It does not take more than a working week to sort out each and every legal procedure to start business in Dubai - Genius Business Services has listed down the elements which require your keen consideration before starting all the legal formalities.
Type of business
The foremost thing is to decide the type of venture you are about to choose. There is various type of licenses required for specific business. Whether you have chosen the professional, commercial or industrial license, you have to define the operations of your company. Each free zone has individual formalities for approval. If you are about to start a business in the field of jewelry, food trading, legal consultancy or veterinary activities; further approval are required from a government department.
In the free zones, you can enjoy 100% ownership of your company as a foreign investor, depending on the location and license. The clarity in selecting the type of business can help you in activities offered by each free zone.
Certain rules are there regarding the formation of your firm depending upon the type and location as mentioned above. For an instance, if you have a dream of setting up your consultancy firm in Dubai, a sole proprietor is not permitted to start this activity, you can only open a branch of existing company or serve as a stand-alone.
It is an extremely important part of all the legal proceedings. It should ideally represent the nature of your services & products unless you are opening a branch of existing company. There are several rules indicated by DED to take up the name of your firm.
It is often decided in the Memorandum of Association of your company. Usually, you do not have to provide minimum capital right at the first moment of set up.
Now that legal things are finalized, finding an office is a major thing you should spend time on. In free zones, it is easy to find premises at desired location suitable to your requirements and preferred amnesties.
A manager is mandatory to oversee the operations as per DED. Have a suitable manager ready before the approval and registration.
According to DED, it is obligatory to have a partner, sponsor or local agent having a nationality as this act as a great support for various foreign nationals. If you are setting up your company in free zones, a local contract is enough to take your operations forward effectively. Regardless of the nationality, the business hub of Dubai boats easier rules and regulations for foreign investors.