The United Arab Emirates is one of the world's fastest growing tourist and business destinations

The United Arab Emirates is one of the world’s fastest-growing tourist and business destinations. Dubai is a great place for tourists and very friendly to visitors. Starting up a business in Dubai is also equally great and can be hugely beneficial. Dubai had explosively established itself as a global leader in transformation and it is proven to deliver an efficient, secure, and future-forward network ecosystem for accelerated growth. Dubai is one of the world’s leading networking destinations. Its progress, strategic locations, and economic development continue to make it stand high, as the number of companies chooses to startup a business in Dubai because of its huge number of consumers and strategic locations which makes Dubai the perfect place to start up a business.

TYPES OF COMPANIES IN DUBAI

Setting up a business in Dubai is a free process where we just need to have a clear vision of how we wish to make the most of our new business setup in Dubai. One can either set up a Free Zone Company or an offshore company.

FREE ZONE COMPANY

A Free Zone company in Dubai is fully owned by the person who sets it up. A Free Zone company is often an attractive option for foreign entrepreneurs it is because it does not require partnering with an Emirati sponsor. You can own 100% of your business. By setting up a Free Zone company you can have the option of applying for residence visas for yourself and your family. Some of the most popular Free Zones are DMCC – Dubai Multi Commodities Centre, Dubai Internet City, DAFZ – Dubai Airport Free Zone, DSO – Dubai Silicon Oasis, and D3 – Dubai Design District.

OFFSHORE COMPANY

For establishing an offshore company Dubai is one of the well-known nations in the world. Opening an offshore company in Dubai is an ideal, tax-efficient, and cost-effective corporate structure for entrepreneurs who wish to conduct international trade. An offshore company in UAE should not be confused with UAE Free Zone companies. It is a legal business entity that is set up with the intention of operating at the location of its ultimate ownership. Offshore companies are permitted to open multi-currency accounts in UAE and carry out business internationally.

STEP BY STEP PROCEDURE TO START UP A BUSINESS IN DUBAI

• Choose a business activity

• Choose a trade name

• Apply for an Initial approval certificate

• Prepare Moa (Memorandum of Association)

• Get licensing approved

• Obtain other legal documents

• Recruit Human Resources

DOCUMENTS NEEDED TO SET UP A BUSINESS IN DUBAI

• A copy of passport (visa page copy, if applicable)

• Residential address proof (e.g. utility bill copy, etc)

• Business plan summary (if applicable)

• Copies of parent company documents to be notarized and attested, in case applying as a branch or a subsidiary

• No objection certificate from the sponsor, in case holding a valid UAE visa.

• Certain business activities may have additional requirements such as third-party approvals from regulating authorities, etc.

• You may ask for other documents by DED depending on the type of business you plan to set up in Dubai.