Dubai is a global hub for startups and entrepreneurs that has resulted in a rising economy and an increasing rate of setting up businesses in Dubai. When compared to other emirates, Dubai has been ranked very high in doing business. Thus, attracting a lot of major startups and investment initiatives. One of the major reasons for the tremendous increase in business started by a foreigner is the creation of free zones by the Dubai government, which eases the company formation and has its own benefits.
Steps involved to start a business in Dubai as a foreigner or an expat
If you are an entrepreneur and willing to start your business in Dubai is a foreigner. Here are the important steps to be followed:
1) Business Plan
It is not easy for a foreigner to start a business especially if it’s a whole new country. There is a lot of planning and preparations involved to set up your business. The first step is to have a business plan which includes all the basic structural format for your company.
2) Obtain Visa in Dubai
The next step for starting a business in Dubai being a foreigner is to obtain a visa by consulting the local embassy.
3) Obtain a license
In order to set up your company in Dubai obtain the necessary license from the Department of Economic Development(DED).
There are 3 types of business license:
- Professional license
- Commercial license
- Industrial license
Select the type of business
UAE has more than 40 types of free zones. Therefore, choosing the right one which is advantageous to your business can be done with the consultation of experts.
Benefits of starting a business in Dubai being a foreigne
1) 100% ownership of the business
Setting up a business in the UAE gives you the benefit of owning your business 100%
2) Most affordable free zone company setup option in the UAE
Starting a business in Dubai has the benefit of being surrounded by free zones where the company setup is easy and every free zone has its own benefits.
3) No paid-up share capital required
There is no paid-up share capital required for starting a business in Dubai
4) Taxation benefits
In Dubai, be it any type of company it enjoys the preference of tax-free haven, which is one of the major reasons for a foreigner to start a business in the UAE
5) Strategic geographic location
Dubai’s location is advantageous for its located between Asia, China, and Africa all of which are major business hubs
6) Excellent Infrastructure
Dubai’s infrastructure is first class. Its innovations, road networks, telecommunications are best which attracts foreigners all over the world
7) Ample availability of human resource
Foreign startups are fond of Dubai due to its liberal labor laws. As a result, human resource availability is also very efficient.
Now every foreigner can incorporate their company in the UAE by consulting an expert who has the knowledge of Dubai’s legal requirements and procedures. Start your business with the help of MSZ Consultancy, we will provide you the best business solutions.