For doing any sort of trading activity in Dubai one requires a Commercial license for carrying out business. The manufacturing sector requires Industrial license and professionals like doctors, lawyers, artisans etc require a Professional license to indulge in business activities in Dubai. For more information at: axiom-mark.com
The growing economy of Dubai is a lucrative attraction for leading business houses around the world. Contrary to the thought of oil being responsible for the high GDP of Dubai, tourism and real estate contribute majority of the share. In fact oil and related industries contribute merely 5-6% to the Gross domestic product of Dubai.
The past twenty five years have created a massive change in the economy of Dubai. Dubai is a recognized tourist destination the world over and is one of the most preferred tourist spot in the UAE today. All was not like this, in the early 90s there were very limited hotels for tourists in Dubai.
All was not like this, in the early 90s there were very limited hotels for tourists in Dubai. Strategies were changed and according to a report in 2013, Dubai ranked 7th in the race for the most visited countries in the world. Dubai ranks second after Abu Dhabi in the richest economies of UAE.
The aggregate GDP of UAE was over $570 Billion in 2014.For doing any sort of trading activity in Dubai one requires a Commercial license for carrying out business.
The manufacturing sector requires Industrial license and professionals like doctors, lawyers, artisans etc require a Professional license to indulge in business activities in Dubai. Licenses in these categories are given by the Dubai Economic Development (DED) department, which has presence at multiple locations in the region.
Except for companies in the free zones, professional license holders and branch of a foreign company, all businesses must have a UAE national as a sponsor. This sponsor must be the 51% owner of the business.
The first and foremost step to establish a business, apart from the above mentioned exempted categories, one needs to find a trust worthy sponsor for their business. After the sponsor is finalized, one needs to get the name of the firm or company and its activities approved from the Dubai Economic Development department.
A tenancy contract is required for the registration of the business, one need to finalize premises for operating business and get a contract made. For ones safety, the Memorandum of Association should be notarized in a Dubai court. This document must clearly specific the understanding and arrangements between the sponsor and other partners.
The Memorandum of Association needs to be deposited with the Dubai Economic Development department.
After the submission of the tenancy contract, Memorandum of Association, license application and other requisite documents to the Dubai Economic Development department.
The specified fees and any other charges must be paid. Before the Business license is given out, ministry specific permissions must also be taken. For example, in case of a health related business, permission from the Health Ministry is also required.
After all these formalities, subject to approvals, the business trade license to operate in Dubai is given. For more information at: axiom-mark.com