Dubai is one of the major business locations for businessmen and entrepreneurs. UAE is considered to be one of the most popular trading ports around the world. Starting a general trading business in Dubai is going to be beneficial for entrepreneurs. However, there are certain steps to be followed in order to start a business in Dubai.
Procedure to start a general trading business in Dubai:
- Business Plan:
Prepare a business plan in order to set up a general trading business in Dubai. It has to be done after comprehensive market analysis. A business plan is mandatory for the progress of the business. The business plan should have the following information:
- Products and activities
- Total number of employees
- Initial investment
- Office space
- SWOT analysis
2. Obtain a license:
If a company wishes to export, import or trade goods you can apply for a general trade license. Obtaining a general trading license is expensive but has its own perks and advantages. The process of obtaining a trading license is quite easy. This license is issued by the Department of Economic Development (DED)
3. Find a local Sponsor:
To set up a business in Dubai, one has to appoint a local sponsor. A local sponsor will have 51% of the shares of the company and the remaining goes to the owner.
Steps to obtain a general trading license in Dubai:
- Choose the trade name for the company
- Plan all business activities
- File the necessary applications
- Choose the business location
- Submit the application to the Department of Economic Development (DED)
- Pay the requisite fees
- License application signed by the legal representatives or managers
- Memorandum of Association (MOA)
- Attested company name and approval letter from the Department of Economic Development (DED)
- Passport copy of the managers
Start your trading business with the help of MSZ Consultancy!
To set up a trading business one has to follow the documentation procedure, rules, and regulations of the necessary authorities. Consulting an expert will make the procedure simple. MSZ Consultancy will guide you in every step for setting up your business.