Dubai is one of the friendliest cities in the world. The city has a thriving economy that is constantly growing and is home to several large businesses. If you’re looking to set up a small business in Dubai, you’re in the right place.
Choose a Business Activity
The first step to starting a business in Dubai is to choose a business activity. Dubai offers a wide range of business activities, and you need to choose the one that suits your skills and interests. Some of the popular business activities in Dubai include trading, consultancy, retail, and tourism.
Choose a Legal Form
The next step is choosing the legal form of your business. You can choose from several legal forms, including sole proprietorship, partnership, limited liability company (LLC), and a branch office. Each legal form has its advantages and disadvantages, and you need to choose the one that suits your business needs.
Choose a Business Name
Choosing a business name is an essential step in setting up a small business in Dubai. The name of your business should be unique and reflect your business activities. You can check the availability of the name you choose with the Dubai Department of Economic Development (DED) before registering your business.
Apply for a Trade License
To operate your business legally in Dubai, you need to obtain a trade license. The trade certificate is issued by the Department of Economic Development (DED) in Dubai. The trade license is classified into three categories – commercial, industrial, and professional.
Find a Local Sponsor
As a foreign national, you need to have a local sponsor to set up a small business in Dubai. A local sponsor is a UAE national who holds 51% of the shares in your company. The local sponsor will not have any operational control over your business but will act as a silent partner.
Register Your Business
The next step is to register your business with the Department of Economic Development (DED) in Dubai. You need to submit all the required documents and pay the registration fees to register your business. It may take up to two weeks to complete the registration process.
Open a Bank Account
After registering your company, you need to open a bank account in Dubai. Opening a bank account is a straightforward process, and you need to provide all the necessary documents to open a bank account.
Obtain Visas for Your Employees
If you plan to hire employees for your small business, you need to obtain visas for them. You can apply for employee visas through the General Directorate of Residency and Foreigners Affairs (GDRFA) in Dubai.
In conclusion, starting a company in Dubai is a straightforward process if you follow the steps outlined above. Dubai offers several advantages for small businesses, including a thriving economy, a business-friendly environment, and tax incentives. It’s important to do your research and seek professional advice to ensure your business is successful.