- October 8, 2015
- Posted by: Aswani
- Category: Blog
Dubai is an immensely attractive destination for doing business. As one of the most successful cities in the world, it offers tremendous opportunities to those planning to bring up new businesses in here. Whether we talk of its strategic location or the excellent physical infrastructure, Dubai offers some unique advantages to all types of businesses. It is a diversified, knowledge-based economy and offers a conducive business environment to new companies.
Setting up a new business in Dubai is an exciting task. However, businesses need to have a knowledge and understanding of the business environment in the city. A company must familiarise itself with several facts associated with setting up a business in here. Right from obtaining a business license to completing the registration process, there are several factors that need to be taken care of.
Here are the 5 basic steps a business needs to take to complete the registration process in Dubai –
Selecting a UAE National Partner (Sponsor)
Choosing a UAE National Partner or sponsor is a pre-requisite to setting up a new business in Dubai. The choice depends on the type of services required from the sponsor. Before taking a final decision, it is important for a business to determine whether it simply will need to use the license of the sponsor or would it require complete support in overcoming business challenges. Selecting the right sponsor will make the task of setting up a new business easier.
Obtaining a name from Department of Economic Development (DED)
Once the sponsor has been chosen, the next step is to get a name and activity approval from Department of Economic Development (DED). For this, the business needs to fill a standard application form and submit it at DED.
Choosing a Business Premises
It is mandatory for every business in Dubai to have a business premises. Therefore, a new business will have to look for and choose a business premises. It will need a tenancy contract in order to get registered.
Memorandum of Association (MOA)
A memorandum of association has to be made and submitted to the DED. There are several important points that must be mentioned in the memorandum. These include ownership percentages and profit sharing arrangements of the partners. Any legal firm can make the memorandum but it should be notarized in the Dubai court.
Submission of Documents at DED
The final step in the registration process is the submission of MOA, license application, licence contract and other legal documents at DED. A business will need to pay the required fees while submitting these documents. A license is generally issued after a week of submitting these documents. Once the license has been issued by DED, the business
Can Commence its Operations in the Dubai.
Dubai offers excellent opportunities to new businesses to grow and flourish. Regardless of the nature of activity, there is high potential for every business to succeed in Dubai. With the right knowledge and guidance, any new company can successfully register its business in Dubai and start its operations in the most seamless manner.