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Dubai has always been a doorway to opportunities for entrepreneurs around the world. Its ever-evolving startup ecosystem has experienced an astonishing 26% year-on-year growth too. This signifies the welcoming attitude of the city towards global enterprises.
The UAE has unfailingly shared a strong tie with Europe, but this relationship has gained momentum in recent years. This is due to Dubai’s reputation as a safe harbour for entrepreneurs, providing them with world-class infrastructure, a stable economy, investor-friendly policies, and a secure and inviting environment for business setup. However, a majority of entrepreneurs are unaware of the procedures and systems that need to be followed to commence a business in Dubai.
In this blog, we will delve into the steps that European entrepreneurs are required to take to set up their businesses in Dubai and tap into the exciting business opportunities this dynamic city has to offer.
There are multiple advantages that European entrepreneurs can enjoy in Dubai when setting up their businesses. Some of the advantages include:
As an entrepreneur, your first obligation is to determine the activity you want to engage in. You can choose from more than 2100 business activities across different sectors, such as commercial, industrial, tourism, professional, etc. You can find the full list of business activities on the Department of Economic Development’s (DED) website and thereby choose an activity that aligns with your knowledge and interests.
Entrepreneurs are then required to make another crucial decision: the determination of business structure. Your chosen structure suggests ways to manage your finances and protect your business. You can then choose from a variety of business structures that operate in Dubai, such as sole proprietorship, partnership company, limited liability company (LLC), etc.
Free Zones and the Mainland are two different jurisdictions where foreign entrepreneurs can set up their businesses. Free Zones provide you with 100% business ownership along with tax advantages. While the mainland gives you 100% ownership, the tax may be levied on eligible entities. Each area has its advantages and disadvantages, and thus entrepreneurs must consider all related factors before determining the jurisdiction of their business.
Your trade name reflects your business identity, which is why you should select a unique trade name (keeping in mind the instructions provided by the authority) and get it approved by DED. Remember, your trade name should reflect the type of business you want to conduct within the city.
Depending on the business activity and your chosen jurisdiction, entrepreneurs must apply for and acquire the appropriate business license from the DED. This not only ensures legal compliance, but entrepreneurs also get the benefit of conducting business activities for different products through a single trade license.
After completing your licensing obligations, you must find a suitable office space to carry out your day-to-day business activities. Entrepreneurs must consider all the relevant factors, such as location, cost, size, and functionality of the space, before renting or purchasing the premises.
Business owners in Dubai are required to open a corporate bank account to manage their funds and perform their financial transactions effectively. Dubai has a well-established banking industry that caters to the demands of various enterprises. You can explore the services offered by various banks and select the one that gives you the maximum benefit and facilities in the long run.
Dubai offers a wide range of business visas to foreign nationals, who can then legally conduct business within the city. This includes the Golden Visa, Investor Visa, Entrepreneur Visa, etc. Each visa is tailored to suit the specific needs of different business owners. As an entrepreneur, you must understand the benefits offered by different visas and apply for the one that caters to all your requirements effectively.
Dubai is a highly promising destination for business setup in Dubai for European entrepreneurs looking to expand their horizons in the Middle East. From its supportive regulatory environment to its modern infrastructure, you can capitalise on the vast number of opportunities provided by the city and set a solid foundation of success for your business.
Being a newcomer to a booming business destination and unaware of the business and compliance regulations can be a nightmare for foreign or European entrepreneurs. In such situations, business-setup service providers like CDA can be your resort. CDA’s team of experts can help entrepreneurs build their businesses from scratch by providing them with all the requirements. CDA can assist the entrepreneurs in getting the documents sorted, getting approvals from the authorities, getting license approvals from the authorities, selecting the best location, getting the name registered, etc. within a short period of time and at a low cost. CDA’s services can take your business to new heights.
To learn more about the services, contact our team now.
Click here to learn more about how to set up your business in this thriving city today.
