UAE (United Arab Emirates) has seen exponential growth over the years and has created a breeding ground for very many industries to flourish. When we think of UAE, our focus always shifts to the construction industry however it is complemented by Interior Designing. The architectural leaps that UAE has seen over the years is outstanding and a critical part of this was the creative minds forming the interior design.
Why UAE is the perfect place to set up your Interior Design Company?
If UAE was not already on the pinnacle of development, the coming of Dubai Expo 2020 has boosted this progress immensely and this can be leveraged to start your Interior Design Business.
A report made about two years ago has revealed that the Gulf Cooperation Council (GCC) interior decoration market was valued to be at US$9.04bn and is expected to grow at 4.42%. This report has proven to be valid as UAE currently stands number 1 in regards to Interior Design Market Services followed by Saudi Arabia.
Steps To Set Up Business In Dubai
1. SELECTING AN APPROPRIATE LOCATION
Scouting different locations cannot be easy but is necessary in order to establish your business just as you visualize it. It is imperative to consider the following three things in deciding upon a location for your business:
- Access – It is important to ensure the location provides easy access and is not remotely secluded from the public.
- Infrastructure – The offices should create a suitable work environment comfortable enough to accommodate everyone and everything.
- Expense- A massive amount of the budget should not be splurged on the location alone.
The ideal place sought after by most interior design companies is Dubai Design District (D3). It fulfills the three criteria as mentioned above and is the perfect fit as it particularly caters to the creative mindsets and provides a slot within the well-known Dubai Free Zone. Setting up a business within Dubai Free Zone is exceptionally advantageous as it is the hub of all trade and commerce activities.
2. APPLICATION FOR LICENSE
Once a location is fixed then you would have to reach out to the specific party to apply for a license and comply with the terms and conditions as provided. If you choose an area within the free zone then you would have to contact the Business Development team and they can guide you further on the process of setting up. Certain mandatory documents that would be required to submit pre-hand are as follows:
- An application form for license
- A thorough business plan
- A No Objection Certificate (if required)
- Trade license copy or an Incorporation certificate copy
- Passport copies of shareholders, directors, and managers
Once you have all of the above-mentioned documents in original and copy then you can approach the Free Zone Business Development Team to initiate the setting up of your business.
3. REGISTRATION OF THE COMPANY
If the above-mentioned documents are satisfactory then the Team will approach you with the further steps which is registering your company and making it official with a slot within the Free Zone. Once they have approved the documents submitted then you will be issued a Customer Confirmation Letter allowing you to proceed with the registration of the business. You would be required to submit the following legal documents for official registration:
- Application form for company registration
- Attested and notarized Memorandum of Association (MOA)
- Post-dated checks
- Notarized copy of the certificate of incorporation
- RIC form
- Board resolution
- No Objection Certificate from the present sponsor for the Manager-in-charge
4. APPROVAL OF LICENSE AND BUSINESS SETUP
Once all of the above legal documents are submitted, reviewed, and approved you will be notified at the earliest following which you would be required to sign the local sponsorship agreement and lease finalizing your business setup.
The sponsorship agreement along with the lease will have precise details on terms and conditions, fees for the service, rent if required and any other legally abiding clauses. Hence, it would be advisable to brief through in the presence of a law official. The signing of the documents and payment of the required fee will birth your company as a legal entity.
Thus, within 3 simple steps, you can setup your business and attain a license to practice with immediate effect. However, you can also choose a broader location such as Mainland Dubai which would also prove exponentially beneficial as it allows for expansion locally or outside the borders of UAE. Business setup in Mainland Dubai would differ from the process mentioned above.
- Business Activity Selection and Name Approval
- Selection of Local Partner or Service Agent
- Obtaining A Professional License with the (DED) Department Of Economic Development
- Apply for Initial Approval for Mainland Company Setup
- Approval from Dubai Municipality,
- Trade Name Arrangements
- Preparation of Court Notarization and MOA
- Get Office Space and Tenancy Contract
- Final Submission for Mainland Company Formation in UAE
- Business License Collection at The Authority
This process might appear tedious but this is because of the immense competition to attain a corner within Mainland Dubai as it is open to various advantageous opportunities to progress, with access and financially viable to a certain extent. It is an appropriate place to start an Interior Design based Business specifically, as it is the source for most construction-based activities and is surrounded by architectural anomalies.