Setting up a business in Dubai is just a matter of weeks if you have sorted all your Company Formation Procedure in Dubai. It’s not that tough to start a business in Dubai. Before Setting up Business in Dubai you need to understand some important elements that are required in the process:
Nature of Business
It is very vital to know the type of business you want to start as it will decide the kind of license you want. Whether it’s professionals, commercial or industrial, all these will describe the basis of your operations. Certain activities like jewelry trade, veterinary activities, legal consultancy as well as food trading demand further acceptance from governmental departments. Therefore, each free zone carries its own set of regulations and approval formalities.
As a foreign national, if you wish for 100% ownership of your company, then you need to take a license as well as the location in one of the Company Formation Dubai Free Zone. There are particular kinds of activities that each free zone serves. If you want to a local license then you need to get a license from the Department of Economic Development.
There are various rules concerning the makeup of your firm, relying on your location as well as the type of business. Since each free zone has its own limitations regarding company structure so you can look upon these on the official web page of the zone.
Remember trade name is one of the vital parts of your legal proceedings. The company name should be of such kind that it preferably specifies the nature of your business. You can check all the details of the trade name on the Department of Economic Development official website.
In the Memorandum of Association of your proposed company, only minimum share capital is generally set out. In some of the cases, at the time of setting up, you don’t need to pay even minimum capital. Once all the legal procedures are done, you will get a clear path. Thus, in free zones, you will get help to find properties suitable to your requirements along with assistance to set up water, electricity, the internet as well as other amenities.
According to the regal forms of DED, you need to recruit a manager in order to oversee operations as well as make him ready to be on board before your registration is accepted. For free zones, each zone has its own set of regulations regarding the formation of business.
In order to get the Department of Economic Development license, it is obligatory for you to have a local agent, sponsor or partner and this is substantial support for foreign nationals. If you have a local contact in the free zone, then it can help you to a great extent to take your business forward effectively. However, it is not compulsory and Dubai as a business destination possesses a simple set-up for all businessmen nevertheless of citizenship.