United Arab Emirates provides amazing opportunities for investors to set up a business in Dubai – offering tax exemptions, good connectivity, talented workforce and solid infrastructure. You can start a business in Dubai in just three working days, if you have the required paperwork in order and can manage to get all the necessary approvals from the government. But if you are not well-versed with UAE rules and Arabic – the language preferred at most government agencies, you may struggle with the company formation process. At Shuraa Business Setup, we offer Arabic to English and English to Arabic translation services so that there is thorough understating on the agreements between you and the governmental bodies.
If you want to know how to set up business in Dubai, you just need to follow these steps:
1. Identifying local sponsor and deciding the terms: For setting up a mainland LLC in UAE , companies will need a local UAE sponsor and prepare a detailed terms of agreement. The agreement will mention the annual fee as well as the responsibilities of the sponsor towards the business. A UAE company that is completely owned by Emiratis can also act as a sponsor. You need to obtain no-objection certificates from your local sponsor for most of your business-related activities.
2. Obtaining Memorandum of Association: A Memorandum of Association is a contract with a set of clauses that is signed by all shareholders during company incorporation. This MOA includes details such as – type of business, capital investment, issuance of shares and other decisions taken to regulate the company.
3. Obtaining a preliminary approval: Primary approval involves notarising the Memorandum of Association at the Department of Economic Development, it is best to have your lawyer or your business setup consultants obtain a preliminary approval from the notary, so that you can get the documents notarised immediately at a later date. You will need to sign it in front of the Dubai court official public notary.
4. Trade name registration: For strong brand presence, a unique company name will make a huge impact and create awareness among people about your new business setup in Dubai . You need to register your trade name with the economic development department, following certain laid-down guidelines. DED reserves the right to reject or change the name if there are existing companies with similar names.
5. Applying for trade license : First, you need to find out whether your business activity falls under a set of activities allowed under the professional license, commercial license or industrial license. Limited liability companies can be formed by those who want to perform trading and industrial activities, to practice a profession – professional license is required, to establish a civil company the licensing may vary.
6. Lease an office space: You need to find a suitable office space and get a tenancy contract with all the details. You cannot obtain a license without a valid office address. In terms of offshore companies, the address of the registered agent becomes the company’s official address.
7. Submit documents: After readying all the documents, you need to submit them to the Department of Economic Development and Commercial Registration Department and pay the license fee.
Company formation in UAE can become time-consuming and expensive if you don’t have all the documents, fully completed. If you are looking for quick, safe and low-cost company formation in Dubai , Shuraa Business Setup is where you need to head. We provide services for investors setting up a business in Dubai such as company registration, getting trade licenses, government approvals and offer PRO services.