Dubai is considered as the business city of the Middle East and the city is equipped with world-class infrastructure. It is also known as the ‘City of Gold’ and provides many business opportunities for the businesses. There is economic upsurge and investor-friendly government in Dubai so it is very much beneficial if you start your business in Dubai.
In this blog, we will let you know the steps to start business in Dubai Mainland.
- Select a business activity: While starting the business, the first thing you have to do is selecting the activity for your business. You should be sure about the business activity that you are going to practice.
- Select a business entity: Deciding the corporate entity of the company is also an important task. Whatever you choose must relate to your business operation and selected jurisdiction.
- Get a local sponsor: It is really important to appoint a local sponsor for your business in the mainland. The local sponsor will own 51% and the remaining 49% will be owned by the businessperson.
- Get the approval of trade name & business activity: It is necessary to get your business name approved by the local authorities. In Dubai, the Department of Economic Development (DED) gives approval regarding all this.
- Draft a Memorandum of Association: Memorandum of Association (MOA) is an important document that is useful to avoid any future fights between the partners. It is very much important for safety so that any problems don’t arise in the future. MOA must be drafted and mutually accepted by all the partners in the presence of legal experts.
- Get an office space: If you want to start a business in Dubai Mainland then it is compulsory to have an office space for that and the tenancy agreement of that office space must be documented and submitted with the DED in advance.
- Obtain your business license: In Dubai, the registration of business and business licensing is a parallel procedure. Once your company is registered by the DED, the business license will be processed and could be collected duly.
So, these are the steps for business registration in Dubai Mainland. We at NUF Chartered accountants, based in Dubai, UAE can help you regarding any needs of your business, so feel free to Contact Us. We are helping businesses all around the world by providing our expert services.