Setting up a company in the DIFC free zone is designed to be fairly straightforward and efficient. However, it’s always helpful to have a thorough understanding of the process. In fact, many investors choose to hire third-party consultants familiar with local UAE laws and customs to help them navigate the application process.
1. Choose Your Legal Form
Every new company will need to choose its legal structure. These forms are typically split into Limited Liability Companies, branch offices, partnerships, or a company limited by shares. This procedure will dictate how a business will handle all legal and financial matters moving forward.
2. Choose Your Business Activity
Investors hoping for success will need a keen understanding of what type of business they intend to conduct, the product they’re selling, and the market forecast surrounding that service or product. There are many different business activities available in the DIFC free zone. These are divided into categories that include finance, non-financial, retail, and non-retail activities.
3. Pick a Business Name
For your application, you’ll be required to pick a name for your business. The governing authorities require that business names must not be deemed offensive or profane, and any names that have already been secured will be rejected. Therefore, it’s essential to keenly research what business name best fits your new company.
4. Gather Required Documents and Submit Application
At this point, you’ll need to collect all the necessary paperwork and documents and submit your application. This will also include any required fees related to DIFC business setup and proof of appropriate startup capital. Once you’ve submitted the proper documentation, you should receive initial approval.
5. Open a Bank Account
After receiving your initial approval, you’ll need to contact your local banking institution to establish checking and savings accounts for your company.
6. Receive Final Approval
After a few weeks, you should receive final approval from the governing body, and a certificate of incorporation will be issued to you. Once you’ve received this, you are legally allowed to conduct business!