Alisha Dayaram | Marketing Specialist
September 15, 2021
Over the decade, Dubai has grown to be one of the most desirable places for global enterprises to set up their business. Other than International exposure and an investor-friendly government, startups in Dubai also get perks on investments and tax advantages when compared to other countries.
But regardless of the approachable business model, it can be difficult for a new entity to understand the process of setting up a business.
Wondering how to get started?
To form a new business in Dubai, you will need a list of documents and government attested forms to be approved by the Department of Economic Development (DED). Typically to set up a business in the Freezone, these are the documents you would require:
Trade Name registration is needed to reserve a name for your company. There are a few rules that the name must follow for it to be approved, such as:
Also, if your company name is an individual’s full name, that individual must be assigned as the owner of the business.
You can write the capital amount in the LLC Agreement as much as you want. No need to show a Capital deposit certificate from the bank. Notary will charge a small percentage at the time of attestation according to the Capital amount and number of partners.
One must show evidence of having a tentative lease or rental agreement for their business. The terms lease and rental are often used interchangeably, however, they hold different meanings in Dubai.
Rental agreements are often for short-term properties and get renewed automatically every year unless terminated. Lease agreements are long-term, with the minimum period being a few years, and can be extended to 99 years.
Every time you sign a new tenancy contract in Dubai, you must also complete an Ejari registration through EJARI’s official online portal.
EJARI is a government-run program to regulate all tenancy contracts in Dubai. The word ‘Ejari’ literally translates to ‘My Rent’ in Arabic. This document is important because it officially records rent prices, that way landlords cannot indiscriminately increase the rent during the renewal of the contract. This certificate can be attained through the official EJARI online portal.
These documents are proof of residence and funds. They should all have your business, owners, and local partner’s full names clearly listed.
For Dubai officials, a good business plan must be thorough in market research, future trends, and showcase a realistic breakdown of the competition. It should also be clear that you have a substantial sum of money to invest as a guarantee against liabilities.
You will have to submit documents of identification for all significant members of your company. This includes passport copies of the director, local partners, and the manager to be appointed by the company.
If you are receiving assistance from a third-party organization in filing forms or submitting documents, you will also have to provide a letter of authorization.
Depending on which trade license or economic zone your business operates on, specific additional documents may be required. So, based on the preceding details, it is evident that Dubai company registration is an extensive process!
Nevertheless, you can make it quick and cost-effective by appointing a business setup consultant.
At business space, we offer full corporate business setup services and with our knowledgeable business consultants, you won’t waste your time and money on unwanted documents. For more details on our services click for more.
Here at Business Space, we bring a wealth of experience and knowledge to ensure your business is up and running in no time! Let us know how we can help. Click here to get started!
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