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8 Steps to Set Up a Business in Dubai

If you plan to set up a business in Dubai, this is the best time to go for it. Among the seven emirates, Dubai is the most technologically advanced, has excellent infrastructure, and is a popular business hub worldwide. It has recently conducted the Global business event, the Dubai Expo 2020, where entrepreneurs attended to set up new businesses in Dubai. Read more: https://www.absherbusiness.ae/blogs/8-steps-to-set-up-a-business-in-dubai/en

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8 Steps to Set Up a Business in Dubai

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  1. 8 Steps to Set Up a Business in Dubai ================================ If you plan to set up a business in Dubai, this is the best time to go for it. Among the seven emirates, Dubai is the most technologically advanced, has excellent infrastructure, and is a popular business hub worldwide. It has recently conducted the Global business event, the Dubai Expo 2020, where entrepreneurs attended to set up new businesses in Dubai. Benefits of starting a business in Dubai World-class infrastructure, advanced technology, and lucrative business environment Investor-friendly and supportive governmental administration. Straightforward process for setting up a business No personal or corporate income tax Full repatriation of capital and profit in any currency

  2. Strategic location with access to neighboring middle east regions Skilled, efficient, and cooperative local human resource Process for setting up a new business in Dubai – an overview The process is simple, but the paperwork is tedious. Also, one must be well-conversant with the rules and regulations of the authorities. Hence, one should take the help of Business Setup Consultants in Dubai to handle the documentation and liaison with the concerned authorities. Step 1 – Make A Business Plan A detailed business plan is necessary. It is essential to do market research, find out about the competition, which location and business activities are suitable, how one will execute the business activities, etc. Deciding on the nature of business and its activities is the most important. More than 2000 business activities are listed by the Department of economic development to choose from. Selecting from activities and submitting the application for registration is the first step. Step 2 – Mainland or Free Zone? Dubai has Mainland and Free zone jurisdiction with different rules and regulations. An investor must decide where to set up the business and choosing the location depends on the type of business activity. If one decides on a Mainland Business Setup Dubai, they can do business anywhere in Dubai, including Free Zones. If one sets up a business in the Free zone, they cannot do any business on Mainland. Freezone has separate rules and regulations and offers various extra incentives to entrepreneurs.

  3. Step 3 – The legal structure of the company Deciding on the legal framework of the business is significant as they have implications when one sets up either in Mainland, Free Zone, or offshore. The company can be a sole proprietorship, public or private limited, a GCC, LLC (Limited liability Company), or a branch office of an MNC. Step 4 – Business or Trade Name Deciding a suitable business name is crucial as this will stay for the long term and will be the company's identity, product, and activities. The names have to be under the guidelines laid down by the UAE government. A few important things to keep in mind is to ensure that no foul words, religious references, abbreviations, or full names of the business owner are avoided. Also, the suffix is essential for a legal part such as LLC, Pt. Ltd. Finalizing the name and registering the trade name with DED is the next step. Step 5 – Initial Approval from Authorities All the partners sign the memorandum and Articles of Association before the public notary. It is submitted with the application form, business plan, personal identification documents, and trade name registration slip to the authorities. If there is no discrepancy, the initial approval to set up business in Dubai is granted. Step 6 – Office Space Getting an office space or a virtual address to carry out the business activity is significant. One needs to sign the tenancy contract, register with Ejari and rent the place.

  4. Step 7 – Business License Dubai offers four categories of business licenses. 1.Professional 2.Commercial 3.Industrial 4.Tourism One can choose according to their business activity. To get a business license, one must submit all the documents with the application form with the DED. A business license is granted in 4 to 5 working days if everything seems right. Step 8 – One Time Registration Fee A one-time registration fee has to be paid to the government once the license is approved and intimated by the authorities through the mail. Also, a business license is valid for one year and needs renewal. About Absher Business Consultancy Set up your business with the help of business consultants at Absher. They have a consultant and a team of experienced professionals who are well versed in the A-Z of setting up a business in Dubai. Source Link: https://www.absherbusiness.ae/blogs/8-steps-to-set-up-a- business-in-dubai/en

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