The Steps to Follow to Set Up a New Business in the UAE

Who knew in just fifty years, the United Arab Emirates would become one of the leading economies and would offer foreigners business opportunities! If you are planning to open one, make it now. The process for business formation in Dubai is simple and takes less than a few months, but your decision will bring ample benefits in your way. Keep on reading to understand how you can establish a new business anywhere in the UAE.

There are mainly three business modules available, and the free zone is the most profitable. And it works best for international entrepreneurs. 

What Benefits Can a Businessman Reap from the Free Zone?

  • The Businessman will have complete ownership of the company. 
  • There will be zero personal or any enterprise taxation.
  • The business will have 100% profit and investment repatriation. 
  • The business will not have to face any currency limitations and trade in any currency.
  • The free zone will also enjoy 100% complete exemption on all imports and exports duties. 

The Steps to Follow for Free Zone Business Formation

 Step 1: Business Activity

It will be best to decide what type of business you will establish in the free zone region. This decision will help you move smoothly into the coming processing steps and apply for the trade license irrespective of the type of business you choose. 

Step 2: Company Name

The UAE state has a rigid policy regarding the company’s name. Therefore, make sure your company’s name is unique and, at the same, represents your business.  

Step 3: Complete all Corporate Documents

After deciding the activity and name of your company, the next step is filing all the documents. Make sure that it is in the correct order for the license issuance. You will be required to fill out the form and photocopies of your passport, in-depth business plan, Sponsor letter, and NOC. 

Step 4: Wait for the License

Once you have applied for the license, now there is a wait. The release process can take one week and, in rare cases, may even extend up to 14 days. 

Step 5: Ask for Bank Account

After filing for the license, the same documents will be used for the back account. You must provide all the required notes for opening a corporate bank account. There is both national and international bank account, and you can apply for one that matches your needs. 

Step 6: Visa Processing

The last step is the visa application for entry. Many free zone areas allow you to apply for your staff and family visas, but the number of sponsors you can make varies from area to area. The visa process is divided into four parts: entry visa, status update, medical test, and finally, application for emirates ID. If you are an aspiring entrepreneur and looking for international booming investment opportunities, there is no better place than UAE. Call now to take advice from our experts who will be happy to help you.