Are you planning to set up a business before Dubai 2020 Expo? Well, it is not very hard as you think. You can simply form a company and complete all the legal procedures in just a week’s time. To know in detail about the establishment process of business in Dubai, click companysetup.ae
To start a business in Dubai, follow some of the few basic steps given below.
things to know before opening office in Dubai
License Type
There are three types of license in Dubai’s department of economics. They are the commercial, professional and industrial. Depending upon the activity of the license, it changes accordingly. Commercial license incudes all the types of trading. For instance, general trading, foodstuff trading, electronic trading, garments trading, etc. The professional license includes education, IT services, events, restaurant, consultancies, management services and many more.
The other emirates and Dubai are considered as the best option for the manufacturing license. The companies get the license to manufacture new products in the factories or in the plant.
Ownership
If 100% of ownership is needed by the foreign partner, then the free zone is the perfect option. There are so many options for free zone available in UAE. The free zone can be chosen as per your needs and requirement like that of the visa requirements, location. Budget and many more.
If you want to get involved in the local market of UAE, then you must get the license from the department of economics. The rules in the economic department are as the foreign partner is eligible only for 49% share whereas the remaining 51% is for the UAE Local National.
Company Name
The name of the company is very important for the Trade license. The name of the company should suit and reflect the business type. The department of economics also follows certain rules for the booking of trade names.
Share Capital
The minimum amount of share capital must be shown in the MOA during the incorporation of license. In most cases, there is no need to pay the capital amount. The free zones must show the capital amount in the bank account.
Office Space
Office space plays an important part in the Economic department. Once the initial process has been finished, you can go ahead and finish off with the office space. The least space required for office is 200 sq. ft.
There is no need to show office space in the Free Zone because they provide different types of space as per the requirement of the business.
