What Are the Basic Steps To Undertake A New Business Venture In Dubai?
You can develop your company in Dubai within a few months. The favorable aspect of establishing the best business setup company in Dubai is that you can benefit from the low tax policy. The VAT is fixed at 5%; most interestingly, you are not liable to pay any income tax or corporate tax. However, you need to pay if you deal in gas and oil (production, trading) or a foreign bank’s branch office s a foreign company. Overall, the tax policy is favorable and lets you develop your business in optimal conditions.
Before setting up a company in Dubai, it would be good to learn about the different steps. It is necessary to comply with the regulations imposed by the United Arab Emirates government. Otherwise, you may lose business opportunities and may be at risk of wasting time and facing the worst financial penalties.
This blog will suggest some practical steps you need to follow to develop the best business setup company in Dubai.
Basic Steps To Start A New Business In Dubai
Here are some basic steps or tips you need to follow to undertake a business venture in Dubai:
Framing Your Business Project In The UAE
At first, it is important to frame your project or business venture properly. For this, you need to answer some questions to frame your business:
- What business do you want to set up in Dubai?
- Do you have a plan to build an office there?
- Would you like to hire staff members?
- Will your staff be from your origin country or the UAE?
The answer to these few questions is essential to avail the world's best business opportunities. This way, you can decide on your new business status in Dubai: Free-Zone or Mainland?
- A UAE Mainland Company is nothing but an onshore business registered under the government authority of the concerned Emirate.
- A Free-Zone Company is a business type formed within a special jurisdiction coming under a particular Emirate.
Then, of course, you will have to establish a benchmark of the competition and a business plan. These are crucial documents you can use during several stages of business registration and the bank account opening.
Furthermore, it is a guarantee of success for your company. Remember that without these documents, you will not know where you will go, which is very risky when you decide to launch a new business, especially abroad.
Company Registration In Dubai
You will have to submit a complete file to the Dubai registration office. The supporting documents are not necessarily the same, depending on the business plan. This is why we advise you to be accompanied by the best business setup consultants in Dubai during all the registration stages. Depending on your project, a specialized firm can tell you which supporting documents to provide. They can also help you draft and translate the documents necessary for company registration in Dubai.
To help you, a specialized firm can offer you packages for the creation and renewal of your company in Dubai. These include the following:
- The drafting of the Memorandum and the Articles of Association (a document presenting the regulations for business operations, outlining the company’s purpose)
- The establishment of the Certificate of Incorporation (the company title, number, date of incorporation, and states that a company is registered)
- Sending the company stamp and original documents by express courier worldwide once the registration is completed.
Opening The Business Bank Account
You will then need to open a bank account. You can deposit your file in the bank of your choice. However, opening your account in a reputable bank in the UAE is good, and your chosen specialized firm can advise you at best.
Your chosen consultant or the specialized firm will make an appointment with the bank selected for you. You will then have to travel for this appointment to which the firm will accompany you. Indeed, it is not possible to open a bank account remotely. To open your account, you will need to provide a certain number of supporting documents. The specialized firm will check together that everything is valid before the appointment.
If everything is correct, your business bank account should be able to be opened as soon as possible.
Good to know: On average, the business license issuance and the bank account opening take around three weeks. If you decide to start your business without the help of a specialized firm, it may take a little longer.