How to start a new venture in Dubai, UAE?
Entrepreneurs can start a new venture in Dubai, UAE, by considering various options available in the mainland, the Free Zone, and offshore. They can follow a set of processes and start a new venture in Dubai without any hassle.
John is an investor from Germany, and he wishes to start a new venture in Dubai. So, now he wants to navigate through the process of setting up a new venture in Dubai.
With the help of AURION, John can realise his business dreams to reality.
There are multiple businesses John can start in Dubai. The current economic growth of Dubai, especially in the non-oil economy, is tremendous. The real estate sector in the UAE is witnessing a higher growth rate.
So, John can decide on which business he is venturing into in Dubai and proceed with choosing the right Free Zone or mainland setup for his new venture.
Why Start a New Venture in Dubai?
Dubai is a meeting point of the East and West. Also, the city is home to more than 200 nationalities. The diverse target audience makes it a perfect place to start any business.
Additionally, the logistics capability of Dubai, the presence of Jebel Ali Port and Al Maktoum International Airport, the road connectivity, lower taxation rates, top-rated business infrastructure, business-friendly policies by the UAE government, etc., add to the growing business support.
So, investors like John prefer Dubai to start a new business venture and expand their business operations in the region. The low Corporate Tax of 9% is another key factor for business expansion recently in the region.
What are the Steps in starting a New Venture in Dubai
To start a new venture in Dubai, the investor must follow certain procedures. Broadly, these steps can be listed as below. So, John can successfully launch his new venture in Dubai and start operating his business without any hassle.
- Choose the right business setup option – Free Zone, Mainland, or Offshore and also select the right business activity too.
- Select a Tradename for your company and get that name approved by the respective Business license authority.
- Choose the right company structure. Depending on the number of shareholders, the company will have a suffix.
It will be of either an FZC (Free Zone Company)- a company with multiple shareholders, or an FZE (Free Zone Establishment) – a company with a single shareholder.
Some Free Zones in the UAE provide an FZ-LLC (Free Zone Limited Liability Company) where the Shareholders’ Liability is limited to the capital invested.
Office Space for the New Venture in Dubai
So, once the company name, shareholding pattern, tradename, etc, is finalised, the next steps in setting up a new venture in Dubai are looking out for an office space. It is not a mandatory requirement to take the office space.
However, the investor should take office space for their new business venture in Dubai. It will enhance brand value and credibility among clients.
There are multiple office spaces in Dubai, ranging from co-working spaces to Flexi-Desks and fully-furnished offices. The Free Zones in Dubai offer a wide choice of company setup packages to launch a new venture.
Furthermore, the process of setting up a new venture in Dubai follows with the remaining steps as below. After finalising the office space, the tenancy contract will have to be prepared.
The respective Free Zone authority will collect the office rent and the signed tenancy contract, along with the trade license fee. So, the investor must submit the required documents (shareholder’s passport copy and photograph).
The Business Licensing Authority will review the documents submitted and issue the trade license after the due diligence. Once the trade license is ready, the investor can apply for a UAE Residence Visa and open a Corporate Bank Account using the newly formed company documents.
How do Free Zones help in launching a new Venture in the UAE?
The Free Trade Zones in the UAE offer a variety of company formation options. Newer Free Zones such as the Ajman NuVentures, KEZAD in Abu Dhabi, Meydan Free Zone in Dubai, etc., are ideal for starting a new business at an affordable cost.
Furthermore, the Free Zones such as Dubai Airport Free Zone , IFZA , Dubai Technology and Entrepreneur Center , DMCC , Dubai Silicon Oasis, etc., offer several company formation packages to start a business venture seamlessly.
DAFZA has office spaces starting from as low as 10 sq,m office to 50 sq.m offices. Also, the Free Zone hosts numerous business networking events. It will help the companies to know the latest market trends.
Similarly, the DMCC Free Zone offers gold trading and crypto licenses. Then, there is IFZA Dubai that offers low-cost business packages. Furthermore, the Mainland of the UAE is another popular choice for starting a new venture.
Start a Venture in UAE at the Lowest Cost
The investor can keep the company’s setup cost at an all-time low. The instant license from the Department of Economy is a virtual license without office space. Thus, allowing the investor to keep their company setup costs low.
Therefore, for starting a new venture in the UAE, there are several options for the investor. The Free Zones and the Mainland of the UAE offer multiple company formation packages for easy setup.
So, investors can easily launch their new venture in the UAE without any hassle and benefit from low cost, low taxation and improved quality of life and successfully operate their business from the UAE.
To know more about opening a new venture in UAE, talk to our expert team right away!
Contact Us: Aurion Business Consultants
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