The United Arab Emirates stands firm as a ground of ultimate transformation. Comprising of seven Emirates in its arena, the country has surpassed the tag of being a desert to a global business hub. Dubai, regarded as the heart of the UAE, is seen as one of the most promising and widely chosen destinations by business owners. Tax-free regions have become one of the attention grabbers, ultimately leveraging the overall development of the country, backed by the continuous increase in the company set up in UAE.
A Glimpse About Dubai Free Zone
The Emirates of Dubai has been continuously segmenting itself into various zones dedicated to specific businesses based on the core business activities. Being a tax-free region, the Dubai Free Zones grabs the attention of international investors at a faster pace. Today, Dubai holds more than thirty free zones diverging itself into all possible corners. This guide will take you through the essential steps that you need to follow if planning to set up a business in Dubai Free Zone.
Essentials to Consider While Setting up a Company in Dubai Free Zone
The below-mentioned steps follow a specific sequence, which if followed, turns out to be easy for an investor to start and operate business activities.
1.Select a Free Zone Based on the Business Activity
The Emirate of Dubai has been continuously focusing on leveraging its potential to serve the best to the business investors. The region has got numerous business free zones dedicated to a particular industry that makes it easy for the businessman to deal in an easy way. Analyse the business needs of your company and dedicatedly select the appropriate free zone.
2.Select a Company Structure
Once you have decided the zone, the next step is to select the appropriate business structure. Dubai Free Zones provides numerous business entity options to business owners to select one, based on the capital to be invested and the available number of shareholders.
3.Approach a Business Expert
In the next step, you can get in touch with a guide who can help you to ease the establishment process. By having a word with a business consultant, you will be able to get good guidance regarding the business proceedings. Starting from the documentation part till discovering the market insights, a consultant will stand by your side, which will turn out to be active during the planning and strategy building stage.
4.Get the Documents Ready
Drafting the company documents turns out to be a complicated task. While incorporating your business in the Dubai Free Zone, you will have to draft documents like Memorandum and Articles of Association, which will turn out to be a compulsion. These documents end up explaining the various activities that will be operated in the internal and external surrounding of an organization.
5.Gather the Necessary Approvals and Licenses
After drafting the essential documents, the next step involves taking the necessary approvals from the Government Authorities. To start with, the Dubai Free Zone provides different types of licenses related to Trading, General Trading, Service, Industry set up etc. Below stated is the list of the Government Authorities in the Emirate of Dubai.
When it comes to the Dubai Creative Cluster Authority, it holds:
- Dubai Techno Park
When it comes to Dubai Multi Commodities Centre Authority, it holds:
- Jumeirah Lake Towers
Other Authorities Involved are:
- National Industries Park
6.Select an Office Space
By the time you receive approval, it would take a standard time. Till then, you need to focus on hunting an office space for the physical existence of your business. The Emirate encourages foreign investors to come forward and set up a company in Dubai. The region also takes care that it becomes easy for the business owners to find a perfect destination for their business. As mentioned earlier, once you are in contact with a business consultant, you can quickly figure an office space.
7.Avail the Core Services to Manage Your Business Operations
After the establishment process of your company, you can carry out the business operations. To do that properly, and to flourish your business growth, you need to make sure that your business has got the core pillars like accounting, taxation, VAT services etc. Implementing these services at the start keeps the inconvenience away. You will be able to streamline the processes from the very start, which will have a fruitful impact in the later part of the organization.
Are you wondering where to start from? Well, don’t worry! Commitbiz Consultants is here to help you in the company incorporation process. Ranging from the incorporation to providing business license, our business experts take care of providing the best solutions to our clients. As a result of our dedicated service, we stand as one of the top business consultants in Dubai. To have a word with our experts, do contact us- we’d be glad to assist.