Who does not dream to set up and succeed in the business of their dreams? With time, more and more people are inclining to establish their own business: something that they like and something in which there is a personal passion or a dream.
This is not, by any means, putting ‘job’ in the wrong light. Moreover, this is trying to imply, if you’re among the many business aspirants in Dubai, you might like to know a few nuances so that the initial steps to establishing your dream job are fluid.
Setting up a company in Dubai is ever-easier. With the business sector booming, different setup options are luring the entrepreneurs with their unique sets of merits. For example, you can choose to set up your company in the free zone, if you want one hundred percent company ownership. Or you can choose to go with the traditional options, for that fact, with a requirement of Dubai national partnership for local company formation in Dubai.
Have a look at the below-stated points to get a smoother edge in making your dream business a reality.
Look At Some Points Regarding Company Formation in Dubai
1. Choose the type of Company You want to setup in Dubai UAE
According to the Government website of Dubai, the business partner’s nationality will determine the type of business you can set up in the Dubai mainland. That said, if you want to set up a business in the mainland, you’ve got to make sure your partner is a UAE national.
Only with UAE nationals, you can set up a locally registered LLC business among others. However, things will be different if you’re planning to go for one of the many free zones in Dubai, for business. There you’re not forced to make any partnership. A foreigner can take 100% ownership.
2. Finalize the name of the company appropriately
Dubai incurs some stringent regulations in setting up the name of a business. The name of your business cannot be offensive or refer to anyways to Allah or ‘Him.’ It also cannot incline to show support to any religious or political authorities in its names like Mafia or FBI, for that fact.
If the company name should use the name of the owner, the full name of the person has to be used, not the initials. In this case, however, the person’s name used must be the same person who is also a partner in your business or the owner.
3. Check the Visa requirements and eligibility
The visa must permit you and your employees to conduct business while living in Dubai. For instance, if your business venture is a local startup, you have got to work closely with the local sponsor to grab the visa, initially.
Getting the permit for the business transactions isn’t very daunting since the bureaucracy looks forward to welcoming promising entrepreneurs in the nation.
4. Get the license notification of your business setup in Dubai
Ensure that you’ve been duly notified with the company license for conducting your business, once all the application paperwork has been processed.
5. Open a commercial bank account
Once your business license has been awarded, and all the incorporation paperwork made, you’ve got to open a local commercial bank account in Dubai. The UAE is the host to numerous locally renowned and international banks in the world.
Locals include the Commercial Bank of Dubai or the Abu Dhabi Commercial Bank, and the international ones include CitiBank and HSBC among others.
These were some of the most vital steps you need to ensure before expecting a smooth company registration in Dubai. Sometimes the paperwork and stuff might seem daunting.
But there are great business-setup consultancy service providers like Business Link UAE are there to make the process easier with professional.