If you are contemplating starting your own company in the UAE, you need to be well aware of the processes that need to be followed so that the journey can be a smooth one for you. It should not take you long to get everything sorted and in place. A week is all that it usually takes for everything to be ready.
However, before you commence with the legal formalities, you need to make sure that everything is ready and you have thought everything through. Let us take a look at some of the things that you will need to consider and the steps that you will have to take.
Type of Business
To determine what type of process you will need to go through to acquire your license, you will first have to decide on the type of business you intend to start. There are various options that you have. You might need a commercial license, a professional one, or perhaps an industrial license.
While deciding on the type of business you want to start, you need to keep in mind that certain businesses would require further approval from the government. These include the likes of food trading, legal consultancy, and jewellery trading among other things. You can find a list of activities that you can indulge in via the list introduced by the Department of Economic Development in Dubai.
If you are a foreign national, to have complete ownership of your company, you will have to opt for one of the free zones of the UAE for your license. Keep in mind that free zones cater to specific types of activities.
This depends on the location of your business and its nature. There are different rules for different firms. For instance, if we talk about auditing companies in Dubai, there is a different approach that you will have to take and if your intention is to open a legal consulting firm, you will need to go down a different route. Different zones also have different restrictions that you will have to abide by.
The trade name you opt for is an integral part of the legal procedure. The nature of your business should be evident in your company’s name.
The minimal share capital is decided by your company’s Memorandum of Association. Usually, you are not required to pay capital when you are setting up the business.
Once all the forms are in place, you can proceed to find a location for your office, getting the premise ready, and hiring employees for your business.
Maintaining the Business
Once you manage to start your company, you will need to make sure that it is maintained in an optimal manner. To make this certain, you will have to acquire the services of Dubai accounting firms who will make sure that there are no irregularities. The dealings of your business need to be transparent so that you do not fall into any trap.