Business opportunity is still high to setup you business in dubai

Business opportunity is still high to setup you business in dubai

Expo 2020 has attracted many tourists and investors to Dubai, and with the development of various sectors, the business opportunity is still high. Initially, the growth of Dubai was mainly due to the oil and gas industry, and now it’s primarily going to be on imports and exports and tourism. Tourism is not only going to attract tourists but potential investors who would like to invest in Dubai. There are many organisations that can also help investors to business setup in dubai which reduces the burden. Still, it’s essential that one understands the process to ensure that you may not get cheated.

Planning

The first step to setup business in dubai is planning, and that includes deciding the type of business, how to run it and where to conduct the business activity.

The Economic Zones

The UAE market is divided into three economic zones – Mainland, Freezones and Offshores. Each zone has different rules and regulations; in Freezones, an organisation can have foreign ownership and get tax benefits. On the other hand, the business activity is restricted to a particular place, and expansion Onshore is not permitted. It is essential to check the space before confirming the location instead of just trusting the details provided.

The Name of the Company

UAE is stringent when naming your company to ensure that no group or individual is offended by the organisation’s name. Any offensive word, political or religious group is restricted when the company is named after an individual they must be a partner or the business owner.

Finalise the applications of your company

To business setup in dubai, one must submit the proper documents, such as the Non-Objection Certificate (NOC)s, MOA, which includes details about the company such as the name, type of business, location, etc. The owners must also submit their passports along to the government authority.

The Trade License

After submitting the required documents, the owners would receive their trade license after the government’s approval.

 

Creation of the Bank Account

An organisation needs to have a bank account to manage its finances. UAE has many banks like ADCB, HSBC, Emirates NBD etc. You must be aware of the charges levied by the banks since the small changes can create a huge loss. Always choose the right bank according to the services mentioned.

Visa Applications

Visa is required to stay in the UAE, and when you start a business, you will get the visa. The visa is provided to the staff members in some free zones, but the visa for your family members and friends would have some restrictions based on the economic zone.

The procedure might not be the same for all types of business and ensure you constantly research the market. UAE also changes its laws to encourage enterprises and make them more flexible. The rise of new consulting services in Dubai is also a sign of many new investors interested in joining the UAE markets. The road ahead to setup business in Dubai can risky as well as rewarding.

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