In recent years, Dubai has become a main center of attraction for foreign investors who want to benefit from the Emirate’s taxation system and business opportunities. Moreover, the Government also relaxed the business registration requirements, so that it is also possible to have full ownership over a Dubai enterprise, no matter one’s country of origin, in certain industries. So, if you are considering setting up your own company as a foreign investor, this guide is for you.
Decide on the activities of your business
One of the main requirements to incorporate a Dubai company is to settle on its object of activity. This step is important, as it is strongly linked to the licensing phase. As each license corresponds to one or more activities, the main recommendation is to consult with specialists, such as BridgeWest Dubai, to make sure that you select the appropriate one. As a short introduction to the available business permits, you can choose between:
- the commercial license;
- the trading permit;
- the industrial authorization.
Reserve a trading name
Once you have the licensing requirement sorted out, you can proceed to reserve the company’s commercial name. This is one of the simplest procedures, and provided everything is in order, it should not take more than one day. How do you make sure of that? Consider at least 3 names to ensure the uniqueness criterion.
Draft the incorporation documents
This is perhaps one of the most complex procedures to complete when setting up a company in Dubai. As a foreigner, you will need to have many documents translated into Arabic and also authenticated, so this may take a while if you want to pursue this step on your own. Also, check if you need a licensed service agent, as in certain cases, one may be required.
On the list of documents to prepare are:
- a valid passport;
- the company’s Articles of Association, which will be drafted in Arabic;
- proof of a local address – you can rent a space or simply acquire a virtual office service;
- the trading name reservation form;
- information about the manager (valid ID/passport, residence permit, depending on whom you appoint).
Also, check with the service providers mentioned above if you need a No Objection Letter.
Pay the registration fees
Another part of registering a company in Dubai is to make sure you pay all the registration and licensing fees. Note that the receipts must be appended to the other documents. They can be paid online, and there should be no problem with that, but it is an aspect to consider.
Licensing and registration
Once these steps are completed, you can file the application dossier with the Dubai Department of Economic Development, which will review it, and based on its correctness, you will get the Registration Certificate and License within a few days.
Obtain the necessary visas
As a foreign investor, you should also consider the visa requirements. This step was left towards the end because you can start the registration process remotely. However, if you plan to move here, you may need to apply for:
- a residence permit for yourself;
- a residence and work permit for the company director (if you appoint a foreign manager);
- work permits for employees, if you want to hire foreign workers.
These are the main steps to start a business in Dubai as a foreign investor. Even if you can complete the procedure on your own, the simplest pathway to choose is to work with a professional firm, which can ease the entire procedure and help you have your enterprise up and running in no time.
