There are a lot of entrepreneurs who like to shift or build a business in Dubai. So, if you are one of them, who is starting business in Dubai, then you have to know a few things. So, we already know that Dubai is also the capital of UAE and it’s also the city of gold. In other words, there are ample amount of opportunities for everyone. Those who have an innovative module for the business will certainly make a lot of names there.
Moreover, it’s also worth noting that creating a business in Dubai takes about eight days and six essential procedures on average. This much time will take once you have done all the legal procedures. However, before you finish the legal proceedings, there are a few important steps that you need to know.
So, in this article, we will take about starting business in Dubai and what sort of steps you need to keep in mind. Now’s the time to go through this article, if you are an entrepreneur.
These Are The Important Factors Or Steps One Must Consider Before Starting A Business In Dubai
Dubai is a city where you will get numerous business opportunities. Since it’s the city of gold, it welcomes different and innovative ideas from foreign countries. However, there are a few legal procedures there that you need to follow.
Now, before that, there are a few other factors that a prospective business owner must keep in mind. So, without further ado, let’s take a look at some of those factors or steps.
Nature Of The Business Will Decide The Type Of Permission That You Need
First of all, it’s worth making sure that you know the nature of your business. It will decide the type of permission that your company needs. Whether it’s industrial, professional, or even commercial, these will surely determine the foundation of the operations.
In addition, you should also keep in mind that some ventures like jewelry, food trading, etc need further permission from the govt.
The next factor that you need to make sure of is ownership. As a foreign investor or owner, you may like to have a hundred percent ownership of the business. To do that, you need to opt for a license and place the business in one of the free zones in the UAE.
So, you will find a lot of free zones like that in Dubai. In fact, it’s worth noting that there are around 45 free zones available in the UAE that have different categories of work. Therefore, you most certainly don’t lack options. Moreover, if you want a local license then you need to take the license from the DED.
Providing A Trade Name
Next, you should also provide a name to the trade or business. If you are starting business in Dubai, then it’s essential to give it an identity. The Department of economic development or DED’s criterion compels you to give your company a name. In other words, it’ll become the identity of the business. Moreover, it’s also worth noting that it takes around 3 days to enroll a trading name and it’s valid till 6 months or so.
Did you know that the shareholding structure defines the company set up in Dubai? In fact, you will also notice this in the legal form of the business. So, we can say that the shareholding structure should be cohesive to the business procedure.
There are a lot of shareholding structures you can go with for the business. For example, sole proprietorship, general partnership, public shareholding, private shareholding, etc.