When starting a business in the UAE, entrepreneurs often ask themselves: can they start the process on their own, or should they seek the help of consulting agencies? In this article, we will use examples of the main stages to examine the difficulties that may arise during the company registration process and why it is important to approach this issue carefully and with knowledge of local legislation.
The main steps for starting a business in Dubai:
1. Selecting the main types of activities for the company’s license.
Each economic zone has a list of so-called activities or types of activities that a company can engage in. Some of them can be combined, while others cannot. Some require compliance with certain conditions regarding education, premises, obtaining additional approvals, etc.
At this stage, lawyers select the most suitable types of activities depending on the goals and capabilities of the future company and its founders. An incorrect choice can lead to additional costs and time spent on reissuing the license, which is always a significant expense in the entire process.
2. Selecting a location.
Free Zones are free economic zones that offer simplified registration and taxation conditions. They allow you to open a company and conduct business outside the UAE. It is important to understand that free zones have some restrictions on operating on the mainland of Dubai, but most often it is here that you can save money at the registration stage.
There are more than 40 free zones in the UAE, all of which differ in their focus (trade, finance, manufacturing, etc.), business start-up conditions, and infrastructure.
Mainland — mainland territory offering more freedom in choosing a field of activity. Businesses registered here can operate both in the domestic and foreign markets.
Makebiz specialists provide free consultations to explain the main economic zones in more detail and give detailed instructions on how to open a company. A clear comparative overview of the distinctive features and prices of some of them allows you to narrow down your selection to a few of the most suitable options.
3. Study of requirements.
After selecting a location and activity, it is necessary to conduct legal research to understand the requirements for a specific type of activity.
In some cases, additional approvals from regulatory authorities may be required. For example, this applies to the fields of finance, real estate, education, etc.
Thanks to the established contacts of consulting agencies with government agencies, it is possible to quickly clarify information about a particular approval or requirement, collect all the necessary documents, and submit an application with knowledge of all the details, ensuring that the necessary approval is obtained.
4. Getting approval.
The registration process begins with obtaining preliminary approval and reserving a trade name. Next, a memorandum is signed and the company’s legal address is registered. This can be either a virtual or a real office, depending on the requirements of the business. The final stage is the registration of the company with the migration service.
All these processes can be completed online without personal presence with the help of Makebiz specialists. If necessary, they will help you collect a package of documents and sign the founding documents online via video call from anywhere in the world. Of course, this saves you time and money on traveling between countries.
5. Obtaining residence visas for founders.
After obtaining a license, you can apply for visas for the company’s founders. At this stage, it is necessary to undergo a biometric procedure and a medical examination, so entry into the UAE will already be mandatory. Typically, this process takes up to two weeks, but if necessary, it can be expedited for an additional fee.
Support at this stage includes calculating the dates of arrival and stay in the country, booking all procedures without queuing at a center convenient for you, communicating with government agencies, and obtaining an Emirates ID.
6. Opening a corporate account.
To accept payments and perform any financial transactions, it is important to open an account in the name of the company. This can be done at one or more banks in Dubai. These can be traditional or online banks.
The assistance of specialists will allow you to choose a bank that suits the specifics and goals of your business, collect and prepare a package of documents, and, as a result, open an account without delay. It is also important to note that we have established contacts with representatives of various banks, which will help you avoid rejections.
7. Registering the company with the tax authorities.
Registering a company with the Federal Tax Service is a mandatory requirement of the law. It must be done within three months of obtaining a license, otherwise you will have to pay a fine.
Free consultations on the specifics of tax legislation and accounting requirements are a special advantage for the successful start of your business, optimization of the tax burden, and compliance with legislation in the future.
Registering your business through a consulting company helps you save money and time thanks to its in-depth knowledge of the intricacies of local legislation. Contacting Makebiz is the first step towards creating both a small and a large international business.
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