Free Zone in Dubai: Business Setup in Dubai in the United Arab Emirates is widely acknowledged and pursued to launch new business ventures by various multinational corporations and SMEs. One of the most important contributors to its fastest-growing economy is its large number of Free Trade Zones, most of which lie within the boundaries of Dubai. LLC Company formation in Dubai, particularly in the Free Zones, encompasses numerous benefits for foreign investors, including 100% ownership, faster licensing, zero corporate taxes, and entrepreneur-friendly policies, etc.
If we may say, the ease of setting up a new company in a Free Trade Zone, along with the supportive factors for business setup in Dubai, makes it one of the most attractive investment opportunities to start a new company in the Free Zone. Let’s quickly review these supportive factors in the forthcoming section.
So Why Should You opt for Free Zone Company Formation in Dubai?
The answer is simple. Every Free Zone has its own set of jurisdictions, rules and regulations, registration requirements and licensing procedures; the process of starting a new company is very accessible and easy to follow. It is especially beneficial for company owners who are not officially certified to run business operations in the UAE but want to start a new company or open a franchise. Additionally, the Free Zone Company formation leverages you with essential infrastructure, effective communication systems, exemption from personal income taxes, convenient visa policies for staffing, operational support, etc., when establishing your company in Dubai.
Steps to Kickstart Your Business Setup in the Dubai
Once you have acquainted yourself with the benefits of the Company Incorporation in Dubai,you are now in a better position to choose the best trading zone for your company. The next significant part of your company formation includes looking through the steps that can help you efficiently start your company in Dubai. These steps are as following:
Decide the Nature of Your Business Activities
You must be clear on the type of business activities your company will be engaging in, as it will be the deciding factor for your company registration and licensing type to start your company. Keep in mind that you’ll need a separate license for every new venture if that doesn’t’ fall within the conditions of your formerly issued license permit. This may seem overwhelming, but you don’t need to feel confined by these policies. We suggest that you partner with company formation specialists such as Corporate Business Services (CBS). Such experts having extensive market knowledge can effectively guide you in choosing the most beneficial option for your Free Zone Company Formation endeavour.
Pick a Free Zone that Supports Your Business
The nature of your company also impacts the type of Free Zone you’ll choose. There are around 45 Free Trade Zones (FTZs) available in the UAE, including sector-specific free zones such as Healthcare, Design, Media, Science, Textile, International Financial, etc. and all-encompassing free zones like Dubai South and DMCC.
Also, make sure you choose the Free Zone closer to industrial sites relevant to your business setup in Dubai and is closer to ports and airports if your business involves travelling or international trades.
Select and Register Your Company Name
The next step for LLC Company Formation in Dubai is choosing the appropriate name for your company conforming to the naming policies of the UAE. Your company’s name should not include offensive or political terms, and in case a person’s name is used, you should add the complete name and avoid using initials or abbreviations. Also, you can ease the process and save your time by consulting Corporate Business Services (CBS) or other company formation experts to go through this process without complications.
Apply for License Issuance and Initial Approval
To make your company up and running, you must apply for a license and get approval from the Dubai Department of Economic Development (DED). You can do this in person or through your company formation partner. It includes the following documents. However, it can change based on your business nature:
- Articles of Association and Memorandum
- Coloured Copy of applicant’s passport
- Document of Business Plans
- Corporate Resolution
- Power of Attorney
- Other supporting documents
Open Your Corporate Bank Account for Smooth Trading
After documentation and licensing procedures are complete, you must open a corporate bank to ensure hassle-free trading. Your partnered company formation specialist can help you choose a bank with the most eligibility and capacity to align with your corporate business requirements.
So, it only takes these few steps to follow up your Free Zone Company Formationin Dubai. Although this is a simple task, hiring a company formation expert whose extended networking capacities and professional teams can get your company up and running within a matter of a few weeks is a wise investment.