Business setup in Dubai 2023 requires a lot of planning, research, budgeting, decision-making, and complete assistance. For complete guidance to establish your company, you can rely on Bestax Business setup services in UAE. For business setup, you have to choose a business activity and trade license to establish a company in Dubai. In this article, we have listed down the step-by-step process for easy business setup in 2023.
Dubai has now become an ideal place for many businesses and entrepreneurs. It has bragged an important position among other business hubs in the Middle East. The reasons for its being business-friendly are tax advantages, government rules, and regulations encouraging investments throughout the globe.
How to Open a Business Setup Company in Dubai?
Company formation in the UAE is carried out with a structured process. Experts at Bestax will guide you in business setup, making it a lot easier for you. Moreover, we will assist you throughout the business account setting and handle the paperwork on your behalf.
Step-by-step Process to Start a Business Setup in UAE 2023
Choose a Business Activity
Before setting up a business in Dubai, you have to keep in mind the dynamic UAE economy. You will find numerous business opportunities in Dubai such as real estate, finance, technology tourism, etc. It is better to conduct in-depth research and assess the feasibility, profitability, and long-term results of that business activity.
Select the Economic Business Zone
After choosing the specific business activity for business setup, you select a suitable economic zone. Selecting between Business Setup Dubai mainland, low-cost Business Setup in Dubai Free Zone, or Offshore jurisdictions is subject to different rules and regulations depending upon the business you opt for.
Selecting the right economic zone for your business is vital as it decides the future of your business. You can choose any of the business jurisdictions based on your company’s requirements. However, if you are facing difficulty, you can contact Bestax business setup consultants in Dubai.
Shortlisting the Right Business Structure
Your decision to choose the right business structure is driven by other factors like your business activity, expansion plans, and long-term objectives. Choosing the legal structure for your company requires you to understand the updated laws, policies, and regulations of your UAE business setup.
Selecting a suitable legal structure for your company ultimately decides your business track, structure, resource allocation, profit, losses, and management. You can choose the following company structure for a simplified UAE business setup.
- Limited Liability Company LLC
- Branch Office
- Representative Office
- Free Zone Company
- Foreign Company Branch
- Sole Proprietorship
- Holding Company
- Civil Company
- Offshore Company
- Local Company Branch
- Private Joint Stock Company
- Public Joint Stock Company
- Branch of GCC Company
If you are confused about choosing the right legal form for business setup in Dubai, you can trust Bestax’s business consultants.
Seek Approval For Your Business Name and Activity
The trade name of your business must be approved by the Department of Economic Development and the Ministry of Economy. Make sure that your business name must align with the business activity that it is unique and that no other business contains that name. After approval of your business name, you can proceed with the rest of the steps to complete the company setup process in UAE.
Apply for Trade License
There are six kinds of trade licenses that you can apply for based on your business activity in UAE. At this stage, you have to submit the documents to apply for a trade license.
- Commercial License
- Professional License
- Tourism License
- Industrial License
- Occupational License
- Agricultural License
You will find over 2000 business activities in UAE. Choosing a license for your business setup depends upon the company activity you select. If you get stuck in this process to get a license and registration, you can contact experts like Bestax to assist in the process.
Register Your Company
The whole process of registering your business in UAE requires you to submit documents. It also requires you to seek relevant approval from government authorities like the Department of Economic Development. Remember that you have to submit different documents for the business activity you have selected earlier in this business setup process.
For hassle-free registration, you can contact Bestax for quality Bank Assistance Services in UAE.
Seek External Approval
The Department of Economic Development DED may proceed to seek approval for your business activity from government and non-government authorities.
Memorandum Of Association
This stage includes the preparation of a memorandum of association MOA, which is an important step for business setup. You can also seek expert advice to draft a memorandum to ensure it is according to the UAE mandate. You create an LSA or MOA of your company as per its legal structure and take your business activity into account while preparing a memorandum.
Take Initial Approval
Before proceeding further to set up official business in Dubai, your company must seek approval from the Department of Economic Development. This approval indicates that you can proceed with the application process of starting a new business in UAE.
Renting Office and Tenancy Contract
You can also rent office premises for your business setup in Dubai. However, it is not a mandatory step to start a new business in the UAE.
If you choose a business location, it must follow the requirements listed by the Department of Economic Development and other regulations by relevant authorities.
After you find a registered place to start a business, you must register your tenancy contract from the Ejari Portal of the Land Department Dubai.
Collect Trade license
You can collect your trade license after submitting the following essential documents;
- Memorandum of Association MOA
- Tenancy Contract
- Initial Approval Certificates
- Application for trade license
- External Approval if required
- Ejari Registration Certificate
- Passport copies of partners
- NOC of partners if required
Contact Bestax for Company Formation Services to start a business in Dubai
Bestax business consultants have been assisting many entities to start a new business in Dubai. We provide a hassle-free and structured procedure to help you assist in submitting documents and fill out applications.
To find out more about business setup services, contact us anytime for better business assistance. We are here to meet your business requirements and provide complete assistance for setting up a stable and profitable business in Dubai.
