Dubai’s allure for entrepreneurs stems from its vibrant economy, low tax environment, and quality of life. Discover the compelling reasons why thousands of entrepreneurs choose Dubai as their business destination:

• Low tax: Enjoy 0% tax on personal and corporate incomes, with a nominal 5% VAT. Corporate tax is at 9% only if business profits exceed a certain profit threshold. 
• Vibrant economy: Benefit from a diverse economy and ample opportunities across various industries
• Great quality of life: Experience a high standard of living in a dynamic and cosmopolitan city
• Startup support: Access numerous startup incubators and funding initiatives for business growth
• Transition: With Dubai’s promising economic outlook, let’s delve into the steps to start a business in this thriving city

The Process of Starting a Business in Dubai 

Step #1 Choose an Industry

Assess various industries in the UAE to identify opportunities for innovation. Consider location-specific restrictions and choose a business activity accordingly. Particularly, explore sector-specific free zones or locations with favorable transport links for strategic setup.

Step #2 Choose a Licensing Jurisdiction

Next, based on business goals and preferences, decide between mainland and free zone setups. Take note of the benefits of each. More importantly, both mainland and free zones offer tax exemptions and full 100% business ownership. In fact, choosing between jurisdictions highly depends on your business activity. Specifically, certain Free Zones offer industry-specific licenses suitable for business operations.

Step #3 Choose Your Company Name

You will be asked for atleast three trade name options. More importantly, adhere to strict naming conventions in the UAE to ensure legal compliance. And, avoid offensive language or references to religious, sectarian, or political groups. Also, you may seek guidance to select an acceptable company name and complete the necessary registration

Step #4 Complete the Incorporation Paperwork

Now, for the documentation, prepare and submit the required documentation for company registration. Then, fulfill additional requirements, such as business plans or Non-Objection Certificates (NOCs) for some free zones. Opt to engage with business setup experts for assistance in navigating the paperwork and meeting regulatory standards. Finally, once the paperwork is complete, proceed with licensing, bank account opening, and visa applications.

Step #5 Applying for a License

Submit the necessary documents for company licensing to relevant government authorities. Next, is to obtain the company license upon successful processing of the application. Comply with specific requirements for free zones, such as business plans or shareholder passports. Lastly, working with a business setup consultants like NH Management would seamlessly ensure you a license at the least amount of time.

Step#6 Open a Bank Account

The UAE is home to reputed international and local banks. Choose a suitable bank for personal or corporate banking opening needs, considering local and international options. Gather required documentation, including company license and shareholder information. After that, initiate the bank account opening process to facilitate financial transactions. Of note, the bank opening process could last up to 3-5 working days.

Step #7 Apply for a Residence Visa

Firstly, complete visa applications for the business owner. Then, process for staff and family dependents, if applicable. Follow the visa application stages, including entry permit, status adjustment, and medical fitness tests. Please seek expert advice from our team to navigate visa requirements and ensure compliance with entry criteria. Also, we assist clients and their staff or dependents in all required government office visits.

Final Thoughts

Undoubtedly, starting a business in Dubai presents a rewarding journey fueled by economic growth and entrepreneurial spirit. Embrace the opportunities, navigate the setup process diligently, and adhere to cultural etiquette for successful business ventures in Dubai. Moreover, with professional guidance and determination, you can embark on a fulfilling entrepreneurial endeavour in this dynamic city.

Lastly, for more assistance, contact our business consultants at info@nhmanagement.com or via hotline at 800 64626.