Entrepreneurs from all over the world call Dubai home. Year after year, an increasing number of foreign investors and businesspeople flock to the emirate to take advantage of its favorable business climate.
In addition to a 0% tax rate, a strategic global location, and a simple incorporation procedure, Dubai now allows foreigners to own 100% of their business in the majority of cases. A change that only took effect in the last few years.
This, combined with the introduction of long-term visas, has cemented Dubai’s reputation as the ideal location for foreign entrepreneurs.
Dubai deliberately sought foreign investors and business owners. Many company setup agents and formation experts have set up shops in the emirate to assist foreign entrepreneurs with the license, visa, and business incorporation processes.
As an international businessman beginning in the UAE, your first task should be to become acquainted with local business customs and practices. Many people will be unfamiliar with the setups for the company formation process out here. Gaining an early understanding of these steps will aid in the smooth running of the process.
- Must not violate the country’s public morals or public order.
- The legal form of the company, for example, must be followed (LLC, FZE, etc.)
- Must not have previously been registered. Must be compatible with the required type of legal status and activity.
- Names of religions or governing authorities, as well as names or logos of external bodies, should not be used.
Companies established in free zones are subject to the free zone’s rules. As a result, the documentation required will vary depending on the free zone to which you apply. Documentation that may be required includes:
- Form of application completed
- Business strategy
- A copy of your current trade license/registration certificate (if you are an existing company, applicable for a local company only)
- Colored passport copies of the company’s shareholder/s and the newly appointed Manager/Director
- Specimen signatures of the company’s shareholder/s and the newly appointed Manager/Director
- Two years of audited financial reports for the corporate entity or a certificate of reference from the individual shareholder’s personal bank NOC from the current sponsor (for individuals)
In Dubai, there are several types of trade licenses, the most common of which are commercial, industrial, and professional.
The types of businesses that fall under each license category are self-explanatory, and your business activity will determine which license category you fall under. In most cases, if you are engaging in a commercial activity, such as buying and selling products or services, you will require a commercial license, for example.
At Meydan Free zone, You can take full advantage of their geographic location, world-class infrastructure, and business and tax-friendly environments because they are centrally located in Dubai. Meydan Free Zone provides numerous benefits to Global Entrepreneurs. They are strategically located to meet the needs of startups and global corporations.