How to Set Up a Business in Dubai

Starting a business in Dubai involves six procedures to be completed in eight days on average

Starting a business in the UAE should not take you more than a week once you’ve sorted all your legal procedures.

But before you start your legal formalities, you need to consider some elements required in the process:

1. Type of business

Your type of business will determine the kind of license you require. Whether it’s commercial, professional or industrial licenses, these will define the basis of your operations. However, while selecting, remember that certain activities such as food trading, jewellery trade, veterinary activities and legal consultancy require further approvals from other governmental departments.

2. Ownership

As a foreign national, if you’d like 100 per cent ownership of your company, you need to opt for a license and location in one of the many free zones of the UAE. There are specific kinds of activities that each free zone caters to and clarity in the first step will help you find your best option.

3. Legal form

Depending on your location and type of business, there are rules regarding the make-up of your firm. For example, if you plan on a legal consultancy firm, this can be done only as a branch of company or as a stand-alone company. A sole proprietor is not allowed to take up this activity. Each free zone has its own restrictions regarding company structure and you can look these up on the official website of the zone.

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Repost: Two Main Ways to Set Up a Company in the UAE

I would like to know more about getting a residence visa in Dubai through setting up a business. I only need one visa for myself. How much do I have to spend on this and what are my options? 

There are two main ways a person can set up a company in the UAE. This can be in conjunction with a local partner who would own 51 per cent of the company, known as an LLC (limited liability company) or via one of the many free zones where a foreign national can own 100 per cent of the company. The costs can vary: for an LLC, for example, they can range from Dh30,000 to Dh60,000. If you use a company to do the paperwork and deal with the legalities there would be a fee involved but it can save time and legwork. The free zone options also vary. Some free zones only deal with people in creative industries, such as various types of media companies. The costs can vary from Dh25,000 to Dh35,000. In each case a sum similar to the set-up costs is payable annually to renew the trade licence. A free zone visa can limit activities and where they take place. It is generally not possible to open a retail outlet as a free zone company unless the premises are in the free zone itself. The activities permitted by an LLC licence are also usually very specific. In addition there is usually a requirement to demonstrate a certain level of capital adequacy, so evidence of cash in a bank account will be required, over and above the set-up costs. You would also need to check how many residency visas are available with a specific business licence. In some cases, they are limited and while only one is required at this stage it may be useful to have the option to take on employees without having to significantly change the company set-up.

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Recently moved to the UAE or visiting on holiday or business. Nice Do's and Don't guide; https://t.co/3IpttUEGjV

— HR Source (@hr_source) August 22, 2016

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Repost: Starting a Business in Dubai

There are three major considerations to be made by those thinking of starting a business in Dubai. However, keep in mind that Dubai welcomes foreign investment greatly, so their restrictions are amongst the most liberal around the world.

The Dubai government offers different types of business models to be chosen from by foreign investors, such as direct sale, commercial agency arrangements, branch or representative office, limited liability company and special free zone investment.

Here are the three things you must know before starting a business in Dubai:

1. You must have a good knowledge of the region. Be prepared to undertake extensive research into the business sector you aim to operate within. You must have a viable business plan, which includes a study of the market conditions, the competition and your forecast results. You must be prepared to find the necessary investment from your own resources or through your bank and preferably by other means than applying locally, particularly if you’re new to the region and without a track record. A credible plan might attract local support, possibly government support.
2. The law requires that you have a local partner who holds the majority interest and can therefore control the business, which includes closing it if necessary. The partner will own 51% of the company, therefore being able to call all the shots regarding it. Be it a company or an individual, the local partner doesn’t need to contribute to the start-up investment or participate financially at all. As with self-employment, there are various ways that a partner can be remunerated. The local partner requirement is currently under review in some states, however, in order to encourage foreign investment.
3. When the business is registered, you must show the Ministry of Commerce that you have a substantial sum of money to invest. The required sum varies between the states (it’s between $10,000/£6,500 and $50,000/£33,500 in most cases) and is regarded as a guarantee against liabilities, although you may withdraw the money shortly afterwards!

Thinking of Company Formation in Dubai! Read the Ultimate Guide to #Business Setup in #Dubai https://t.co/TKY7R61lTZ http://pic.twitter.com/d2WyVtJMtN

— Asnaad Consultancy (@asnaad) August 18, 2016

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New Bahrain Law Allows 100% Foreign Ownership

Verbeterde ondernemerskansen in de EMEA regio: Bahrain approves new law to allow 100% foreign ownership https://t.co/wCgdEpL3q2

— Jelle (@JelleHondema) August 19, 2016

On 18th July, Prime Minister of Bahrain, Prince Khalifa Al Khalifa, has approved an amendment to the existing Companies Law allowing foreign investors to acquire full business ownership. The Government of Bahrain has stated that the new law will “spur growth, generate rewarding jobs for citizens, and attract businessmen to invest in various economic sectors. (…) Bahrain will stand a good chance to improve its rating on the index of Facility of Starting Business – an asset which will encourage leading international firms to establish in Bahrain – the gate to the GCC and the region”.

However, 100% foreign ownership is only possible in designated sectors, i.e. residency, food, administrative services, arts, entertainment and leisure, health and social work, information and communications, manufacturing, mining and quarrying, water supplying and professional, scientific, technical and real estate activities.

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