Setting up a business in Dubai : step-by-step

If you’re looking to Setting up a business in Dubai – look no further than Dubai. As a famous trading hub of the Middle East and North Africa (MENA) region, Dubai boasts a wealth of advantages for businesses and companies looking to succeed, thrive, and hook up with the rest of the world.

Despite a global pandemic and recession, the UAE economy is about to develop at the fastest pace since 2011, exceeding initial estimates. The UAE financial system is expected to grow through 5. four in line with the cent and four.2 in line with cent in 2022 and 2023, respectively. The increase in possibilities has attracted ever-growing numbers of entrepreneurs into the city. Fortunately, if you’re thinking of setting up a business in Dubai the method is tremendously simple – specially in the shape of the UAE’s free zones.

Before setting up, you’ll want to determine if you’d want to perform in a Free Zone or Offshore. Depending on your requirements, each alternative has its personal benefits and specifications.

freezone

If you’re looking for 100% possession of your business enterprise, do not forget to make use of a license, and the area is certainly considered one of Dubai’s free zones. The free sector idea became added with the aid of using the Dubai authorities to generate foreign interest in company setup in Dubai. Essentially, it’s a special economic place in which business owners can revel in complete possession, 9% company taxation (to be applied to UAE businesses on profits above AED 375,000), and 0% personal income tax. However, one of the key obstacles to running a business enterprise in a free zone is that you aren't allowed to make a direct exchange with the UAE local market. Currently, there are over 30 free zones operating in Dubai. Generally, every free zone is designed around a company's category and gives licenses to companies within those categories.

Offshore

Offshore companies can also be registered in a free zone, and experience a number of equal benefits. However, it’s now no longer an alternative choice to a free zone company. The most important distinction between a free zone company and an offshore one is the operations of the business. Offshore companies are allowed to have business activities outside of the UAE and now no longer inside. Additionally have no requirements for minimal capital deposited before incorporation. However, unlike operating as a free zone business, a sponsor is required, in order to limit your foreign ownership to only 49%.

Dubai free-zone company setup process

When Setting up a business in Dubai, free zones are especially more popular with foreign entrepreneurs and for the correct reason – they provide 0% personal tax, low corporate tax rates, 100% company ownership, 100% repatriation of capital and profits, and no currency restrictions. Here are the 7 steps you’ll need to take to set up your business in the free zone

• Decide on a free zone

• Find your business activity

• Choose a company name

• Apply for initial approval

• Open a corporate bank account

• Set up your office location

• Apply for final approval

Why Marqueway?

Although reputedly a long process, the turnaround for company formation in Dubai will only take a count of weeks whilst finished right. Get in touch with us at Marqueway to assist set up your business withinside the world’s #1 Free Trade Zone and center of global commodities trading. We’ll help you each step of the way from drafting documents, managing submissions, and assisting with translations to setting up bank accounts, seeking approval, and providing general advice & consultancy. Reach out to us today to see how we can assist you!