Setting up a business within the UAE is extremely simple. In addition, it is becoming increasingly interesting. With stable oil prices and Expo 2020 in Dubai just a year away, the economy is back on the fire and the country’s non-oil sectors are enjoying 16-month highs. This, together with the well-known tax and lifestyle benefits, is a good reason to look to the UAE for your new business venture.
Five basic steps to set up a business in the UAE
There is plenty of expert help available, but this process is effectively broken down into the following five steps.
Choose your business activity
There are many business sectors thriving in the UAE and the commitment to diversify beyond the oil, that an economy implies that any new business that contributes to that strategy will probably look upon favorably. The way they arrange the UAE business landscape, however, could affect the selection of business activity.Since you are running a business you will need a SaaS Vendor Management System, this makes handling your vendors easy.
Register your business name
Choosing a company name can be fun, but before you get carried away, keep in mind that the UAE has some strict naming conventions. Make sure you know what they are and choose a name that conforms.
You can save a lot of time and effort by checking your proposed name with a business setup expert, who will tell you if it complies before you go to register it.
Complete your incorporation paperwork
When you come to register your company in the UAE, complete an application to register your chosen company name and activity, along with copies of shareholders’ passports. It will require mainland companies to meet certain capital requirements, and they must state it in a Memorandum of Association. Some free zones will require further documentation, such as a business plan or, if you already have a local sponsor, a Non-Objection Certificate (NOC) confirming that they allow you to set up another business in the UAE.
Open your business bank account
You will need a bank account before you can begin trading in the UAE. There is a large choice of banks to settle on from, together with Emirates NBD, Noor Bank, Emirates, Mashreq, RAKBANK and Ajman Bank. The one that’s right for you will depend on your specific requirements.
Arrange your visas
The final step in your business setup is the arrangement of visas for you, your employees and their dependents. There is no limit to the number of visas a mainland company can apply for, whereas free zone companies will meet some restrictions, which vary from one free zone to another. The application process comprises four simple stages: entry permit, status change, medical fitness test and finally Emirates ID registration and visa stamping.
Ready to do business
Once you have completed these five steps, you will be ready to trade. Compared to other parts of the world, setting up a company in the UAE is straightforward–ranked 25th in the world in the latest World Bank Ease of Doing Business rankings. And with a reputable business setup expert in your corner, you can be ready to make the most of the prospering UAE economy.
Setting up your own business has never been simpler.
Unicorn Corporate takes care of it all so you can focus on what matters–building your business. For more information about business set up in the UAE mainland or free zones, please call or visit us.