what are the requirements to start a business in dubai
Many investors in various fields are looking for details about establishing a company in Dubai, as the UAE is one of the best places to start your project due to the population density, in addition to the facilities provided by many companies in this field, most notably Tdabeer Company, so we will show you all the information through this article.
Establishing a company in Dubai
No matter what the idea of the company you want to establish or the budget you can start with, you can achieve this by using the distinguished companies in the field of establishment.
Tdabeer Company is the largest company that provides you with great facilities, at the lowest possible costs.
As the first step to achieving success is to develop a plan appropriate for the activity you have chosen, and to know the conditions that you must achieve to start establishing a company in Dubai.
Steps to establish a company
Of course, there are several procedures and steps that must be taken in order to succeed in establishing a company in Dubai, and the most important of these steps are:
Determining the nature of the activity
One of the first steps to starting any project is to determine the type of economic activity you want to work in.
More than two thousand activities you can choose from.
The types of licenses provided to work in the investment fields are (professional – commercial – industrial – craft – tourism – agricultural) licenses.
Obtaining a distinctive trade name
A specific trade name must be registered so that it does not resemble any other name, and it must indicate the activity in which you work.
Determining the legal form
There are a number of legal forms that have been determined by the state and that you must choose from before starting to establish a company in Dubai.
As each form of these regulations has its own rules, these forms include:
- A branch of a local company.
- A holding company.
- A branch of a Gulf company.
- A partnership company.
- A commercial representation office.
- A sole proprietorship.
- A simple limited partnership.
- A civil business company.
- A branch of a free zone company.
- A public joint stock company.
- A limited liability company.
- A private joint stock company.
- A branch of a foreign company.
Initial Approval
Obtaining initial approval means that the government has no objection to you establishing your company or project, and in this case you can start taking the following steps to obtain the license.
Incorporation Contract
There are some legal forms that require submitting an incorporation contract with the following companies:
- Private joint stock.
- Civil works.
- Simple recommendation.
- Single person.
- Liability partnership.
- Public joint stock.
- Limited liability.
These contracts are notarized in one of the UAE courts or through a notary public.
Some other companies also require agreements with a service agent.
Choosing the location
You must specify a physical address for the activity you wish to work in, and provide proof of that.
Receiving the license
After completing all the previous procedures, the applicant can obtain the license to establish a company in Dubai.
Additional government approvals in Dubai
Some activities require obtaining some licenses and approvals from some ministries, before obtaining the license, including:
Ministry of Justice
If they are legal activities or consultations.
Ministry of Interior
If the activities are (driving school – public transportation services – firefighting – protection and alarm systems – renting or selling used cars), approval must be obtained from the Ministry of Interior.
Supreme Petroleum Council
Services related to gas fields or well drilling operations.
Ministry of Economy
If the services are related to insurance consultations.
Health Authority
If the services are related to health, such as establishing hospitals or others.
Municipality Department
In the case of architectural engineering services.
Telecommunications Regulatory Authority
In the case of telecommunications activities.
Executive Council
Approval must be obtained from the Executive Council in the case of activities (public services – branches of foreign companies – shipping agencies – tourism and travel – air transport rental – trading charter – car clubs).
Terms for choosing a trade name
When choosing a trade name, several terms and conditions set by officials must be taken into account, including:
- A decent name must be chosen that does not contain any word that is contrary to morals or public taste.
- The name must be distinctive and not registered by any company before.
- A name must be chosen that is consistent with the economic activity provided by the company.
- The trade name must follow the legal formula of the company, such as (LLC).
- The trade name may not include the name of God Almighty or any logos or names related to government or foreign entities.
- The Department of Economic Development must approve the name after verifying the conditions.
- The trademark is also approved by the Ministry of Economy.
Documents required to establish a company in Dubai
In order to obtain a license to establish a company in Dubai, several documents must be submitted to the required authorities, namely:
- Application form, which must include the company name in Arabic and English.
- Colored photos of the person requesting to establish the company.
- The receipt for the initial approval you obtained, in addition to the papers you submitted previously.
- A copy of the certificate confirming the documentation of the lease contract.
- What indicates the approval of the various government agencies in the event of an activity that requires it.
- The incorporation contract for the activity that requires it.
- The contract for appointing the service agent or company agent depending on the type of activity.
- The fees must be paid within 30 days of receiving the payment receipt, so that the application is not canceled.
The importance of having a bank account for companies
If you want to establish a company in Dubai, you must open a bank account for the company and not in your name, as it is one of the most important requirements that must be met when establishing any new project, especially in the UAE.
This is to deal with customers through it, in addition to being proof of the company’s credibility and allowing any financial flow in the balances to be observed.
A bank account also helps the company grow and progress by managing financial affairs in an ideal system and allows you to obtain checkbooks and others.
But there are some criteria that must be taken into account to ensure that the company is able to open a bank account, which are:
- Proof that the company has sufficient capital to start creating a bank account, by depositing a certain amount that is determined according to the type of work and the bank that is being dealt with.
- Submitting a file to the bank containing information about the company’s clients, so that you can facilitate the procedures.
- You must show your balances to the bank so that you can maintain a bank account for the company, and the average balance is determined by the bank.
1) What are the requirements to start business in Dubai?
- Completed application form.
- Business plan.
- Copy of existing trade license/registration certificate (if applicable)
- Passport copies of the company’s shareholders and appointed manager.
- Registry Identification Code Form (RIC) for appointed manager (original and notarized)
2) How much does it cost to start a business in Dubai?
3) Can a foreigner set up a business in Dubai?
4) What business can I start with $50,000 AED in Dubai?
5) What is the golden visa in Dubai?
