Wondering how to start a Business in Dubai!
Worry no more, we at Freezoner will tackle all the details of this crucial journey from start to finish. Let’s first state some facts before delving into this topic. Dubai is the number one destination for all ambitious investors who wish to kickstart their investment journey in a predominant business hub like UAE.
Thus, there are enormous upsides to seize when starting a business in Dubai due to its strategic site as it is located in the center of the middle east. Moreover, the United Arab Emirates government has a super supportive ecosystem with low taxation percentages to empower the professional workforce and the determined investors to create a harmonious economic environment.
First Stage: What Business to Start in Dubai?
One of the initial questions that you have to answer is what business to start in Dubai. Your area of expertise and interest will answer this question right away. Admittedly, there are a bunch of emerging fields to ensure a business success rate. We’ll shed light on the surging markets in this article.
Industry & Budget: Low Investment or High Investment
To start with a specific budget, you need to commit to either a low investment or a relatively high investment as one of the crucial steps when setting up your business plan and feasibility study. This decision can exponentially impact your business plan, company location, expected ROI rates and more. Hence, setting the capital budget is significant to target a specific industry.
Here is an eye-opening article tackling the best small business ideas in Dubai with Low Investment to select the most relevant field to your investment plans. It also walks you through starting an online business in Dubai.
On the other hand, if you’re ready to invest at a broader scale, you can dive deep in other emerging and profitable business in Dubai in 2023, like Healthcare, Automobile Business, Real Estate Sector, Delivery Services, Ecommerce Business, Ecommerce Business, Cosmetics, Beauty & MakeUp, and more.
Expenditure: Minimum Investment to Start a Business in Dubai
According to Freezoner’s business consultants, the minimum investment to start a business in Dubai rotates around AED 13,000 in Free Zones, and around AED 16,000 in the Economic zones excluding the office fees. Hence, as a successful business investor, you should set reasonable expectations regarding your business expenditure to cover any prevailing extra fees.
For those venture capitalists, business partners, or determined investors who are eager to start a mainland company formation in Dubai, the minimum amount of a business expenditure may reach AED 30,000.
Second Stage: What is the Second Stage In Setting Up a Business in Dubai?
The second stage in setting up a business in Dubai is to apply for the legal procedures. Freezoner’s teams will offer you all necessary assistance in every stage, especially when starting the requested legal documents and approvals. So, never hesitate to contact us to experience a hassle-free business journey.
This stage encompasses multiple legal procedures as follows:
- Determine the company legal structure
- Acquiring the security approvals
- Registering for the company trading name
- Signing foundation contracts
Third Stage: What Are the Main Steps in the Third Stage in Forming Your Business In UAE?
The trade license issuance is one of the main steps in the third stage in forming your business in UAE. According to the United Arab Emirates Ministry of Economy, there are six license types as listed below:
- Industrial License
- Commercial License
- Crafts License
- Tourism License
- Agricultural License
- Professional License
There are different economic activities in the UAE. Therefore, Freezoner advises you ask for a thorough consultation before starting your application processes to avoid any unnecessary overlap.
Another essential step is completing the company establishment documents and cards issuance to finalize all the legal procedures seamlessly.
Fourth Step: When to apply for the Emirati Identity Card?
In the fourth step of establishing your company in the UAE, you shall apply for the Emirati Identity Card. Yet, you need to adhere to some medical checkups and complete the required documents to apply for Emirati residency. You can learn more about the ultimate guide of the UAE green visa in here.
Fifth Stage: Final Stage Before Launching Your Business in UAE
In the fifth stage of launching your business in UAE, you shall get the government approvals and receive the Emirati ID card. However, there is a final step to ensure a seamless financial transaction for your business; a corporate bank account in the UAE.
By going through all the five mentioned stages, you will be ready to write a new chapter in your success story as a business owner and ambitious investor in Dubai. Yet, we strongly advise you not to overlook the role of getting the needed consultancy from Freezoner to enjoy uninterrupted business processes and learn how to start a business in Dubai from A to Z.