In the wake of the Covid-19 pandemic, many 9-5 working professionals have turned into entrepreneurs. As per various reports, migrants living in countries like the United States, United Arab Emirates, and the United Kingdom have set up their dream businesses after losing their jobs.
Many Asian migrants also lost their jobs in Dubai and have set up their businesses in the free zones. As the Covid-19 situation is already under control in many western and Arab countries, there are fewer chances of your new startup in Dubai incurring losses.
Setting up your new business in Dubai isn’t easy; there are certain aspects you need to consider. Below we’re mentioning the steps for setting up your new business in Dubai.
Whether you're setting up your new business in the free zones or commercial zones, you can set up two different types of companies. Free Zone Establishment and Free Zone Company are two types of companies you can start in Dubai.
The major difference between these two companies is the number of shareholders. One thing you should remember, you can register any company type in your ideal zones. When you’ve chosen your ideal free zone, you need to consult with its authorities and determine your legal entity type.
When you declare your legal entity type, it’s time to give a name to your startup. In Dubai, you can’t determine your company name independently; the free zone authority should approve it. If your desired trade name is already registered, you can’t use it for your company.
Plus, ‘The United Arab Emirates’ and ‘Dubai’ shouldn’t be present in your company name. Furthermore, you need to also fulfill the authority requirements before registering your trade name.
It’s time for applying your trade license that entirely depends on your business activities. This is the most crucial step because you need to fulfill numerous requirements of the Dubai Government and free zone authority. You need to determine your business operations to the free zone authority while selecting your trade name and also applying for the trade license.
As you’re welcomed to your desired free zone, you can either buy or lease the commercial spaces. Your business activity types and the number of employees will determine your office space. In the Dubai free zones, you get the opportunity to select between Executive Office Packages, Office Packages, and Smart Desk Office Packages.
Companies present in the free zones have to follow 'Free Zones Authorities' and Dubai Government rules. To get the pre-approval, you need to submit the documents, depending on your business activities and requirements. For getting the pre-approvals and license, you need to consult with your Free Zone authorities.
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