Dubai has a well-deserved status as the hometown of big businesses. This emirate is an excellent place for large global enterprises to do business – boasting of an excellent trade, welcoming business control, and a low tax atmosphere. That’s why several of the big companies have traded in UAE, including Coca-Cola, Google, and Facebook.
But the aforementioned big market graph does not represent the full story of Dubai and the wider UAE. The Emirate is a residence to several startups and SMEs that make meaningful donations to the economy – many of which were originated with small capital.
Setting up a business in Dubai at a low cost is not just probable and it is incredibly easy. If you have worked with an authority who explains the process of setting up a business here, there is no reason why you should not keep the cost of business setup in Dubai.
How to set up a business in Dubai
If you want to start a business in Dubai but want to cut costs, the greatest advice is to set up in one of the free zones of the emirate.
Can I begin a business in a Dubai Free Zone?
Of course. Free Zones greet local and international businesspeople. With the best support, it is effortless to commence your business in Dubai, Fujairah, or any other emirate. There are just five simple steps in the process:
Step 1: Select on your business activities
The primary step is the great one. You need to provide a clear form of your business activities. There are a lot of possible enterprises to choose from, and it is essential to list anything you want to implement in your license application.
Step 2: Take a company name
Following this, you need to name your business. There are a few points to keep in mind when selecting a business in the UAE. Here you have to follow a naming convention that is strict but easy to follow.
Step 3: Apply for your business license in UAE
Here’s the most important step of all – involving your business license.
With the best support, this is a straightforward manner. Apply quickly to the relevant supervisory authority of the Free Zone where you want to set your business.
Free Zone licenses may be issued within days, based on the nature of your business and the licenses expected. To guarantee a smooth process, it is repeatedly a good plan to consult the services of a company formation expert at this stage.
Whether you build your application yourself or through a company formation agency, you regularly need to present some details and some essential documentation for registering company.
- Accomplished application form
- Copy of Passport of Owner / Designated Owner
- Two-color passport size photographs
Step 4: Apply for your visa
You also require a visa to work in the UAE. The visa demand process – especially for you and your employees – is straightforward, but again, an expert in UAE company formation can assist you at this stage.
As a resident of a UAE company license, you can also sponsor other people’s visas. This can be a partner, parent, child, or person like a housekeeper.
The highest number of visas you can ask for depends on the size of your firm, the setup you prefer, the dependent visas, and your income.
Step 5: Open a corporate bank account
The last thing you need to do business in the UAE is a corporate bank account. Unluckily, the UAE’s stern monetary restrictions make it tough for foreign businesspeople to obtain corporate banking offices. Operating with a specialist in this field leads to a much more regular process.
Company establishment specialists have unique connections with local and global banks, and can surely contact you with the ones that best set your requirements – even provide face-to-face meetings if demanded.
The cost of setting up a business in Dubai
As we have touched on before, low-cost business setting up in Dubai is entirely reasonable. However, if you want to control costs, it may be deserving looking at the nearby emirates.
For instance, Fujairah Creative City offers affordable licensing packages that do not need paid share capital and do not have a yearly audit and easy assimilation process. You do not need to be started in the UAE to set up your new corporation.
A permit package in Fujairah Creative City costs just AED 24,775, comprising a visa application and the value of a free zone co-working feature.
Path to low-cost company formation in UAE
As you can observe, setting up a low-cost business in Dubai and the UAE does not have to be overly complicated if you have the right knowledge.
That stated, it needs prior understanding of the process. What’s more, it is essential to note that the administration process is straightforward only if your license is developed and free of mistakes at the time of employment.
To aid you to make sure this is the case when setting up a new business in the UAE, it is a good idea to work with a company formation specialist such as the Business Incorporation Zone (BIZ).
Many company registration professionals are interested in bringing the dreams of aspiring entrepreneurs and businesses to life.
In appreciation of handling your license application, you can begin corporate bank accounts, support the BIZ, and guide on the most relevant financial institution to satisfy your particular needs.
Business setup advisors like Kiltons offer visa and immigration services and advise all government formalities, permits, work permits, and visa applications required to make business in the UAE.
In summary, Kiltons experts can set up your company on your side, make license and visa applications and manage all the admin you need – saving you from running your business.