How to Register a Company in Dubai-UAE
The UAE can be a literal goldmine for businesses due to several reasons. Entrepreneurs who can afford the primary set up of their business and its operations flock to Dubai to increase their riches. But before even serving customers, the new business must carry out the company registration in Dubai.
From the size of the enterprise to opening a corporate bank account, there are many aspects to keep in mind and while a checklist for Business Registration in Dubai should always be with you, the following pointer will help you right away:
Legal Structure of Company
This step involves disclosing the structure of the business. One can either opt for 100% ownership by establishing the business (UAE ex-pats only) or working with a local sponsor while possessing a 51% hold over the enterprise.
Reservation of Trade Name
The business name must be relevant to the operations that it carries out. Full names, religious names, and other insulting terms cannot be present.
Determining Business Location
The location of the enterprise can be on the mainland or offshore. One can opt for either location, depending on the business and logistics. Remember, the location can make or break the deal for the business. Therefore, it is advisable to consult a business expert.
Acquiring an Office Space
Although the infrastructure is highly advanced, it can be almost impossible to buy office space. The sensible thing would be to rent the space.
Procuring a Business License
The application of the business licence will differ depending on the type of licence one is obtaining. One can choose from:
Commercial: This applies to trading businesses
Industrial: Businesses that are involved in production.
Professional: Service-centric businesses will require this licence.
Obtaining a Corporate Bank Account
All the financial transactions will take place here. Therefore, one should ensure that the bank possessing the corporate account is reliable and provides long term benefits.
Key Benefits of Company Incorporation in Dubai
Dubai offers the following benefits:
Economic Situation: Dubai has been a major proponent of business-friendly laws. The city's economy has been on a steady incline for some years now, thanks to several geographical reasons.
Registration Process: The registration process is relatively easy and straightforward. Around 2,000 business activities are permissible at the moment.
Trade Zones: Businesses can be set up in independent free trade zones; the UAE has 45 such free zones.
Lower Tax: There is no double taxation imposed on businesses. The legal procedure is transparent and exempts an enterprise from corporate charges.
Sole Ownership: Investors from around the world flock to the UAE since they are capable of attaining 100% ownership of the business. The accessibility to free zones further incentivise the deal.
Cost of Registering a Company in Dubai
The total cost cannot be determined, but the creation of an LLC costs around 30,000 AED. One would also have additional costs like maintenance, visas, etc. Local business consultants can provide a better idea regarding the cost.
In case one possesses all the documents needed, the registration process can take seven business days. It is advisable to partner with a business consultant as any mistake will result in the reapplication of the registration.
In case of any doubt over the registration status, one can visit the DED's inquiry service for assurance. Likewise, the company's licence can be found at the National Economic Register Portal.
Forming a company in Dubai can be very beneficial for the growth of the business. The reason for this is that the economy supports new businesses as well as free trading zones. Businesses can choose among different legal structures and a suitable location that caters to their business goals. With an easy registration process, Dubai is the perfect place for a company to be set up to ensure business growth.
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