It just takes a week to set up a business in UAE but for that, you must contend enough to carry out all the legal procedures and requirements accurately and timely.
Here are the steps you need to follow in order to go for setting up a company in UAE.
Choose the business type
The business type you choose for your business activities will have an impact on the license you acquire from the authorities. Make sure to keep in mind that you might need some additional approvals as well from the concerned authorities depending upon your business type.
You can choose a number of business activities from the list of Department of Economic Development (DED). If you are still not able to find the appropriate business activity for yourself, you can then contact DED for further guidance.
This is because there are different rules and regulations for different free zones. So, you must act in accordance with them.
Business ownership
The foreigners who wants to own their companies 100% must go for company formation in UAE free zones. This s because it lets them get all the ownership rights over their companies. Also, different free zones offer different business activities. So, it would be better if you choose the one which fits right according to your needs and demands.
For obtaining a local license, Department of Economic Development (DED) is the authority you have to count on. This is because DED is responsible for issuing the business license in the UAE.
Determine the Legal structure of the company
Your business location and company type will determine the rules on which your company will operate. So, you must be very careful while you are going through the business registration procedures in the UAE.
The legal business experts in UAE can also come up to help for setting up a business in Dubai. Also, make sure that you look into the rules and regulations of the location you have chosen for your business to be on the right side.
Choose a trading name
A good trade name can do so many favors to the company. While going through the registration, choosing the trade name is an important step as well.
You must indicate your business and its nature in the name you use for your company. This will help your clients get an idea about what do you offer.
For getting more information regarding the rules and regulations of trade names, you must visit the website of DED.
Determine your share capital
On your Memorandum of Association, the minimum share capital is set. In most of the cases, you would not need to pay the share capital during the company formation in UAE.
Business location determination
Get a clearer image of the location you want to use for your business activities. You must know about its cost as well in order to be on the safe side.
You would need to hire a manager for your business operations before even getting registered. In the case of free zones, there are different rules and regulations.
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Choosing a local agent
A local agent or a sponsor may be needed for business setups of foreigners. In the case of free zones, 100% business ownership can also be achieved.
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