Did you know how to start a business in Dubai? Yes, even a foreigner can start a business there and several do. The foreign population is more than 80% foreign, with most of these having their own successful businesses. Dubai is home to several business formation specialists and investment formation experts, made just to help guide foreign investors through the process of setting-up an international business. There are several things that a foreign investor should take into consideration when looking for how to start a business in Dubai.
Many foreigners look at Dubai as an exotic place to invest money. This may be true, but not all business owners have the same goals when they set-up an international business. For example, some want to set-up a casino hotel or a shopping mall in Dubai. Others would like to use the Dubai hotel business as a means of getting rich quick, while others just want to own a restaurant or a cafe, to provide employment to local citizens.
In order to gain the right to own a property or a commercial property in Dubai, the foreign investors will have to go through certain processes. This includes obtaining a license for business from the Dubai authorities, registration of the business, payment of certain necessary fees and deposits, as well as other requirements. All of this is to ensure that the offshore entrepreneurs in Dubai are following the law and that nothing falls through the cracks.
Before setting-up a commercial license in Dubai, it’s highly recommended that you contact the concerned authorities. There are several commercial licensing departments in Dubai that handle business activity throughout the city. However, it is advisable that you first seek the assistance of a trade advisor. The advisor will be able to guide you about your legal options and make sure that you acquire the proper licenses and permits needed for your business activity in Dubai.
Once you have obtained the necessary documents, you should get in touch with your bank or the current sponsor. After you have established an account with your bank, the bank transfer can be done either through the local currency or the credit. A current sponsor is a person or a company that has created a partnership with you and who wants to trade with you. A partnership is formed when you register with a foreign exchange broker or a bank. Your broker or the bank will provide you with the necessary documents for establishing the partnership.
You should locate the current sponsor. The NOC can be found on a UAE national business list. The current sponsor can be a company, an individual or an organization. You should select the one who can act as a reference for any transaction that you want to complete or a loan application. This could be beneficial for you since the reference could help you avoid conflicts during the business dealings. On the other hand, the current sponsor will be the one responsible if you receive a loan or receive credit from the foreign exchange broker or the bank.
Once you have located the current sponsor, the next step is to submit the application for a trade license. The trade license will be used to run your business. The application can be submitted through any Dubai trade company or through the Dubai government. You can also contact the emirate tourism and customs department for assistance regarding the trade license.
After obtaining a trade license, you can continue with the company formation process. You can find various business incubators that offer services in Dubai free zone. The company formation process will require you to fill out the application form and submit it to the company formation UAE office. Company’s formation UAE office will assist you in providing all the information that is necessary to operate your business successfully. And if you want to start a company in the U.S. in order for it to own a Dubai company — you should research the best LLC formation companies on LLCRatings. There are literally dozens of options to choose from.
