21 10 2020

How to setup a business in the UAE?

How to setup a business in the UAE?

In this article, we have provided some tips for people wishing to start a business in the United Arab Emirates, which have been worked out in practice.

1 - UAE resident visa;

First of all, you need to obtain a visa for a resident of the United Arab Emirates in order to fully live and conduct work in the UAE.

You can get a resident visa by opening a business in the UAE. In this case, the owner and employees of the company will be able to obtain resident visas. And when the income reaches the appropriate level, family members of the investor can receive visas.

There is another popular way to obtain a visa - this is the acquisition of real estate in Dubai for more than $ 272 thousand (1 million dirham).

If you need advice on starting a business and obtaining a residence permit in the UAE, our specialists will help you go through this process without unnecessary hassle in the shortest possible time!

2- Long-term "golden" visas;

In addition to a resident visa for a period of 2-3 years, the government also provides visas for a period of 5 or 10 years. To obtain them, special requirements must be met.

Opening a company in the UAE;

First you need to decide on the trade name of the company.

Next, you submit your trade name to the registration authorities for review and await approval. If your company is registered as a local company, then the registering authority will be the Department of Economic Development. If your company is registered within one of the free economic zones, then submitting a trade name is required to the administration of the relevant FEZ.

According to the laws of the United Arab Emirates, your trade name should not be previously occupied, be within the framework of public morality, reflect the type of activity and status of the company. If all points are met, the registration authority will approve the proposed name.

After approval is obtained, you need to apply for a license.

Companies registered on the domestic market can be of 4 types of activity:

- professional;

- tourist;

- commercial;

- industrial.

If you are registering a company within a FEZ, then you need to choose a suitable zone for this. Each FEZ is created specifically for certain types of activities.

The process of obtaining a license and registration takes place in parallel. It is necessary to prepare and submit for consideration the following documents:

- Application;

- Business plan;

- Samples of signatures of the owners;

- Copies of the owners' passports;

- Letter of intent.

For the final stage of licensing, you need to submit information such as:

- Decision on the appointment of a director;

- Company charter;

- Memorandum of association;

- Power of attorney for the director;

- Photo of the director;

- Sample signature of the director;

- Information about the share capital.

It should be borne in mind that some companies require special licenses. For example, companies in the medical field must additionally obtain approval from the Ministry of Health.