Even though there are many other emirates in the UAE that investors can chose 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 makes it a perfect market for a variety of products and services. Setting up a business 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.
- Choose The Firms’ Name
When you start setting up your business you also need to consider whether you want to open up operations in the free zone area of the mainland area. In either case you will need to submit your preferred names to the DMCC department to get approval. Applicants need to forward a list of 3 of their preferred names, in case their first priority name is not available they will go with the second, or third.
- Documents For Pre-Approval
The documents include:
- Know Your Client (KYC) Form
- Letter of no objection from sponsors
- Passport and/or Emirate ID if the person is a local national
- Evidence of a permanent residential address
- Business plan
- Consultants appointment letter in the case that a consultant is managing these responsibilities
- If a consultant is managing these tasks they need to show a power of attorney letter
- Submit the registration charges of AED 1000
These documents are required for all members of the firm whether it is a shareholder, manager, director or legal representative
- Registration Documents
After the initial pre-approval stage is complete applicants need to submit additional documents for each person involved in the business. Documents required include:
- Specimen signature form signed in the presence of a DMCC member service executive or notarized in the applicants home country
- A review of the applicants passport by a DMCC member executive or it can notarized in the applicants home country
- A shareholders resolution which must have been generated from the DMCC portal and signed in the presence of a DMCC member service executive or notarized in a UAE embassy
- Memorandum and articles of association, which have been notarized in the applicants home country of signed in the presence of a DMCC executive member
- Undertaking letter which ensures compliance with the DMCC requirements. Normally generated through the DMCC portal and uploaded after it is signed
- 3rd party approvals from relevant authorities where it is necessary
- Payment of charges
After these documents are completed and submitted the DMCC issues a ‘provisional approval’ and a ‘bank letter’.
These are all the forms and legal procedures that you need to undergo in order to setup a business in Dubai. Once all of this is out of the way you can go ahead and start looking for a location for your business. Whether you are looking for a place in the free zones or in the mainland.