Dubai is an international gateway for several businesses that are looking to take their business to a global level. The city offers some of the best business-friendly laws and guidelines that work well for any startup as well as SMEs. You will get access to 100% foreign ownership, no taxes, a great location, a simple setup process, and transparent corporate banking solutions. Apart from the great investor laws, Dubai has close proximity to nearby regions such as the far Middle East, Europe, India, and GCC countries.
Business setup in Dubai is extremely easy for a non-emirati. This is the perfect time to invest in any business niche. Several business niches in Dubai emit maximum profits for any global investor.
Types of business setup in Dubai
Dubai offers three major business zones for non-emiratis:
- Mainland or onshore
When you start a business on a mainland also goes by the name onshore, you have access to conduct business anywhere in the UAE. The license cost is higher but it offers immense benefits to the investors.
- Free zone
When you choose a free zone for your business, you get a complete tax-free structure and zero import/export regime. The only drawback is that you cannot conduct business in mainland Dubai.
Offshore is one of the most popular options for foreign investors, and an offshore business setup assures that you can virtually manage your firm safely from your home country.
Start your business in Dubai
- Ranked #1 in the Arab world – Dubai Innovation Index
- Ranked #1 in the Arab world and 3rd globally in FDI attraction
- Ranked #3 best city for expats – InterNations Expat City Ranking 2021
- Ranked #4 best destinations for international travelers
- Ranked #5 in the list of 10 cities in the world for 2021- Best Cities
- Ranked #14 Global power city index 2021.
Benefits of business setup in Dubai
- Strategic location
Dubai is situated in an amazing location, making it highly convenient for enterprises to conduct operations in the United Arab Emirates and along with other adjoining nations.
- No taxes
One of the best parts of having a business in Dubai is that you don’t have to pay income and corporate taxes. However, some businesses might have to pay a 5% VAT (that depends on your business activities).
- Easy setup process
Due to the government’s cooperation and Dubai’s continually changing infrastructure, starting a business there is simpler than ever. You may register your corporation in Dubai in only a few days.
- 100% foreign ownership
The UAE government has initiated 100% ownership of the companies for non-emiratis. This means now you don’t require a local sponsor for your 51% share of the company. (However, this law still holds for some business activities).
How can a non-emirati start a business in Dubai?
Starting a business in Dubai is a very simple and easy process, it becomes more transparent when you work with a reliable business setup consultant in the region.
Let’s start by discussing the steps for business setup in Dubai:
Select your business activities and operations
The first step is to select your business niche and decide on the activities accordingly that you want to conduct in the UAE. This will in turn help you decide the type of business license that is legal permission in the country to carry out your business smoothly.
Decide your name
Your company name should accurately describe your main business areas. Always abide by the government’s naming regulations while naming your company. Additionally, the UAE government has strict rules governing the words and phrases that can be used in corporate names. When choosing the company name, you cannot use any vulgar, offensive, or obscene terminology.
Choose your jurisdiction
There are three different types of jurisdictions available for setting up a business in Dubai. Offshore, free zones, and the mainland are the three options to choose from. Each of these has particular advantages and business requirements. When deciding on a jurisdiction, you must consider market accessibility and office location.
Documentation for license approval
When starting a company in Dubai, you might need to submit several documents depending on your business jurisdiction and business type. Once you submit the documents to the concerned authorities, you have initially applied for a license in Dubai.
Open a corporate bank account
Finally, you will need to open a business bank account in Dubai for your business. The banking sector in the UAE is quite vast and globally expanded to offer the best services to customers. A non-resident who is starting a business in Dubai, UAE can choose from several banks as per the preference of their business requirements. With an advanced banking system and extremely secure financial services, business bank accounts in Dubai can be beneficial for non-resident investors. A corporate bank account will enable you to make easier transactions overseas and have better management of your capital and funds. RadiantBiz has over 15 years of experience in corporate banking in the UAE and can help you choose the best banks as per your business needs.
Major business licenses available for your business
- Commercial license – A commercial license allows you to deal with general trading and conduct business within and outside the UAE. If you are someone operating a business in healthcare, real estate, transportation, publishing, chemicals, oil & gas, spare parts, and other similar business niches.
- Industrial license – An industrial license is required by someone who deals in the manufacturing, processing, and storing of finished goods. You will be needing office space or a warehouse to carry out such activities.
- Professional license – A professional license is required by someone who is involved in consultancy services, insurance, IT, tax, management, and media or marketing.
How can RadiantBiz assist you with your business setup in Dubai?
For new business owners and upcoming foreigners, it could be challenging to grasp the business setup procedure given Dubai’s numerous commercial options and economic jurisdictions.
So basically, as a foreigner, completing the full procedure on your own is really difficult, so you should think about hiring a business establishment consultant in Dubai. Given that they are educated with the most recent laws and regulations as well as the various problems you may encounter, this would ultimately be advantageous for you.
Starting a business in a foreign country can be difficult at times, with all the hassles and when everything is new to you it becomes challenging overall. Therefore you should have a trustworthy business adviser on your side. RadiantBiz makes it simpler for you to streamline the process of business formation in Dubai so that it is quick and easy, much like opening a company in Dubai.
RadiantBiz is the best one-stop solution for all your business needs in Dubai. We are a leading company setup consultant in Dubai who will act as your partner and provide services like company establishment (in onshore, free zones, and on the mainland), quick approvals for trade licenses, visa services, trademark registration, VAT, accounting, and corporate banking services.
How can we assist non-emiratis to start a business in Dubai-
- Complete and transparent assistance with the business setup process in Dubai
- Corporate banking services for your business
- License approvals in a quick manner
- PRO services
- Accounting and book-keeping
- VAT registration
- Visa services Thank you for reading our article. I appreciate Articles Hero for allowing us to add our content to their website