Start Up Business in Dubai

START UP BUSINESS IN DUBAI

The 8 Steps for Starting Your Own Start Up Business in Dubai

Dubai has emerged to one of the started hubs in the entire Middle East and North Africa (MENA) region. Today, the authorities in Dubai have initiated a number of policies to attract entrepreneurs from across the world. In the following article, we are going to take a quick look at starting a start up business in Dubai. So, without much further ado, let’s begin.

  1. Choose the Type of business

The first step is choosing the right type of business. Your type of business will determine the kind of license that you would require. Whether it’s commercial, professional or industrial licenses, these will define the basis of your operations. Even as a startup, you would have to choose an appropriate license. When selecting, you must remember that certain activities require further approvals from other governmental departments.

The Department of Economic Development (DED) in Dubai has a list of over 2100 activities on their website which you can choose from. If you’re unable to find your specific one in there, you can contact the DED. You can also get in touch with Arab Business Consultant as they would help you to choose the right business type. If you are planning to start up business in UAE the free zones, you need to know that free zone has its own regulations and approval formalities.

  1. Decide on the Ownership

If you are a foreign national and you’d like 100 per cent ownership of your company, you need to go 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 you need to ensure that you get the best deal. There are over 45 free zones in the UAE with various categories of operations, so you don’t lack for choice.

  1. Legal structure

Each free zone imposes certain restrictions regarding company structure in their zones. Make sure that you look these up on the official website of the zone.

  1. Trade Name

Your trade name is a very important part of the legal procedure for start up business in UAE. The company name should ideally refer the nature of business.  There are some names which you cannot take. All the rules regarding trade names can be seen on the DED official website.

  1. Share capital

When you are looking at start up business in UAE, you should know about the minimum share capital requirement. In some cases, there is a minimum requirement in other cases there are none. Minimum share capital is usually set out in the Memorandum of Association of your business.Usually, you do not need to pay minimum capital at the time of setting up.

  1. Premises

Once you have your legal procedures and forms in place, you would need to shortlist some offices depending on the costs and other details. Even if you are going for start up business in UAE, you would need to go for a place for rent. In free zones, you will get assistance to find premises suitable to your requirement along with electricity, internet, water and other amenities.

  1. Employees

In most legal forms of the DED, you require to hire a manager to oversee operations and have him ready to be on board before you go for registration. In other cases, you may not be allowed to hire at all. For example, Intelaq license holders not allowed hiring staff, but they can engage contractors. In case of free zones, each zone has its own specific regulations regarding the structure of business.

  1. Local support

For DED licenses, you should have a local agent, partner or sponsor and this is indeed a great support for the entrepreneurs who are looking for start up business in UAE. For free zones, a local contact can help take the business forward effectively.

You can get in touch with the help of a professional consultant at Arab Business Consultant. They would help you get the best advice. So, contact experts and make your start up business in UAE successful.