What makes Dubai commercial incorporation enticing among investors? What are the business advantages in free zone areas here in Dubai? These are common queries foreign investors make before starting their companies in this Arab land. Through this piece article, we will answer those questions regarding Dubai commercial register and many more in a simple to understand manner.
Why Dubai free zone areas for starting business?
You have to set your mind from the very beginning of business incorporation process when choosing between economic zone and free trade zone (FTZ). Here we will reason out some typical benefits of why you should choose free zones over non-free zones for business setup in Dubai.
In order to incorporate a business in Dubai an investor need to take care of few pre-requisitions. These requisitions are necessary to maintain to abide the legal bindings of Dubai business incorporation system.
Below is the to-do list of the task you have to undertake for incorporating your business in Dubai:
Consult a business adviser
This is the initial stage of the business setup process in Dubai. Here you have to consult a professional business consultant agent who has experiences in setting up foreign companies in this land of Arab. The agent will be your initial guide to advise you what to do and what not to do in your business setup process.
What types of business niche you want to go for?
Next, you need to choose the right niche for your business. Niche here is, in Dubai you have multiple choice for business setup. These are as follows:
Next in the row comes the naming process of your company. The name registration and approval is governed by the Department of Economic Development (DED) in Dubai. After you have submitted your chosen name through designated registration form, the name will be thoroughly cross checked for any similar name in existence in Dubai. If all the criteria are up to the mark, you will get you company name approval certificate within a brief period of time.
DED also deals with your business approval license. After applying for it, your business license will be issued based on the type of your business in Dubai. Foreign investors who are interested in starting the business in Dubai will have to get approvals from the General Directorate of Residency and Foreign Affairs of Dubai (GDFA).
The next process of Dubai commercial register is the preparation of the Memorandum of Association (MoA). It is a compulsory component as far as FDI business setup process is in progress and fetcher Dubai. MoA must be prepared with the help of an attorney in Dubai. Here the applicant has to prepare the MoA along with the local sponsor in Dubai. Once ready MoA document is ready, you need to submit it to the DED.
When MoA is ready, you have to submit the document with other supporting documents like trade name approval certificate, drafted license application and tenancy agreements for your business premises etc. To continue with this service, you also need to pay a certain government fees.
Fix company premises for your business in Dubai. It is compulsory to carry out a business here and the relevant procedure has to be done during company setup process. The company can either be established in economic zone, or in free trade zone in Dubai. For premises registration tenancy agreements need have to be set. You have to arrange a tenancy contract copy to fix your chosen commercial space in Dubai.
Once you have collected your business license and tenancy agreements certificate, you are good to go with the very last step of Dubai commercial register process. At this phase you have to collect all additional licenses and approvals recommended by the company authority and DED to conduct business.
You must remember that you need to have a local sponsor standby during almost all company formation process in Dubai. Moreover it should be kept in mind that proper work permit and properly classified employment visa is also necessary.
What are 5 most profitable businesses in Dubai?
5 most profitable businesses in Dubai are:
1. Real Estate
4. Recruitment agency
What are some of the most profitable business of 2020 in Dubai?
Most profitable businesses of 2020 in Dubai are:
Can a foreigner investor own 100% of business share in Dubai?
Yes, foreign investor can own 100% of business share in free trade zone areas in Dubai. Limited Liability Company limits foreigner ownership share of up to 49% of a company. However, Dubai locals or residents can own the remaining 51% of shares of the company.
What are the biggest companies running in Dubai?
Following are some of the biggest companies in Dubai:
**DP World Ltd
**Dubai Islamic Bank
**Emirates NBD Bank
**Emirates Islamic Bank
**Abu Dhabi Commercial Bank