Dubai is growing at an awe-inspiring rate. This alone makes it a good place for business, as there is a massive market for different types of businesses. Setting up an offshore and free zone company in Dubai particularly comes with many benefits. For one, you will get 100% tax exemption, and 100% ownership of the company regardless of your nationality. Also, you will be excluded from import and export duty, and you will not even need to make a capital deposit to get started. This makes it easy for investors to run companies in Dubai. Do not wait any longer to get started, forming a company in Dubai is pretty simple with the following steps.
- Select a business activity
First, you must be aware of the kind of business you want to start. So deciding on which one will be the first step as it will guide you on knowing the free zone in which your business will operate. It is worth noting that there are limitations on what business activities can be run in certain free zones.
- Pick a company name
While choosing a name, you must adhere to Dubai’s naming conventions. Religious and political names are not allowed. Also, you must be careful not to use offensive words. Also, if you decide to use the name of a person, that name must be of a partner or owner of the business. With the help of a Dubai business set-up expert, you will get to understand all the conventions of naming your company.
- Incorporate your company
Once you have a name, the next step will be applying for the incorporation of the name. In this step, you will be required to provide some paperwork such as shareholder’s passports, a Non-Objection Certificate (NOC) or a business plan. Note that some free zones may not ask for the business plan or NOC.
- License notification
After applying, the next thing you should expect is a company license allowing you to proceed and start working. This process is pretty simple. First, you get a notification from the government that your company license is ready; then you proceed to collect it.
- Open a corporate bank account
With a company license, you are now free to open a corporate bank account for your company. There are many global banks in Dubai which you can work with. You can ask for the input of a Dubai business set-up expert to help you choose the best option.
- Process your visa
The final step is applying for your visa for the free zone in which your business will be set up. Also, remember that the maximum number of applications you can make differs with the free zones: consider confirming this before submitting your applications. Once this step is complete, then you are ready to start your business.
To seamlessly adjust to your new business environment, you must equip yourself with local knowledge. Partnering with a Dubai business set-up expert will go a long way in making the transition smooth for you. For one, they will guide you on how to start a company in Dubai and liaise with authorities on your behalf to ensure that you don’t run into problems.