How To Start a Business In Dubai

The United Arab Emirates has one of the biggest economies in the world. The country is playing an important role in expanding the business, so starting a business here is beneficial for many reasons. When initiating a business, Dubai usually comes up very high on the list. There are countless benefits to doing business in Dubai, from the favorable tax structure to the access to many markets. If you want a hassle-free business and company setup then the best option is to consult Mediation Consulting, the best & experienced business consultant in Dubai, & has a business license that offers your business a structure to regulate as well as allows you to attain several benefits.

The Most Common Forms of Business Licenses Available in Dubai

The first step to start your business is to get your business license. Here are some common business licenses available in Dubai.

  • Commercial license
  • Industrial license
  • Professional license
  • Tourism license
  • Agriculture license
  • Craftsmanship license
  • Free Zone vs Offshore License
    Before starting your business, you need to decide whether you want to operate your business in a free zone or offshore license.
  1. Free Zone

    It is an area within which goods may be received and stored without payment of duty. The free zone concept was introduced by the Dubai government to generate foreign interest to set up businesses in the city. It’s a special economic area where business owners can enjoy a good deal of ownership and 0% taxation benefits.

  2. Offshore

    Whereas, offshore financial centers are typical countries or places with low or no corporate taxes that allow outsiders to easily set up businesses there. Offshore bank accounts and other financial dealings in another country can be used to evade regulatory oversight or tax obligations.

    So before setting up your business, make sure to choose depending on your business requirements.

  • Local Rules and Regulations for Business

A suitable business strategy must take into account the applicable and enforceable law, particularly the local regulations where the business operates. Many businesses fail because their strategy did not seriously assess the local legal issues. When starting a business, a major problem to overcome appears very basic and obvious but can turn into a serious problem. Some business people, particularly those who run startups or who might have little experience, often underestimate the importance of this concept.

  • Choose a Company Name

When it comes to deciding your company’s name in the UAE, there are a few guidelines that entrepreneurs and investors should take note of:

    1. The company’s name should not include God’s name or any of his divine attributes.
    2. The name should not offend the public and must not contain any obscene words.
    3. The business activity of your company should be relevant to your company’s name.
    4. Do some market research to make sure the name you have in mind is not like any other company, which may cause issues of copyrights.
  • Open Business Accounts

Once you have been approved and received all the approval documents, now you can open your business account in Dubai internationally and locally. This will help you in many ways, such as financial protection for yourself and your business, more organized handling of expenses, no headaches for tax time, professionalism in the business checking accounts, business savings accounts, and cash management accounts. It makes your work much easier.

  • Choose the Business Place

All businesses in Dubai must have a physical address. You can start with a cost-effective mini space and upgrade to a larger space as your business expands. But most importantly, you need to find a safe location where there is a demand for your business while considering your brand.

  • Apply for Final Approval

You’ll need to prepare all your documents, location addresses, and legal information to submit for final approval.

  • Employees

Meanwhile, waiting for approval you need employees to run the company, for this, you need to hire people for work. First, hire a manager to supervise the process, and convey him to be present on board, especially in the case of any legal forms based in the DED (Department of Economic Development). But in other scenarios, you cannot hire at all. Based on the business structure, each Free zone transaction will have distinct laws.

So, for this process, Mediation Consulting, the best consulting company in the UAE is here to serve you as professional advisors to help companies achieve their goals or streamline operations in a particular area of the business, and you get to manage life around work instead of managing work around life. We help you develop strategies for the growth of your business and manage your projects.

Information technologies and good business consulting services are closely related to being successful in your business.

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