Dubai is one of the most popular and prestigious cities in the world. It managed to attract investors from all around the world to pay billions of dollars. That’s why it is an excellent opportunity for any entrepreneur to start their business in Dubai.
In this guide, we will help you understand how you can set up a successful business in Dubai and the benefits of doing so.
Are Foreigners Allowed to Start a Business in Dubai?
Foreigners might wonder if they are even allowed to start a business in Dubai. The answer is yes, they definitely can.
More than 80% of the population of Dubai are residents from foreign countries who came to Dubai for a better future and an improved standard of living. As a result, many of them started their successful businesses.
So, Dubai will happily welcome you to start your own business, and the process of doing so would not have been any easier.
What Are the Perks of Starting a Business in Dubai?
There are a lot of perks and benefits that should encourage anyone to start a business in Dubai.
Here are some of them:
● Zero Taxes
Zero taxes are another excellent advantage that attracts investors and entrepreneurs from every corner of the world. Unless you are a bank or an oil company, you will not pay any taxes to the government.
You can have 100% ownership of your business and its profits. And this will help you to reinvest more money back into your business and grow it even bigger and faster.
● Trustworthy Government
UAE ranks among the world’s most trusted governments. The leaders of the UAE are always looking forward to more growth for the city and its residents. Thanks to their foresight and good planning, they have turned it into one of the most thriving cities in the world.
So, your business will be in good hands. The more successful the city gets, the better for you and your business.
● Perfect Location
This great emirate has a strategic location between Asia, Africa, and Europe. It is also very close to the giant countries of Asia, which are China and India. It makes trading faster and much cheaper.
● Human Resources
You will never have a difficult time finding employees for your business. Dubai is very rich in human resources from all around the globe. You can easily find professionals and juniors as well to come and help your business to flourish.
How to Start a Business in Dubai?
Below are some steps that you should consider:
1. Get to Know the Rules
Before you take any further steps, you will need to do your research and familiarize yourself with the rules and local business customs and practices. Once you are familiar with them, everything will run smoothly.
2. Hire a Company Setup Agent
Taking business setup services in Dubai is crucial to start your business fast and hassle-free. Once you start the process you will be assigned a company setup agent who will guide you in every step along the way and ensure that you will not face any issues.
The agent will also help you finish your paperwork and prepare all the essential documents required for the business setup.
3. Get Your Documents Ready
There are some required documents that you will need to start your business, which will be discussed later in this article.
4. Pick the Name of Your Business
Although this might seem like an easy step, Dubai has some strict rules for naming your business, which are:
● It must not have been registered before
● It must not violate the public morals and public order of the UAE
● It must be in harmony with the required type of activity and legal status
● The legal form of the company must follow it
● It must not include the names of any governing authority or religion
To be on the safe side, your agent will tell you if the name you chose is acceptable or not.
What Are the Required Documents to Start My Business in Dubai?
You will need some essential documents to start your business in Dubai. However, the required documents might vary from one free zone to the other. These documents may include:
● Filled application form
● Colored copies of the passports of the company’s shareholder, the director, and the appointed manager
● Specimen signature of the company’s shareholder, the director, and the appointed manager
● Business plan
● Certificate of reference from the shareholder’s bank account or a two years’ financial report for the corporate entity
Your agent will inform you if you need any additional documents.
What the Is the Cost of Starting Your Own Business in Dubai?
Dubai is known for its low prices for licensing new businesses. The average cost of a trade license is around 15000 – 25000 AED.
The cost varies depending on many factors, such as the number of employees you are expecting to have, the location of your business, the space of your business premises, etc.
For example, if your business will be in a free zone area, then your license will be much cheaper than if your business is in the mainland of Dubai.
Starting a business in Dubai can be life-changing. It is the city of happiness and success and one of the most popular tourist attractions in the world. So, starting a business there cannot go wrong.
We highly recommend hiring a business consultant in Dubai. They will guide you along the way and make sure that everything goes as smoothly as possible without any complications.