Dubai is the commercial capital of the United Arab Emirates. This city provides great business opportunities.
4 Steps to Starting a Business in Dubai and the Uae
Now, as never before, the best time to open a business in Dubai, UAE. The UAE is expected to grow in the Persian Gulf in 2021, as the flow of new tourists will sharply increase after the opening of the borders from July 01, 2020. The UAE is expected to significantly outperform the region’s largest economy, Saudi Arabia.
Dubai is the commercial capital of the United Arab Emirates. This city provides great business opportunities. An international presence and investor-friendly government are just two factors that encourage entrepreneurs to start business in Dubai. Startups in Dubai also receive incentives for investment and tax benefits compared to other countries.
Our company CAPEX is ready to help you in all areas of your Business development in the UAE region.
Step 1 / Prepare the Documentation
• License Application
• Attested LLC agreement
• Governmental forms
• Name reservation certificate
• Initial approval certificate
• External departments approval
• Tenancy contract
• EJARI registration certificate
• Passport copies partners and NOC for partners (if any)
• Dubai Chamber of Commerce and Industry Registration
• Endorsements from Governmental Agencies (For Gas and Oil Companies)
• UAE Central Bank Approval and License (For Financial Institutions)
• Finance and Industry Ministry Certification (For Manufacturing Companies)
• Economy and Commerce Ministry Certification (For Insurance Companies)
• Health Ministry Certification (For Medical & Pharmaceutical Firms)
Step 2 / Get a Business License
Depending on the nature of the activity a business entity plans to undertake, license in one of these categories will be issued:
• Commercial License – to be issued to a company that will engage in any kind of trading activity.
• Industrial License – to be issued to a company that will engage in manufacturing or any industrial activity.
• Professional License – to be issued to service providers, professionals, artisans, and craftsmen.
The Department of Economic Development in Dubai is the government agency responsible for issuing local Dubai company licenses. This department operates from several locations to deliver licensing services.
Step 3 / Start the Visa Process
Each employee who will work for you in the UAE for a long time requires a work permit (also known as a Labor Card), and there are many detailed rules that must be followed.
This work permit for employees is usually valid for two years.
Step 4 / Open a Bank Account
Commercial banks in the UAE are divided into two main categories – locally registered banks and branches of foreign banks.
All banks are regulated by the Central Bank of the United Arab Emirates, which is mandated to ensure the financial sustainability of these institutions.
Documents required to open a corporate bank account in the UAE:
• Company Trade License
• Certificate of Registration
• Share Certificate(s)
• Company Memorandum & Articles of Association
• Board Resolution empowering a Company Officer to open the account
• Passport copies for shareholders and authorized signatories