Initiating a business in Dubai is opening a big gateway for all foreign business aspirants and entrepreneurs. This place is all praise because of its location, tax privileges, and the high use of technology, making the city a centre of development for different industries globally. This guide will list the major steps and documents required for setup a business in Dubai
Steps to Register a Business in Dubai
1. Select Your Business Activity
Decide on the type of business activity you want to undertake, as this determines the type of license you’ll need.
2. Choose a Unique Business Name
Your company name must comply with Dubai’s regulations. Steer clear of political, religious or external body references. Make sure the name aligns with the legal structure of your company.
3. Find a Local Sponsor (If Needed)
For businesses on Dubai mainland, a local sponsor owning a major share of the company is required. No local sponsor is required in case of free zone company in Dubai
4. Obtain Initial Approval
Submit your application and required documents to the Department of Economic Development (DED) for initial approval for visa and entry permit.
5. Draft the Memorandum of Association (MoA)
The MoA, AoA document clarifies your company’s objectives and governance structure and shareholding structure.
6. Obtain Trade License
After submission of company incorporation application to selected freezone, secure trade license within 3-5 days along with certificate of incorporation.
7. Secure Business Visa and Residency
After issuance of entry permit , visit Dubai for medical checkup, insurance and biometric. On successful medical fit certificate, secure pink slip and emirate id which is equivalent to residency id in UAE.
8. Open bank account
Now you are all set to open a corporate bank account as well as a personal bank account. You can reach any bank in Dubai such as Emirate NBD, RAK Bank, FAB Bank, etc and open a bank account. The bank opening process is a little bit tedious and lengthy in UAE. But if you’re lazy, open a bank account by downloading the WIO Bank Application on the mobile. The E-Startup team makes the bank account opening process smooth and seamless. You can book free consultancy with their experts.
You cannot complete Dubai company registration without crucial documents. Here’s what you’ll need.
Documents Required for Business Setup in UAE
- Unique Company Name
- Passport of shareholders and managers
- NOC from local sponsors (if applicable)
- Shareholder Profile
- MoA and Articles of Incorporation (if required)
- Bank reference letters for bank account opening
Conclusion
Registering a business in Dubai as a foreigner may seem complex, but with the right guidance, it can be seamless. With these steps, you too can establish your business. Head over to E-Startup India for expert guidance.
