An exciting fact about Dubai is that the city’s population is composed of just 15% natives and the rest, 85% of the population is non-residents. These statistics show the inviting environment of the acuity for employment as well as starting businesses. A lot of entrepreneurs from around the globe including India have been moved and are moving to Dubai to turn their business dreams into reality. If you are a foreigner who wishes to start a business in this dream city, the blog ‘Requirements for Foreign Entrepreneurs: Setting Up a Company in Dubai’ is for you. Ease the whole process of business setup in Dubai with your trusted partner, Damaar!
Can a Foreigner Start a Business in Dubai?
Yes, of course. More than 80% of the city’s population are foreigners working or running businesses. As the city has a welcoming atmosphere for investors as well as entrepreneurs, it has become a hub of startups and other businesses. This has paved the way for the emergence of several business setup agencies and specialists who field budding businesses with the steps of formation such as obtaining the license, gathering documents, applying for visas, and other formalities.
What makes foreigners attracted to the city of Dubai to start a business might be the quick and simple procedures, agency assistance, tax exemptions, and the ever-booming economy. As a foreigner, if your dream destination to start a business is Dubai, then, don’t let time pass by. Let Damaar assist you in all the procedures of company formation in Dubai. Reach out to us at the earliest to realize your Dubai business dreams.
Major Documents Required for Business Setup in Dubai as a Foreigner
To start a business in Dubai as a foreigner, there are certain things to keep in mind. Among them, the most important are the required documents. When you are starting a company, several documents should be submitted to the respective authorities promptly to avoid unnecessary consequences. The following is the list of documents that should be gathered before stating the company formation procedures.
- A filled application form
- Passport copies of the directors and the shareholders of the company
- Proof of residence of the directors and the shareholders of the company
- A business plan which outlines the strategies, objectives and financial aspects of the business
- A statement from the bank
- Memorandum of Association (MOA)
- Copy of the trade license
Damaar Business Consultants helps you to gather all these documents and smoothen all the steps given below in your exciting as well as risky journey of company formation in Dubai.
6 Steps to Start a Business in Dubai as a Foreigner
Dubai is an ever-trending evolving hub for businesses and startups. The steps and requirements to start a business in the city of Dubai vary in accordance with the type of entity, place, and other criteria. As a foreigner, the following are the steps to follow when planning to start a business in Dubai.
Choose Your Business Type
Choosing the business type is an important aspect as it defines the structure of your company. If you are in confusion regarding selecting the business type, you can consult business setup consultants like us to get a better idea about business types and what to select. The most common type of business structure found is a limited liability company (LLC), so you can either form that or choose another type depending on your business plans.
Choose Company Name
After selecting the business type, you have to choose a trade name for your company. In the naming process, there are certain considerations you should be concerned about. It is important to choose a unique name that resembles your company’s identity and type. Also, ensure that the name you choose is not registered previously and does not violate public sentiments.
Drafting Memorandum of Association (MoA)
Drafting a Memorandum of Association (MoA) is the next step in setting up a business in Dubai as a foreigner. This document highlights your business’s goals and governs all external activities.
Obtaining a License
After the completion of all the steps above, it is time to acquire the license, which is mandatory to begin your business venture in Dubai as a foreigner.
Registering Your Business
Gather all the necessary documents, trade license, bank account, identity proofs, and required permissions to register your business. Upon completion of all the above-mentioned steps, you can register your business and it becomes a legal entity in Dubai.
Applying for Visa
As you know a business visa helps you with seamless movement to different countries for business, so it is important to apply for a business visa. This visa has numerous benefits; you can avail long-term visa for yourself as well as dependents, three senior business staff can apply for residency in Dubai, etc. You can contact the local embassy to get the visa.
Top 4 Benefits of Starting a Business in Dubai as a Foreigner
The Pearl of the Gulf, Dubai is more populated with non-residents than the natives. What can be the reason? Well, we are here to find them. The following are the major reasons for starting a business in Dubai as a foreigner and the emergence of countless business opportunities. Let us have a brief look into those exciting features of Dubai, the business city.
Business-friendly City: Dubai is known for its business-friendly environment. The Department of Economic Development (DED) is a government body which promotes and supports existing and emerging companies to take positions in the booming business landscape.
Prime Location: The whole world looks at Dubai as a strategic and convenient location for connectivity. Especially for continents like Asia and Africa, Dubai is a suitable location to relocate.
100% Foreign Ownership: In certain areas like the free zones, the rules and regulations are more favourable to the non-residents like total foreign ownership.
Free from Tax: Companies are exempted from all sorts of taxes like income tax, customs tax, corporate tax, and import or export tax.
