Starting a business with 100% ownership in Dubai may seem as a challenge to many. However, one of the most important things about starting a business as a foreigner is that you can’t get 100% ownership. Well the times are changing and they get the opportunity to set up business with 100% ownership. Initially, foreigners only got a share of 49% in the local market. But, with changing times, the laws have changed too. Hence, foreigners can opt for setup a business in Dubai, with 100% ownership. Initially, foreign investors had 49% ownership when setting up business in the mainland. Nonetheless, you can get 100% ownership.
Why is Dubai the hub?
In a significant time, Dubai has emerged as one of the biggest economies of Saudi Arabia. Over the years, these figures are growing only. Therefore, businesses are growing eventually.
Apart from free zones, foreign investors now have flexibility to set up a startup in Dubai. There are three different entities for setting up business in mainland, freezone company setup and offshore. Free zones have always been a major attraction for foreign investors.
One of the main reasons why foreign investors choose Dubai free zones is because of 0% tax incentives, 100% ownership, no currency restrictions and 100% import and export tax exemption.
What are the steps to setup a business in Dubai as a foreigner?
It is necessary to follow proper foreign company registration in Dubai. An expat and foreigner can eventually indulge in different steps for business setup in Dubai.
Some of the common steps to setup a business in Dubai include the following
- Have a business plan
Having a business plan has become extremely crucial for businesses. When you set up your business in a foreign country, you need to come up with a strong solution.
Preparing a business plan is extremely complicated. This is mostly because it involves a lot of preparation and planning. Having a business plan will ensure buildup of a structure to determine how the business will grow.
- Get a visa for Dubai
Visas are one of the most crucial processes for foreign company registration in Dubai. It is necessary to get in touch with your local embassy. Business Link UAE is one of the most popular business setup consultancy services. If you want to opt for a startup in Dubai, Business Link UAE can assist you with the process.
- Get the license
License is important for starting a business in Dubai as a foreigner. You need to get in touch with potential authorities for getting the license. The Department of Economic Development and Free Zone authorities can assist you in the process of getting the license.
The three most common licenses that you can apply for include:
- Professional License
- commercial License
- Industrial License
How to setup a business in Dubai as a Foreigner ?
Starting a business in Dubai as a foreigner can turn out to be challenging for many. However, with the help of Business Link UAE, you can easily proceed with the process.
1. Have a business activity
The basics of starting a business in Dubai is to know what field you’re working on. No matter which area you are setting your business in, it is necessary to follow the restrictions and activities.
It is advisable to analyze all the factors and choose an area where you can conduct your business freely. Furthermore, once you are in the process of analyzing you can remove certain options too. Nonetheless, you may not limit your business activity to one. The government of Dubai gives startups in Dubai the flexibility to operate across different fields.
2. Choose the company name
UAE follows a pretty strict convention for naming the company. Therefore, before choosing the name for your company, you need to ensure that they meet the requirements. No business name should consist of any offensive language. Moreover, there should not be the involvement of any mafia activities.
As per the rules in Dubai, one cannot name a business on his own name. The name can either be of a partner or related to the owner. At the same time, it is restricted to indulge in initials and abbreviations are accepted but with three letters. If you are new to this land, Business Link UAE can assist you in the process of business setup. The experts at Business Link UAE have specific knowledge about the naming conventions. Therefore, it is necessary to follow it carefully.
3. Get the office space
Once you get the name registration done, you need to file for office space. The space can either be virtual or real. However, make sure to apply for it.
4. Submit the documents
Irrespective of where you set up your business in Dubai- freezone or mainland- you need to submit documents. Once you have determined the company type and name, you can easily submit the documents.
It is necessary to submit documents such as Non-Objection Certification, details of owners and so much more. However, the involvement of too many paperwork can also make the system complex. Therefore, to ease the process for you, Business Link UAE will save you against the risk.
Business Link UAE can assist you in the entire process of paperwork. Right from the beginning to end, we can assist you in completing the paperwork.
5. Get the license notification
Receiving the license notification is a very thing. You will receive the license for your company in Dubai, if the application is approved. Business Link UAE believes in easing the business process for you. Therefore, we will collect all the documents for you to get a license.
Business Link takes special pride in managing their documents. If you are our client and need some help with notifications and document filling, we can help you.
6. Get a bank account
When you want to operate in Dubai, you need to have a local bank account. After the submission of paperwork, you will get all important documents for getting the corporate documents. UAE is home to various banks.
Therefore, starting a business in Dubai as a foreigner has become extremely easy. Business Link UAE can assist you in the process. Partner companies can discuss with each other before opening the bank. On the other hand, entrepreneurs can individually reach the company to get a license.
7. Process the visa
Visa processing is hailed to be one of the most important steps to form a company in Dubai. If any businessman wants any extra help for its driver, maid and spouse, Business Link can assist you.
However, getting approval for a visa can be a nerve racking website. It is necessary to check all the factors like status adjustment, permit for entry and more. After these are done, you will need to submit ID registration and visa stamping.
What are the documents needed to setup a business in Dubai as a Foreigner?
Companies operating in Dubai need to abide by certain rules and regulations. The document you need for the free zone is available on the website. Nonetheless, some of the common documents needed to setup a business in Dubai include the following
- Business Plan
- Completed form
- Scanned passport copy
- Passport copy
- Signature of sign from all partners
- NOC certificate of individual. (Only if required)
Why Choose the Business Link UAE?
Business Link has gone through a big change in the past few years. However the only thing you need help with is the business setup. We can assist you in the process of getting a license and more. Moreover, it is necessary to follow the steps carefully. Business Link UAE is available as meeting portals. Hence, with online business learn and earning.
For more info, book free consultation today
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