Activity
The nature of your business is crucial to setting up a company in Dubai. Many free zones allow only a particular Business to operate from there. Dubai International Financial Center (DIFC), established in 2004, allows the business of banking, financial services, insurance, wealth, and asset management. It is worth noting that the nature of Business would also decide the extent of regulations and laws applicable to your Company. It is also essential to obtain a Business license from the UAE government for the type of business you will be dealing with, like a trade, profession, or industrial unit in the free zone.
Pick The Name Of Your Company
The UAE gives due regard to the company name, and you must obtain prior company name registration before incorporation. Make sure your company’s name doesn’t resemble a Company name already incorporated in UAE, A registered trademark or patent or copyright, an Islamic symbol like Allah, or a religious place’s name. Also, your company’s name should not be associated with any political party’s symbol or name or a name that gives the impression that you are related to The UAE government. Such a practice ensures that your company doesn’t forcefully delist from the registrar of companies.
Get Finished With All Incorporation Documents
It is required to make an application to the Registrar of Companies Dubai for the business registration name along with a copy of the passport of the persons who have agreed that they will act as the directors of the company along with a written representation that they have not engaged in any fraudulent activities in UAE. The shareholders shall also make a statement about their initial shareholding, the amount introduced as equity in the company, and a No-objection Certificate from the relevant authorities stating that the funds have been bought in UAE through legally authorized routes. It is advisable to consult a professional for legal documentation.
Licensing
It is an essential requirement for a company to obtain a business license from relevant authorities. Broadly, the licenses can be categorized into 3 types –
- A commercial license covering all kinds of trading activities,
- Professional licenses for the professionals’ services, craftwork, or any kind of artistic work,
- An Industrial license for business in Industrial or manufacturing units
Open A Bank Account
Once, you get the Incorporation Certificate from the registrar you can open a bank account for all your financial dealings in the business. You can open with various banks like the Commercial Bank of Dubai, Emirates NBD, etc., or with multinational banks like Citibank, HSBC, etc. You could open a bank account on your own or make arrangements with the help of your business-set-up partner.
Rent An Office Space
Real estate in Dubai is one of the most costly investments. So, Renting an office space in Dubai is a beneficial way to start your Business. You don’t need to pay a considerable sum to purchase a real estate property and could invest the fund in your business growth plans. Further, you will be relieved from selling your office space when you decide to relocate in the future.
This also helps you explore different business sectors as you can seamlessly switch from one business zone to another. After COVID, It is quite common to work remotely. Likewise, Companies can also use virtual office space to launch their company remotely in The UAE. It’s an affordable and viable option for start-up companies and small-scale businesses
Get Going With Your Visa
And in the final step in your pvt company registration, get your Visa and for your families. It is a little catch here as the UAE has different regulations for different free zones. So, If you are planning to get a visa for your spouse, children, or butler, It is highly advisable to consult a lawyer or professional who could make arrangements for your visit. The visa process in UAE passes through four phases, namely entry permits, status adjustment, medical fitness test, and Emirates ID registration and visa stamping.
Conclusion
From all the processes and procedures, It seems a little tricky. But with the right help, It is an effortless way to incorporate a company and set up your business. UAE is a tax heaven nation meaning most of the taxable incomes in India are exempt from taxes in the UAE. Their business-friendly rules, laws, and regulations have attracted many multinational companies to operate in Dubai.
