Dubai, that incredible part of the United Arab of Emirates, is considered nowadays one of the most important cities all over the world side by side with cities like Singapore and Hong Kong. When you hear “Dubai”, many ideas across your mind. Of course, business is one of them. It’s obviously no 1 business center in the MENA region which attracts automatically whoever think about setting up a new business or expanding his own business abroad.
But why Dubai?!
Move to Dubai: important facts you need to know!
It is not easy to create a strong economic environment suitable for businessmen and entrepreneurs, it needs more and more concentration on every single detail. Dubai has created that environment successfully over the years. Today it’s on top of any list concerning or searching business anyhow.
Learn more about Dubai Financial Markets here.
Here are 6 reasons why Dubai is your best choice to set-up your business:
1- Multi-cultural/multi-lingual society:
Dubai has people from over 200 nationalities, all of whom live and work in harmony are well united. This means that no matter where you bring your business from, it will be easier and much more socially fulfilling to do business, as your nationality customers are already there living or working.
2- Incredible safety:
Dubai is a relatively crime-free place where you can achieve business growth safely and add that benefit to your customers too.
3- Business-friendly environment:
the Emirates is a very welcoming and supportive business environment where many startups and entrepreneurs are growing without any limit. That is through offering a lot of facilities to thousands of entrepreneurs which enables them to grow and succeed within a short duration.
4- Hopeful future plans:
one of the most important and valuable advantages Dubai is concerning about the bright future. Every minute, even every second, you can easily recognize the improvement and updating of the country. Digitalization is helping to reach the peak of improvement of the city quickly and keep any system on the top.
5- Great infrastructure:
Dubai always offers the most recent and updating facilities including not only papers facilities but also infrastructure and transportation facilities.
6- Magnet for foreign investment due to its strategic location:
Dubai is located in the heart of UAE which is located in a very strategic place connecting the east and the west passing through the MENA region and Gulf. That, for example, attracted Dh12 billion in FDI through 190 projects in the first half of 2020 despite the coronavirus pandemic. Dubai easily attracts all valuable ideas, start-ups and investors. So, it’s not strange to find it ranked sixth in the global attraction of foreign investment over the six-month period and first in the MENA region..
Such facilities and benefits can help any businessman or investor to start his business as a winner already. These reasons are the answer to why 20,000 new businesses are launched in Dubai alone every year. With an expat community of 80-90%, many of these new businesses are set-up by international entrepreneurs.
Steps to Register your Business in Dubai as a Foreigner!
Catch the opportunity now:
It’s easy as while you get your coffee. We collect data for you to make the starting step as easy as possible. Any business plan come through 3 stages:
Pre-set-up, the launching phase, and post-setup stage. In this topic, we are going to focus on the first stage “Pre-setup”
The pre-setup stage includes these steps as following:
• The idea:
any successful business starts with an idea. No idea, no business. So, picking up a great idea is the cornerstone of your business. We can help you choose the perfect idea by consulting our expert team. But generally, solution for any existing problem or doing the service easier are the perfect ideas always. When you determine your business idea, go to next step.
• Know your options on business activities:
collecting data about several sectors and zones in UEA is extremely important even your business idea is away of those sectors. Any information helps you a lot to put the whole plan clearly. For example, the activity and the license required will also affect the cost of setting up your business. But you can register multiple activities under one license in UAE.
• Choose a location:
choose the correct location and consider locations with regard to international transport links and the other types of business in the area. It’s always better to locate your company close to others in the same sector. There are several sectors and zones in UAE, therefore a thorough understanding of the differences between the various free zones and/or operating as a mainland company will help you shift through options early on.
• Register your business name:
choosing a name for your company is quite challenging because the name should be sticking to the rules. If you are interested to save time and avoid confusion, simply consult an expert who will be able to tell you if it complies before you go to register it. Rules that should be strictly followed like: any names that refer to or include religious, sectarian or political groups are strictly forbidden. Using hate speech or offensive languages for naming is completely forbidden.
• Complete your papers:
for that, you must contact the Department of Economic Development of your chosen emirate to register your business activity and trade name. Then submit the required documentation. You can find links to the respective offices on the UAE government website, under Information and Services.
• Open business bank account:
a bank account is a mandatory step in your business journey in Dubai. You can choose preferred bank up to your specific requirements. It takes almost 2 to 4 weeks.
• Arrange your visas:
arrangement of visas for you and your employees is the final step in your business set-up. There are companies offer unlimited numbers of visas such as mainland company. Others like free zone companies have some restrictions and procedures that vary from one free zone to another.
After completing theses steps, you will be ready to start your interesting trading journey, then continue to the next step “launching phase”. You can read more details in our upcoming article.
Compared to other parts of the world, Dubai is one of easiest and more flexible business center.
The main three types of licenses issued by the Department of Economic Development (DED) are:
• Commercial business license: covers most types of trading activity.
• Professional business license: for professional services like consultancies, accountancy services, etc.
• Industrial license: for manufacturing units and industrial works
