Starting a business in Dubai comes with numerous advantages. It opens up many opportunities and is an exciting way to build something from the ground up. However, it is not always easy to start your company, so as your all-time partner to setup a company, we have put together this guide on how to successfully launch your business in Dubai.
Steps to follow
- Assess your market
- Identify the market.
- The next step you must follow that will help you assess the market is to know about your competitors and take a look at their qualities as well as their lacking points.
- Find out what your customers want, need, and cannot get elsewhere in the same way that you can offer something better than anyone else on the market.
- Company name registration
The Department of Economic Development is the authority you need to register your company name with. You should have a company name that is not already used and cannot be misleading or offensive. It is understandable that you are not aware of all these rules to choose a company name in Dubai. Hence, our professionals can help you with it.
When you decide on the name, it will help you register your company and get a business license.
- Determine the license type and activity
The license type and activity are a critical part of the business plan. You have to choose the license type and activity for your business so it can operate legally in Dubai.
- Apply for a UAE residence visa
You must apply for a UAE residence visa before you start your business. An application form is all you need to fill out for this. Once done, upload all required documents, including passport copy and photographs, as well as your CV or resume with details about what skills you will bring to UAE (e.g., if you have experience working in the hospitality industry). Missing out on uploading any document in the right way can lead to rejection of your form. Hence, the best is to take help from professionals.
- Open a corporate bank account.
Before you start your business, you need to open a corporate bank account in Dubai. You will need this for receiving payments, paying employees, paying suppliers, and taxes.
You can do this by registering with authorized company formation agents like Excellent Setup or by opening an individual branch of a foreign bank located in Dubai.
Excellent Setup easing it for you
Starting a business can be challenging, but it does not have to be complicated. You will need to do some research before you start your own company or we can do it for you. Here are some steps that you should follow:
- Do a little research on the different licenses and permits required for setting up a business in Dubai. It will help ensure that the procedures get done correctly, so there is no delay in starting up your new venture.
- Find out what kind of businesses are not allowed in Dubai (for example, restaurants) so as not to run into trouble later on when trying to apply for other permits needed by businesses, such as professional licenses or trademarks protection.
Wrapping up
As you can see, the process of starting a company in Dubai is not very complicated. It just takes some time, precision, and patience! The first step is to assess the market, which means looking at what opportunities there are for growth and how they can benefit your business. Then register a company name with UAE authorities before applying for residence visa approval through an immigration agent. Once that’s done, open up bank accounts as well as other financial institutions that support small businesses like payment processors or merchant account providers. Then finally start building out your business plan based on these steps! Although it is not a complicated process, it requires a lot of knowledge. Hence, to set up your Dubai online business do take help from our professional team.
