The UAE is a federacy of 7 different emirates i.e. Dubai, Abu Dhabi, Ras-al-Khaimah, Fujairah, Umm-al-Quwain, Sharjah and Ajman. The United Arab Emirates has a very diverse economy and culture. The country was once reliant on the export of its lavish oil reserves. But now it has grown over that and now excels in tourism and other business set up in UAE. Moreover, the country has now become one of the top-notch business hubs in the world.
Every year, thousands of entrepreneurs decide to visit the country and end up planning a company setup in UAE. The government of the UAE is also very supportive when it comes to the business set up process. All the more reason for businessmen around the world to start a company of their own in the country. If you are one of those aspiring entrepreneurs, you must know the procedure for business set up in UAE. Although it is an easy process, the paperwork can be tedious.
Read further to learn all there is to know about setting up business in the UAE.
Why Should You Do Business Set Up in The UAE?
Not only does the UAE have a diverse economy, but it also has a very assorted culture. Besides, it also offers a very lucrative and competitive business market. Furthermore, its strategic geographic location is a plus factor for all businesses. It doesn’t end here, the UAE has so much more to offer when it comes to business setup, from government support to ease of business setup till a positive work environment. A few prominent advantages of business set up in UAE are as follows:
1. The UAE has a growing and diversified market to do business with high global demand for imports and exports. Moreover, it offers vast opportunities for suppliers.
2. The country bears a well-thought-out geographic location.
3. The United Arab Emirates has global connectivity with 90 plus airlines and 170 shipping ports.
4. Above all, there are no trade barriers. (no quotas or exchange controls)
5. The country has no rule to pay tax on personal, capital, or corporate income. Also, it allows 100% repatriation of capital and profits.
6. The UAE government poses no currency restriction on the exchange of money.
7. Moreover, the country has an abundant energy supply to offer at fairly low prices.
8. The population of the country is highly educated, skilled, and friendly in nature. This makes the place favorable for hiring a highly skilled and professional workforce. Moreover, there are no restrictions when it comes to hiring foreign nationals.
9. The country has a very smooth, well-planned, and developed transportation system.
10. Furthermore, the advanced infrastructure of the country is no secret.
11. The country provides top-notch health care facilities at affordable rates.
12. No minimum investment capital is required.
What is The Process of Company Setup in UAE?
The process of a company set up in the UAE is easy. All you need to do is follow the given step and you will have your license in a matter of 5 to 6 working days.
1. Find a local sponsor who has to be a UAE national.
2. Decide the nature of your business. Based on that, decide your business activities.
3. Select a suitable name for your company.
4. Reserve the trade name with the Department of Economic Development.
5. Decide the legal structure of your business.
6. Rent a space to set up your office and run your business operations.
7. Register on Ejari to get your tenancy contract and unique Ejari code.
8. Draft an MoA and AoA and get it signed by all the partners at court.
9. Get the initial approval.
10. Finish all the paperwork and submit the documents to the concerned legal department.
11. If all seems good, the government will issue your business license.
12. Pay for the license fee within 24 hours of license issuance.
What Are The Required Documents for Company Setup in UAE?
Following is the list of necessary documents you need to submit for business setup in UAE:
1. Valid copy of your tenancy contract and unique Ejari number.
2. Photocopies of visas of all the partners and employees.
3. Photocopies of passports of all the business partners.
4. No-Objection Certificate (NOC)
5. Land map of the office space.
6. National ID and makani number.
7. Initial Approval certificate.
8. License application form.
9. Trade name reservation certificate.
What Is The Cost of a Business Setup in the UAE?
To set up a business in the UAE, you need around AED 9,000 to AED 10,000. To start a company set up in the UAE you need a business license. The government offers four types of business licenses, namely – Professional License, Trading License, Industrial License, and Tourism License. The license costs are recurring costs. So, it can cost you around AED 10,000 to AED 50,000 every year.
Start Your Company in UAE Today!
After reading the blog, you might’ve clearly understood the benefits of starting a business in the UAE. With plenty of advantages, strong government support, ease of business setup in UAE, advanced infrastructure, and much more, UAE is one of the best countries to start a new business. Though, even if you are aware of all the steps of the business setup process you might need help with collecting necessary documents. You need to be vigilant while collecting all the documents. We suggest you take the help of experts in the country. Experienced business setup consultants at Shuraa Business Setup will assist you throughout the business registration process. From helping you set up a business plan, collecting necessary documents to submitting them, till getting your license at low costs, we will take care of it all. All you need to do is, give us a call.
Setting up your business in the UAE can be rewarding. But, it is equally challenging to know everything about the region. With Shuraa, you get to understand your Business Setup costs. At the same time, you also get to grow your business with the right advice. Setting up a business in the UAE has never been easier. You can reach out to our experts at +971 44081900 or drop a WhatsApp message on +971 507775554. For assistance via email, please write to us at firstname.lastname@example.org.