Have you ever dreamed of starting your own business in another country? After all, you’ll be exposed to different cultures and lifestyles. Starting an international business is also beneficial because you’ll be able to tap into new markets and increase your revenue streams. If Dubai has been one of the countries you wanted to set up a business in, read this article! You’ll learn about company formation in Dubai.
The real question to ask is, “Why not Dubai?” Company formation in Dubai has never been easier! After all, Dubai is fast emerging as a major global hub in terms of construction, technology, meetings, incentives, concerts, events (MICE), the medical industry, and manufacturing. Dubai’s economy is also growing at a healthy 2.5% making it the fastest growing Arabian nation.
How to start a company in Dubai
If you have ever dreamt of company formation in Dubai, you need to know the following:
- Decide what your business will sell
- Name your company carefully
- Religious names (ALLAH, Him) and names of major government organizations (CBI, RGI) are prohibited under UAE law
- Fill out an application
- You’ll need to provide paperwork that indicates your company’s name, and its operations.
- You’ll also need copies of business owners’ and shareholders’ passports
- If you are establishing a business in a free zone, include a copy of a business plan and Non Objection Certificate (NOC).
- Get licensed
- You’ll receive a company license once your application has been approved
- Start an official business bank account
- This will be easy to do once you have your approved application and related paperwork
- You can set up a face-to-face meeting with representatives from local (Emirates, NDB) or international (Citibank, Barclay’s) to open a formal corporate bank account.
- Process visas
- You’ll need to have your visa processed
- You’ll also need the visas of all employees, officers, shareholders, and family members processed
- Some free zones restrict the number of visas you can process
- Check the requirements with the free zone your are establishing your business in
Setting up a Business in Dubai is easy
Believe it or not, setting up a business in Dubai is actually easier than setting one up in India or even in America. The UAE government is making business formation easy to encourage companies to come to Dubai (and the UAE.) The UAE is hoping to make up for falling revenue from oil this way!