Dubai is home to entrepreneurs from all corners of the world. Year after year, more and more foreign investors and entrepreneurs flock to the emirate to benefit from its excellent business environment. In addition to a tax rate of 0%, a global location strategy, and a simple incorporation process, Dubai now allow foreigners to own 100% of their company in most cases.
This, all along with the beginning of long-term visas, has more paved Dubai’s reputation. As the perfect place for foreign entrepreneurs. While it doesn’t have to be complicated, start a business as a foreigner, here requires some local expertise.
How foreigner can set up a business in Dubai?
- Let’s start with the basics. More than 85% of the local population is made up of expatriates, and many of them have their own businesses.
- Dubai actively welcomes foreign investors and business owners. However, this requires a thorough knowledge of the area and its many customs and regulations.
- For this reason, it is always a good idea to purchase the services of a commercial configuration company that can not only advise the process but also finds the most suitable license and configuration type for your business based on your needs and budget.
- By using Business Setup Services, you can also rest assured that your visa and license applications are free of errors and omissions that could lead to delays and rejections.
- When working with a UAE business incorporation specialist, all you need to do is provide basic documentation and some information. about the nature of your business. Then sit back and let the experts do the rest: manage your license and visa applications, communicate with all relevant departments and authorities and report when you can go live. It is really that easy.
Credentials essential to start a business in Dubai
Companies established in free zones are subject to the rules of the respective free zones. Therefore, the documentation required will depend on the free zone you are applying for. Documents required may include:
- Complete the application form
- Business plan
Copy of business license/certificate of registration (if an existing company is only applicable to a local company)
- Color passport copies of the company’s shareholders and the appointed manager/director for the new company
- Sample signature Shareholder / s of the company and the manager/director appointed for the new company
- Biennial audited financial reports for a legal entity or reference certificate from an individual employee of the banking company
- NOC of the current sponsor (for individuals)
What are the Dubai company formation costs?
- Another reason Dubai is so popular with entrepreneurs around the world is the relatively low cost of doing business.
- Although there are many factors involved, you can expect a business license to cost between AED 15,000 and AED 25,000.
- However, this is an approximate value. The cost of starting a business in Dubai varies depending on where you choose to start a business, whether you rent the facilities, how many employees you have, and more.