4 Key Stages: Setting Up a Business

It isn’t hard to understand why Dubai is such a popular place when it comes to setting up a business. It is a city with a world-class infrastructure, unrivalled stability and security and a progressive economy. Its focus on innovation and development has made it one of the fastest growing economies in the MENA region and has increased its appeal for international investment. The diverse population, tax-friendly status and incentive-based commerce initiatives have also seen a large jump in demand from entrepreneurs and start-ups, both locally and internationally. Despite these exciting realities, setting up a business can still be a daunting prospect. Its chance of success is closely tied to many of the early decisions that will need to be made and ensuring that you have catered for all of the requirements associated with your location and future growth. At EER, our expert Corporate Services team knows just how vital it is to get the right support and advice. They have decades of experience in the region and are ready to help companies of all sizes find the right answers to ensure they are on the right track. To give you an initial ideal of the key stages associated with setting up a business, here is a quick guide to what you need to know.

Step 1: Documentation & Name Registration

Once you have a good idea of the type of company you are looking to form, you will need to gather all of the necessary documents and register your name. To avoid extra hassle and stress, you will need to seek out accurate information about which documentation will be relevant for your business. This will vary depending on where it will be located, whether it is a free zone company, what type of business it is and who is involved with the organisation. In terms of the company name, it will need to adhere to the naming stipulations of the UAE and avoid any potential translation issues to ensure a smooth registration process.

Step 2: Obtaining the Trade Licence

The electric diversity of Dubai isn’t just limited to its residents and cuisines, it is also evident in the variety of jurisdictions and type of company ownerships that are available. This is undoubtedly useful in terms of finding the right fit when setting up a business, but can be something of a minefield for those taking their first steps.  Our expert team can talk you through all of your options, explain the differences between free zone, offshore, DED mainland licenses, LLC and Trading companies and recommend the best options for your needs.

Step 3: Visas

To protect you, your employees and any dependants, choosing the right visas and understanding the process is essential. The type of visas that may be required will also depend on the business license you choose and the size of your organisation. It is crucial to have an up to date awareness of the right immigration and visa regulations in order to be able to keep things on track.

Step 4: Opening a Bank Account

You might be surprised to discover that setting up a corporate banking account can be a highly complicated process. Dubai is home to a host of reputable banking institutions, but the industry is still evolving in terms of how it accommodates business banking for individual companies. Whilst it is improving, getting the right advice over which bank is right for your business can save you valuable time and even money.

If you have been considering your options when it comes to setting up a business and want to get expert help, then this could be the time for you. For the month of September, EER is offering a 10% discount to new clients.  So if you would like to enquire about how EER can help you with setting up a business, get in touch today on corporateservices@eerme.com or call us on +971 4 421 1819.