Dubai is a futuristic city with a strong base of radical changes, helping Indian entrepreneurs to tap endless opportunities. New reforms and investor-friendly policies every now and then have been compelling the Indian business community to notice what’s on offer in the city of gold.
Notably, Indians comprise 30% of the startup community in Dubai. The city has over 3,000 startups, of which 200 are of Indian nationalities. On top of that, Dubai has welcomed 7,07,000 Indians from January to May 2022.
If you are considering setting up a business in Dubai, continue reading. This blog will walk you through the benefits and process of setting up a business.
What Are the Benefits of Setting up a Business in Dubai?
Dubai has fast become a haven for Indian businesses, all thanks to its sound business ecosystem. Following are some benefits Indian entrepreneurs can reap after setting up a business in Dubai:
- Almost no taxes on running a business, a friendlier policy environment and 100% business ownership.
- The business setup process requires negligible paperwork because of digitisation.
- Dubai is well-positioned from a geographical perspective. It’s a commercial hub with several lot of connections with the rest of the world.
- The Golden Visa scheme allows Indian talents to live, work or study in Dubai for up to 10 years. Entrepreneurs are among the many categories eligible for the Golden Visa.
- Dubai has a national small-business programme that helps startups find funding, partner with big companies and market their products abroad. Moreover, the UAE government has created Fintech regulatory sandboxes and technology-specific government investment funds for foreign entrepreneurs.
- Once you have all the required documents, getting a visa in Dubai is simple. Moreover, new visa rules make the foreign national-dominated job market more flexible.
- Dubai’s advanced infrastructure, outstanding public transportation system, top-notch telecommunication, and world-class internet facilities attract several Indian entrepreneurs. Also, innovations attract high attention in Dubai. The UAE government is always eager to invest in promising technologies.
- The UAE excels worldwide in the business skills of its employees. In fact, it has a highly competent talent pool, especially in management, leadership and operations. Moreover, setting up your business in Dubai would enable you to hire global talent.
What Documents Do You Require to Set up a Business in Dubai?
Before you start the business setup process, check if you have all the required documents. This can speed up the setup process. Some of the documents you will need to submit are as follows:
- Copies of passports and visas
- Two passport-size photographs
- Entry visa and stamp pages
The type and number of documents depend on your business activity, company structure, and location. UAE Expansion India branch professionals can help you with a detailed list of the documents required just for your business.
How to Set up a Business in Dubai?
You’ve to go through various steps to launch a business in Dubai. The following procedure can help you understand the business setup process better:
1. Select a Business Activity
Consider the UAE’s culture and local consumers while choosing a business activity. Accordingly, localise your business idea. Over 2000 business activities are allowed on the Mainland and Free Zones. The business activities permitted in Dubai include consultancy, event management, film, production and post-production, IT services, import-export, and so on.
You’re likely to find the business activity of your choice in the complete list of permitted businesses. So, choose a business activity.
2. Decide Your Company Name
Getting your company’s trading or legal name right is absolutely crucial. It should be easy to remember and meaningful for your target audience. For this, you can come up with many options and later choose the most appropriate one. Also, it is better to have a company name that is relevant to your line of work.
Note: The UAE government has compiled a guideline for naming a company. Expert consultants can help you with the regulations and name availability, ensuring that the legal name is appropriate.
3. Choose a Company Structure
An appropriate company structure is pivotal in your success, growth, and profit. So, decide on a relevant structure for your business. The company structure can be a sole proprietorship, a Limited Liability Company (LLC) or a foreign company’s branch office.
4. Apply for the License
The UAE government offers various types of licenses, such as Commercial, Industrial, and Professional. The business activities you want to conduct will determine the type of license you must have. So, submit the necessary documents and fees to apply for a business license accordingly.
UAE Expansion Business Consultancy experts can help you get the license and permits required for your business.
What Is the Cost of Setting up a Business in Dubai?
The final cost of setting up a business in Dubai differs for each business activity. Factors like your business activities, license type, promotional campaigns, additional approvals, and more impact business setup process cost in Dubai. Thus, a fixed number cannot denote the accurate cost of starting a business. However, as an estimate, setting up a business may cost nearly 20,000 AED.
UAE Expansion India branch experts can assist you with the exact cost of setting up a business in Dubai. They will also watch out that you spend wisely.
Here are the key steps to Setting up a Business in Dubai
- Determine the type of legal entity.
- Choose a trade name.
- Apply for a business license.
- Choose an office space.
- Get pre-approvals, register your business, and get your license.
Start Your Business in Dubai With UAE Expansion
UAE Expansion India branch experts can assist you in starting a business in Dubai conveniently. We will assist you in the entire business setup and address your concerns regarding the process. Furthermore, we will ensure that all your documents are valid to avoid mishaps. Also, we can help you get the necessary permits without much hassle.
Our business setup packages suit almost every business type. Nonetheless, if your business has specific requirements, you can feel free to reach out to us. We can create customized packages for your business. Just get in touch with us!