The answer to this question is YES!
The once known desert of the world and the most deserted city of the United Arab Emirates “DUBAI” have now turned into a Gold Mine for traders and is the most sort for Business Hub today.
There are several factors that have turned this city of sand dunes into the city of gold. To start with; it is the vision and mission of the UAE Government to make the world understand the potential that this city possesses. The stern yet adaptable UAE Government has been the back bone of this progress even during the tough pandemic times. When the entire world came to a stand still due to COVID; the Business community here in Dubai could find ways and measures to assist its patrons with alternative methods and forced the business world to crown Dubai as a ‘Global Hub’. Overall the demographics of Dubai make it the most suitable economic hub for countries like Europe, Middle East, Russia, Asia and Africa.
All these and several other additional factors make Dubai a perfect place to set up one’s business. But before one starts, there are certain questions that need prompt attention and these would be the basis for setting up your business:
1. Whether you want to open your company in Mainland or the Free Zone?
2. Which type of company would you want to open in Dubai?
3. What type of trade license would you need to apply?
4. How Many Visas’ would you want to take under your company?
5. Where would you want to open a Bank Account?
Whether you want to open your company in Mainland or the Free Zone?
When thinking of a business setup in Dubai, you should be clear about where do you want to open your company?
Whether you want to open your company in:
- Mainland
- Free Zone or
- Offshore
Choosing an option would depend on the nature of the activities that you would want to do in your business. In case you zero down to open your company in the Free Zone, then the next thing to decide upon would be:
In which Free Zone do you want to open you company?
Well! To add to your confusion…..there are approximately 30 Free zones operating in Dubai. For a resolution to all your queries Contact us
Which type of company would you want to open?
After you have zeroed down on the location of your company, then you need to decide the type of company next. Dubai offers the following options for the type of company you can opt for:
- Sole Proprietorship
- Civil Company
- Limited Liability Company (LLC)
- Private Limited Company (PLC)
- Public Joint Stock Company (PJSC)
- Branches, Regional Headquarters and Representative Offices of Foreign Companies
For any queries around the choice of Type of Company, Get in touch
What type of trade license would you need to apply?
The trade license decision will entirely depend on the nature of business you want to do in your company. The following types of licenses can be applied in Dubai:
1. Trade License: This type of license allows the holder to carry out trading activities, including import, export, re-export, distribution and storage of specific products. You can also opt for an E-commerce license simultaneously (holders are entitled to trade of goods and service online).
2. Service License: This license is suitable for service-oriented businesses. It enables entities to provide the services specified through their license.
3. Industrial License: This allows holders to undertake light manufacturing activities, packaging and assembly.
4. General Trading License: This license allows the holder to trade in general activities, including import, export, re-export, storage and distribution.
For choosing the appropriate type of license for your business Connect with us
How Many Visas’ would you want to take under your company?
When you have clarity about where you want to open your company and the type of license you want to apply, then you can finally decide on the number of Visa’s you want to apply in your company; as every visa application will involve a certain cost. The cost would depend on the area of your office or shop and also on the zone where you have decided to open your company.
Where would you want to open a Bank Account?
The final decision would be around choosing a bank to open your business account. You can open your bank account based on your preference. There are approximately 30 banks operating in Dubai. To open a bank account you would require the following documents with most of the banks:
- Corporate bank account opening form
- A board of directors’ resolution, that approves the opening of the account and the signatories to the account
- Share Certificates (copy)
- Company’s Incorporation Certificate (copy)
- Company’s Memorandum and Articles of Association (copy)
- Passports for all Company Partners (copies)
To setup your Company in Dubai, we can provide you with all the necessary support.
Feel free to contact our team!