Dubai is indeed, one of the wealthiest countries in the world. Moreover, the oil and gas industries are one of the leading economic drivers of this nation. Also, it boosts the highest GDP per capita. Also, the city has a much lower corporate tax rate than many other countries. Owing to this, Dubai is an increasingly attractive option for a lot of foreign investors.
Notably, your Dubai business setup might seem like a complicated and challenging task. But on the contrary, it is not that difficult if done properly and systematically.
Benefits of Dubai Business Setup
Potential business investors looking for opportunities to set up a business in Dubai can enjoy the following benefits:
- Easy filing of corporate tax
- No income tax or social security deductions
- No taxation on exports
- Inexpensive labor force
- Best international conference and exhibitions venues
- Excellent infrastructure
In the present times, it is safe to say that Dubai is regarded as one of the fastest-growing investment and corporate platforms all around the world. The country not only provides multiple business launching platforms but is also the home to the most progressive business opportunities worldwide. Thus, why the wait? Launch your dream business in Dubai today and leverage its potential in the best possible way.
Requirements of Dubai Business Setup
As mentioned earlier, launching your dream venture in Dubai can be intimidating and might take a good time. Essentially, any potential business owner must comply with the below-mentioned requirements:
- Have a local Dubai founder
- Accurate commercial registration with the Ministry of Commerce and Industry
- All legal contracts to be in Arabic and English
- The business must have at least two or more shareholders – the Dubai shareholder should own at least 51% of the business setup
The process of launching your Dubai Business Setup
Indeed, setting up a business in Dubai is a lucrative option but it can be pretty lengthy and time-consuming.
Therefore, in this blog, we have got all such foreign investors covered. Here we discuss the intricacies of establishing a business in this dynamic country and also cover all the details that tend to impact the entire process. Keep reading for more information. Thus, are you ready to launch your dream venture in Dubai? We’re here to help you every step of the way.
The step-wise process of incorporating a business in Dubai is as follows:
Company Name Search
First and foremost, you need a trade name search. It is suggested to choose a unique business name. Moreover, in such scenarios, good and thorough research comes in quite handy
Now, other than the fact that the name should be unique, it must also not be misleading or violate any public ethics.
Open a Bank Account
Secondly, time to open a bank account! To launch your dream venture in Dubai, you must get an approval letter from the Ministry of Commerce and Industry. The letter essentially seeks permission to open a local bank account to manage your monetary affairs. Now as soon as the required capital is deposited, your account becomes activated. Usually, it takes about one to two business days for the account activation process.
Articles of Association
Third, you need to get your articles of association in order. The Ministry of Business and Trade is the approving body for these articles. This is just a day-long procedure. Also, you need to collect the application form for these articles from the ministry office.
This form includes the following required information:
- Include the address of the company’s headquarters
- Include terms and purpose of the company
- Share capital and description of actions in kind
- Restrictions on the transfer of shares (only for companies)
- Names, nationalities, and places of residence of shareholders (only for companies)
- Methods of distribution of losses and profits between the partners
- The names of the people who run the business
Submit additional documents
Next, it all depends on the “type” of your dream venture. You might need some additional documents to complete all the necessary legalities. These are usually provincial documents to obtain a legal license for all your commercial operations within the Dubai premises.
Finally, this is another vital part of the process of launching your dream venture in Dubai. It is imperative for a foreign set up to arrange a valid company seal or stamp. You cannot get this from any government authority.
Therefore, you need to manufacture your trademark seals and stamps.
Last but not least, once you receive your commercial registration license, you must also make arrangements to get the trade license. This is crucial to obtain a formal office space and indulge in all kinds of business activities.
To get the trade license, you must fill up and submit the required application from the MEC website. The license type may vary according to the business activities.
In conclusion, please refer to GCC solutions for all your needs of Dubai Business Setup. Our broad spectrum of services will help you launch your dream business by covering all the essential business aspects for a successful takeoff. So, what are you waiting for? Get in touch today! We’d be glad to be of assistance!
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