Since the administrative and financial aspects of company setup in Dubai can seem difficult to deal with.
By following some simple steps with the right support, it is far more speedy and affordable than you might think. We have supported many companies establish themselves in different free zones. Mainly the process can be break down into the following seven steps.
1. Selecting Your Business Activity
To get 100% ownership of the company without any need of local sponsor, you must select a license and location in one of the many free zones in the UAE.
This is one of the most important step to select the business activity from the UAE’s free zones where you are going to set-up business.
For instance, each free zone in the UAE allows certain types of business activity, such as IT, media, medical or transport, and apart from the restrictions, it often makes sense to set up company in close proximity to the same sector.
One should look at easy access and transport links too. If your main business relies on import and export, you should probably select a free zone situated near an airport or sea-port.
The exact decision can be taken later in the preparation process. But establishing the right business activity will certainly help you to eliminate some hassles early on.
However, there is no need to worry about your business, as it is always possible to have multiple business activities under one trade license.
2. Selecting Your Company Name
The name of the company should reflect the nature of the business. However, in case of a branch of a company, there are some rules to follow to get trade name approval.
The UAE has some strict company name reservation, so before you choose a company name, make sure it is as per the norms. All the names with offensive language should not be there.
Moreover, company names should not refer to Allah, or any other religion in the world, or any political groups, such as Congress and in case you wish to choose a business name after a person, that person must be a shareholder or owner of the company and their full name must be used.
A business set-up expert will be able to give you complete details and verse on all the naming conventions.
We can help you save a lot of time and effort by running your proposed name past them to check whether it is available. And if it doesn’t we can help you come up with something that is similar and available.
3. To Finalize All Incorporation Documents
You will need to complete and sign an application for your selected company name and activity, to be given along with copies of company shareholder’ passports to the relevant free zone authorities.
Some of the UAE free zones will need some extra documents, such as a business plan/business summary or Non-Objection Certificate (NOC) – a letter from a current sponsor confirming that you can set up your own company in the UAE.
With the help of an expert, perhaps the most difficult of all these steps, can be sorted out with an ease. Your company set-up manger can advise you on the documents required and provide complete support to get them all.
4. Select Your Office
There are multiple options available as far as selecting a office space as per requirement. From flexi-desk office space to customised executive office, one can choose office as per the business requirements. You can select office as per your budget, size and location.
5. Receive Your License Notification
This is one of the easiest step of all. Once your application has been approved, the free zone will then issue your company license. At Easy Setup, we immediately inform our clients when their documents are ready and deliver them free of cost.
6. Open A Corporate Bank Account
Once you receive complete company license documents, you will have all the documentation you need to open your corporate bank account.
The UAE is home to many banks, both local and international, including Emirates NBD, First Abu Dhabi Bank and the Commercial Bank of Dubai, along with global banks, such as HSBC and Citi Bank.
You may either directly approach the bank of your choice or ask your business set-up partner to arrange meetings with the most preferred bank’s representative to streamline the process.
7. Investor Visa Process
And so to the final step of company formation in Dubai and the UAE. As well as applying for your own visa, most free zones allow you to submit in applications for staff and dependants.
The number of visas you can submit will depend on which free zone you choose to set up your company. So, if you are looking to obtain visas for your wife, kids, maid or driver, it is better to seek expert advice to ensure the availability, if it is possible to do so in your chosen free zone, and secondly, that both you and anyone you are hoping to sponsor for a visa meet all eligibility criteria.
Assuming this all checks out, the entire visa process is made up of four simple steps. Entry permit, visa status adjustment, medical fitness test, then Emirates ID registration and visa stamping on the passport.
Once all above seven steps are complete, you can start doing your business in your selected UAE free zone.
Make It Easy With A Business Setup Partner
Company formation process in Dubai is not only easy, all because of supportive conditions of the free zones. But along with the right expert support; the company setup process can be completed in just a week.
Its important to note that each step can throw up some complications that could derail the inexperienced person, and that’s where a business set-up expert like us may require.
The local business setup knowledge goes a long way. We can guide you through all seven steps, as well as liaising with UAE government authorities on your behalf along the way and fixing potential problems before they arise.