UAE is set to become the hub of economic growth in the Middle East considering the rate at which new businesses are coming up and growing in the city. It is not just businesses from within the country, but even those from outside are getting attracted to start their venture in UAE. If you have plans of company formation in UAE, then the process is simple and quick with good incentives in UAE’s free zones, which is useful if you are a foreign entrepreneur. However, let’s look at a few points to know before you start your new company in Dubai.
Choosing a business stream
This is important because free zones only allow certain types of businesses, such as media, medical or transport. Choose a free zone with good transport links, such as an airport or a port, if you are into import & export. You don’t have to pigeonhole your business though, because you can have multiple businesses under the same license.
Choosing an appropriate company name
Make sure you conform to UAE’s strict naming conventions. Names having religious references or offensive language are forbidden. If you name your business after a person, that person must be one of the owners or partners of the company. It is ideal to take expert advice from consultants specializing in business setup in UAE LLC to save you time and trouble.
Complete required paperwork
Again, the expert consultants can help you with getting all the documentation in place. You will need to have your passports, business plan and Non-Objection Certificate ready when asked for by government authorities.
Ensure to receive your license
Don’t start your business without receiving your company license, which is the approval from the government giving you the go ahead to start your business upon processing of your application.
Opening a bank account
The business consultants can assist you with opening a corporate bank account upon receiving your license. There are both local & internationally well-known banks.
With expert advise, you can apply for your visa and your dependents’ visas, depending on the free zone of your business. There are some entry criteria, medical fitness tests that must be met.
The above steps summarizes the process of setting up your venture in the free zone you choose. With the right support of a proficient business consultancy UAE, the entire procedure should not take more than a week for completion.