If you are thinking of a new business set up in Dubai, the time is indeed ripe, considering the city has been buzzing with latest infrastructures and developments that allow it to be favorable for business owners to venture into a new business.
However, before venturing into any kind of business, whether you are a resident of Dubai or looking for offshore company setup, you need to follow a gradual process to set the ball rolling for your business.
The kind of business you've ventured into will determine the type of license you require. Whether it's professional, industrial, or commercial licenses, these factors will decide the basis of your business operations. However, while determining the type of business you are getting into; remember that certain activities and legal consultancy need further approvals from different departments of the government office.
If you are a foreign national seeking 100% ownership of your company, you need to select a license and location in one of the many free zones. There are particular kinds of activities that each free zone is known for and having clarity in this aspect in the first step will assist you in finding the best option.
Based on the kind of business you own and its location, there are regulations regarding the formation of your firm. For instance, if you plan to start a tax consultancy firm, this can be done either as a branch of a company or as a stand-alone organization. A sole proprietor won't be allowed to carry out this activity. Each free zone has its limitations regarding the organizational structure, and you can check them out on the official website of the zone.
Your trade name is a crucial aspect of the legal process. The name of the organization must highlight the nature of the business unless it's a branch of another organization.
When you have sorted out all the legal processes, it would be ideal for you to list out some offices with the costs and other significant details. This would ensure a clear path for your business to flourish once the legal formalities are out of the way. In free zones, you can avail expert assistance to find the premises suitable for you along with the services to set up electricity, water, internet and other facilities.
According to the regulations, you need to appoint a manager who'd monitor the operations, and you have to get him on board before your registration is approved. But in many other cases, you will probably not be able to hire at all. For example, license for home-based Emirati business owners doesn't allow hiring staff, though they are allowed to appoint contractors. For free zones, each zone comes with its own set of regulations regarding the structure of the organization.
When you follow all the steps appropriately, you can carry out your business processes in a hassle-free way.