Business setup in dubai & uae starts here

Setting up a business in Dubai involves several steps. Here’s a simplified, step-by-step guide:

1. Choose your business activity and company structure.
2. Select business location and preferred leasing facility.
3. Prepare required documents and business plan.
4. Apply for company name and initial approval.
5. Submit all required documents.
6. Obtain Business license and approvals(NOC).
7. Open bank account
8. Register for VAT(if applicable), and register for Corporate Tax in the FTA

The cost of setting up a business in Dubai depends on several factors, including the type of license, office facilities, and visa requirements. Generally, establishing a mainland company starts at a minimum of AED 15,000. For free zone companies, packages typically begin at AED 6,000, while offshore companies can be registered for as low as USD 3,000.

Company registration requirements vary based on the business structure and the issuing authority of the license. For individual ownership, the client must provide all necessary globally recognized personal documents and comply with all relevant standards. For corporate structures, all legal documents must be attested. Additionally, obtaining any specific permits or approvals needed for certain business activities, such as health and safety or environmental regulations. Ensure adherence to all local regulations related to business operations.

Key factors to consider when selecting a consultant should be:

1. Experience and Expertise
2. Transparency and accuracy.
3. Strong network with all relevant authorities.
4. Customer Support and accesibility.
5. Credibility and client reviews
6. Confidentiality

Requirements for Opening a Bank Account:

• Choose a Bank: Select a suitable bank.
• Source of Funds: Verify the origin of funds.
• Minimum Balance: Meet the required minimum balance.
• Shareholder Experience: Document shareholder experience.

Steps:

• Gather Documents: Collect all necessary paperwork.
• Meet the Banker: Schedule and attend a meeting with a bank representative, or apply online (when applicable)
• Submit Documents: Provide the final documents.
• Complete Compliance: Fulfill any additional compliance requirements.
• Receive Account: Obtain your new bank account details in your registered email.

Investor Visa can be two types:

1. Two year residence visa for investors and partners owning mainland/freezone companies or a property in Dubai with cost not less than 750,000 AED.
2. Golden Visa for investors(10 years)-Based on property,fixed deposits or investment in companies.The eligibility criteria is subject to the selected catagory.

Corporate Tax

Corporate tax is applicable to all the juridical persons in UAE. It is also applicable to the Companies that are conducting their business activities outside UAE but controling and managing from UAE. So, all the businesses need to comply with tax laws and regulations, register & file tax returns before the deadline issued by FTA.

Value Added Tax (VAT)

Juridical persons in UAE have fulfilled minimum VAT registration threshold of taxable supplies and expenses (AED 187,500 Voluntarily/375,000 Mandatory) within the last 12 months or expected within the next 30 days, needs to comply with VAT laws & regulations, register and file VAT returns.

100% foreign onwership of business is permitted in the UAE. Free Zone companies allow 100% foreign ownership for any type of business, while in mainland companies some of the business activities require having a local (UAE national) partner or local agent. However, majority of business activities in mainland also allow 100% foreign ownership.

Depending on the authority and ownership structure,the duration can vary from 1 working day upto 3-4 weeks.

Post-registration services can be following:

1. Annual Audit and bookkeeping.
2. VAT and corporate tax registration.
3. NOC and approvals post licensing for regulated activities.
4. Corporate bank account opening
5. Residence Permits
6. Share Capital deposit in a company`s bank account located in the UAE (depending on authority requirement)

Steps Involved for renewal

1. Prepare Annual Audit report (if required by respective authority)
2. Renewal of facility
3. Renewal of license and approvals(pre or post licensing, if applicable)
4. Payment and submission of required documents, approvals, undertakings
5. Renew the Establishment/Immigration card of a company (if available)
6. Submit the renewed documents to banks where a company has corporate bank acocunts.