Dubai’s economy boomed in the first nine months of 2023, expanding by an impressive 3.3%. This strong growth is particularly exciting because it wasn’t limited to just one industry. Sectors like tourism, transportation, technology, and even real estate all saw significant gains.
With clear direction from its leaders and ongoing efforts to support businesses, Dubai is well-positioned for continued economic success. This positive momentum puts Dubai on a clear path to becoming a major force in the global economy.
That’s not all! The emirate is well-positioned to maintain its growth trajectory and become a leading global economic hub in the coming decade.
And if you are ready to make the most out of it, we at Safari Star are here to tell you how you can start a business in Dubai following just a few simple steps!
Steps to Establish Your Company in Dubai
1. Select a Business Activity
It is important to select a permissible business activity! Understand the feasibility of your business setup in Dubai and do thorough research.
2. Select the Jurisdiction
Dubai and the entire UAE market are divided into different zones or jurisdictions – mainland, free zone, and offshore. Selecting a jurisdiction depends on your demands, requirements, and business activity. Our experts at Safari Star can help you determine which jurisdiction would suit you the best.
3. Decide the Company Structure
Choose the right legal form/company structure for your business at an initial stage. This forms the backbone of your company and impacts how it operates. You may choose from;
- Limited Liability,
- General Trading,
- General Partnership,
- Partnership in Commendams,
- Public Shareholding,
- Private Shareholding,
- Joint Venture
- Share Partnership.
This can be decided based on your jurisdiction and business activity, our business setup consultant in Dubai, can guide you through the process.
4. Name and Activity Approval
Dubai’s Department of Economic Development (DED) approves the trade name before you start the company setup process in the UAE. The activity is also approved at this step, and the required documentation is distinguished for the licensing process.
5. License your Company
There are several licenses that you can choose from if you are planning to start a business in Dubai. They are mainly distinguished under;
- Commercial License,
- Professional License,
- Industrial License
- Tourism License.
These licenses are primarily regulated in Dubai mainland. Likewise, for Dubai free zones, the licensing structure is different and subject to the business activity performed by your company.
6. Register your Company
Company registration and licensing is a simultaneous process, yet the entire process of documentation and approvals goes through various stages. In this step, you will have to get all the approval from the governmental authorities as requested by Dubai DED. The required government documents vary depending on your chosen company structure and business activities. Safari Star can be your trusted partner, assisting you in obtaining all the necessary paperwork.
7. Find a UAE Local Partner / Sponsor
Businesses in Dubai are set up with 100% ownership, but some business activities still mandate a local partner/sponsor. This can be tedious for foreign entrepreneurs. However, with Safari Star, you can find reliable partners that offer you documented authority and complete control over your business with zero interference.
8. Get your External Approvals
The DED also demands external approval from governmental as well as non-governmental bodies. For instance, companies may need to get approvals from municipalities, banks, embassies, etc. Safari Star can streamline this process, our team has extensive experience navigating external approvals. We can identify the necessary approvals, liaise with relevant authorities, and ensure your application meets all requirements, saving you valuable time and effort.
9. Draft your Memorandum of Association
At this step, comprehend the complexities of the Memorandum of Association (MOA). We at Safari Star provide expert guidance as our legal specialists explain the intricacies of the MOA and ensure it aligns with both government regulations and your business goals. We help you draft a clear and concise MOA that protects your interests and lays a solid foundation for your company’s success.
10. Office Space, Tenancy Contact, and Ejari
Finding a suitable office or workspace is an important step in establishing your business in the UAE. The DED may have specific size requirements for your office space based on your chosen business activities and the number of visas you plan to apply for. We at Safari Star can streamline the process by identifying business centers or office locations that meet your needs, comply with DED regulations, and optimize your workspace. Once you have secured your space – we can also assist you with drafting a clear and comprehensive tenancy agreement that protects your interests. In addition, our legal team can guide you through Ejari registration, the official electronic rental agreement system in Dubai.
11. Get an Initial Approval
Before getting your business license the DED provides you an initial approval. It is a statement that allows you to carry out your business until you receive your trade license. The name reservation certificate, passport copies of partners, and all the approvals from the external departments are submitted at this stage to acquire the initial approval.
11. Collect your Business License
To collect the UAE business license, you will have to submit the following;
- The License Application,
- The Attested LLC Agreement,
- Memorandum Of Association,
- Governmental Forms,
- Name Reservation Certificate,
- Initial Approval Certificate,
- External Departments Approval,
- Tenancy Contract,
- EJARI Registration Certificate,
- Passport Copies Partners,
- NOC For Partners (If Any) Or
- Any Other Specifications as Per Your Business Demands.
All these documents and the governmental fees are submitted to the DED. Depending on the nature of the business, you should get a license after about a week.
Feeling Overwhelmed by The Setup Process? Let Safari Star Guide You.
We are a trusted business setup partner in the UAE, offering a stress-free experience. With over a decade of expertise, our team tailor’s solutions to your specific needs. We understand the complexities involved and can help you navigate them with ease.
So, don’t let setup hurdles slow you down. Schedule a free consultation with Safari Star, and let’s turn your business dream into reality.
