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
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