Can A Foreigner Start A New Business In Dubai: What You Should Know
From every corner of the world, entrepreneurs actively want to set up a business in Dubai. With every passing year, the number of foreign investors and business people is increasing in Dubai, and that is due to the advantages of this prime business environment.
Can A Foreigner Start A New Business In Dubai?
Now the question is, “Can a foreigner start a new business in Dubai?” the answer is yes, and many also do that. More than 80% of the population is expatriate, and many of them own their own business.
When it comes to welcoming business owners and investors across the globe, Dubai has proven itself really active.
This emirate is the home of many company formation experts and also setup agents, who are developed for helping entrepreneurs through the license, business incorporation, and visa process.
Starting A Business In Dubai As A foreigner
Being a foreign entrepreneur, when you are planning to set up a business in Dubai, the first thing that you need to become familiar with the local business practices and customs.
Here are several setups for the process of company formation, which may be familiar to many. With an early understanding of all these steps, you will be able to carry out the process smoothly.
So, at the very initial stage, you need to contact a company set up an agent or a law firm in Dubai to guide you with every step and offer support and advice throughout the whole journey.
Required Documents To Start A Business In Dubai
Those companies that were established in the free zones are totally governed by the rules of the respective free zones. So, the pieces of documentation that you will need totally depend on the specific free zone where you have applied.
Here is the list of documentation that may be required.
- Business plan.
- Completed application form.
- For individuals, NOC from the current sponsor.
- In case you already are an existing company and applying for a local company, a copy of the existing registration certificate or trade license.
- Color passport copies of the shareholder or shareholders of the company along with the same for the appointed director or manager of the new company.
- Specimen signature of the same persons as before.
- For corporate entities, the audited financial reports of the last 2 years. A certificate of reference of the individual shareholder from a personal bank.
The Right Steps For Starting A Business In Dubai As A Foreigner
In order to set up their company in Dubai, The UAE government offers several incentives for business owners. One of the key benefits of setting up a business in Dubai is that the business formation is quick and easy.
Before you begin with the setup process, it is important to get a Dubai visa so that you can get permission to enter the country many times. And for that, you need to have a visit to the immigration department along with some documents.
- Bank statement.
- Security amount.
- Your business plan.
- Details of the purpose of your visit.
- Ticket details.
- Your passport.
- A set of color photographs.
- Complete visa application form.
After getting the visa, when you are starting to set up your business, you need to follow all the following steps.
- First, decide on a particular business entity.
- Then select a business name.
- Now is the time to find a local partner.
- Getting the initial approval.
- Now prepare a draft with your memorandum of association.
- After making the needful payments, you can register your business.
So, this is all you need to know about setting up a business in Dubai. As a foreigner, of course, you can set up a business in Dubai, but for that, you need to follow a proper procedure. You need to be familiar with all the local laws and regulations. Different free zones have their own regulations, so make sure that you are following them.