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How to Start A Business in Dubai Without Money?

Start A Business In Dubai

want to Starting a business in Dubai, UAE, or anywhere around the world is a crucial decision. It involves planning, conceptualizing, research, budgeting, set-up, and decision-making among other things. It also requires guidance and assistance on selecting the proper trade license for your business, especially if you’re a replacement entrepreneur. Here, you’ll study the important steps to start out a business within the United Arab Emirates.

Even though there are many other emirates in the UAE that investors can choose from, dubai stands out because no other place offers the kind of incentives and economic environment that dubai does. With the government and economic agencies providing unique investment opportunities it is a dream location for investors. The diverse population and strong economic position make it a perfect market for a variety of products and services. business setup in dubai is a quick and easy process which anyone can do. This article will highlight some of the main things you need to do to get things going.

Here are seven online businesses you can start in Dubai without money.

  1. Online health/fitness coach
  2. Freelance writer
  3. Recruitment consultancy
  4. Online language tutor
  5. Sell e-books on Kindle
  6. Become a virtual assistant
  7. Social media community manager

Key Steps to Start a Business in Dubai and the UAE

Dubai is the ideal location for entrepreneurs wishing to start their own companies. In Dubai and the UAE, establishing a small business is simple and hassle-free. However, you will need to be careful about following the rules and regulations of the local government when starting a business in Dubai and the UAE.

Here are the key steps to start a business in Dubai and the UAE:

1. Choose Business Activity

Selecting the kind of business activities you wish to engage in is the first stage in launching a business. There are many different business activities you can pick from as a new firm. You will have several options for your business operations in Dubai and the UAE, from expert and service-based firms to product sales. You must choose the kinds of business operations that you are competent at and can conduct for a profit. The next step is to carry out market research and develop a business plan.

2. Finalize the company structure

You must set the legal structure of your company at the initial stages of starting the business. Setting up the company structure will simplify most of the business decisions. You will need to finalize the company structure before you can apply for a trade license. You must be careful when deciding the company structure as it is a very important decision and will heavily impact the success of your business. Here are the structures you can choose for your company:

    1. Sole Proprietorships
    2. Partnerships
    3. Corporations
    4. Limited Liability Company (LLC)
    5. Free Zone Company
    6. Holding Company

3. Select a Name

It’s crucial to pick a name for your new company. You are solely responsible for this step. Being that this is the name a potential consumer would first encounter before doing business with you, you must be careful while selecting a name. When deciding on a name for your company, you must adhere to the local authority’s norms and regulations. Additionally, you must ensure that the name you select is distinctive in Dubai and the UAE and does not contain any foul language.

4. Select a Business Location

You can pick between two alternatives for the location of your firm. You have the option of establishing your business either on the mainland or in a free zone. Your firm will benefit in different ways depending on where it is located. You must decide which location and benefits are most advantageous for your firm.

5. Rent or Lease an Office Space

After that, you’ll need to rent or lease an office space to use as your business’s headquarters. The location, size, price, and amenities that an office space offers are important elements to take into account. The amount of personnel and the assets you will need to maintain are other factors to take into account. You have the option of renting or leasing the office space. The option that provides the most value for your money must be selected.

6. Submit Business License Application

To operate your business lawfully in Dubai and the UAE, you must obtain a business license. A business license can be obtained through the Dubai Department of Economic Development (DED). You can use the DED online portal to submit an application for a business license. You must complete the online application form and provide the necessary paperwork. You must make sure to provide accurate and updated information to avoid any complications that would make the process lengthy.

7. Prepare your Memorandum of Association

A Memorandum of Association to start a business comes with some complications. The memorandum of association should abide by the rules and regulations of the UAE government. So you must be very careful when drafting a Memorandum of Association. It is better to hire a third-party consultant like Company Setup Consultants to handle this for you. Company Setup Consultants can draft the Memorandum of Association for you.

8. Pay Fees and Receive The License

It will take some time for the authority to review and approve your application. After your application is accepted, you must pay the necessary fees. Following that, you can pick up your business license from DED and begin conducting business.

9. Open a Corporate Bank Account

You must own a corporate bank account in order to operate your business and handle the relevant business transactions in Dubai and the UAE. This bank account will be used for all types of financial transactions related to your business. You will be able to manage all those cross-border financial activities and expand your firm overseas.

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    How much does it cost to start a business in Dubai?

    The cost of setting up a business in Dubai depends on the business activity, visa eligibility, location – Free zone or Mainland. For example, license costs in Dubai can start from AED 2,000 and can be more than AED 20,000 depending on various factors and customer requirements.

    Generally to setup a business in Dubai Mainland, there are several government fees involved as shown in the table below:

    Number: Prerequisites: Authority: Payment Period:
    1 Initial Approval (Department of Economic Development) DED One-off payment
    2 Trade Name Approval DED One-off payment
    3 Attestation of Memorandum of Association (MOA) DED One-off payment
    4 Trade License Fees DED Recurring payment each year during trade license renewals.
    5 Trade Name Approval Sponsor Sponsor Fees (Note: Business Owners can obtain 100% ownership without a local sponsor for several Commercial business activities)

    Some additional costs that may incur if you are setting up your business in Dubai Mainland include:

        • Employee Visa
        • Immigration Card
        • Labor Card
        • Virtual Office
        • Estidama/Sustainability Contract
        • Serviced Office with Ejari

    There are several types of licenses available in Dubai Mainland such as Commercial Trade License, Professional Trade License, Industrial Trade License, E-commerce License, Tourism License and many more which follow a similar structure as mentioned above. However, may vary on a case-by-case basis.

    In contrast, setting up a business in Dubai Freezone is slightly different. Individuals can obtain 100% ownership without any local sponsor and trade freely across Freezones. Zero Visa Freezone License fee starts from as low as AED 5,750. Unlike Dubai Mainland, individuals often don’t require an Ejari in Freezone in most cases.

    Some of the costs involved in setting up a business in Dubai Freezones include:

        • Freezone Trade License fee which is paid to the respective jurisdiction
        • Some Business Activities may require proof of address hence, a shared or private office may be required
        • Other investor visa-related costs such as a medical checkup, clearance, Emirates ID, etc. may be required depending on the customer’s needs.

    How can I start a small business in Dubai?

    Entrepreneurs can follow the 5 step process as mentioned below to start their business in Dubai:

        • 1. Provide passport-sized photograph, passport copy, visa page and Emirates ID (if applicable)
        • 2. Specify 3 Trade names
        • 3. Deliver the documents to DED or other governing authorities in Freezones
        • 4. Provide a detailed Business Plan (applicable in some cases) and proof of address (if applicable)
        • 5. Get approved and start business operations immediately.

    Can foreigners start a business in Dubai?

    Yes, foreigners can start a business in Dubai and uae. Our consultants will take care of all the documentation requirements on their behalf. A Dubai Mainland License can be obtained within 24 hours even if the shareholders are not present in the UAE.

    Can I start my own business while employed in Dubai?

    Entrepreneurs can also start their business even when they are employed by obtaining a NOC (No Objection Certificate) from their employer according to the Labor Laws in UAE. If approved, they can setup their business within less than 24 hours.
    Individuals can receive a NOC with the following step by step process. Our expert consultants can also assist entrepreneurs in the process so that they can successfully open and operate their businesses.

      • 1. Submit a request for NOC
      • 2. Provide the necessary documents such as passport copies of the shareholders in the new company, Trade Name Reservation certificate, MOA, Bank guarantee as well as an undertaking letter from a local sponsor/partner of the new company
      • 3. Pay the required government and professional fees
      • 4. Get approved by DED

    Feel free to drop by or call us at +971 5570 12754. Send a WhatsApp Message for Chat Query on +971 557012754 or email us at info@spiderbc.com

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