2021 Easy Start a Business in Dubai as a foreignerAugust 14, 2021
Start a Business in Dubai as a foreigner: Setting up a business in Dubai can be confusing for foreigners, but this post will help you take one step at a time.
The first thing to do is get your company registered with the Ministry of Economy and Commerce and then set up your bank account. After that, it’s time to find office space! If you’re looking for more information on how to set up a business in Dubai, keep reading.
How to Register Your Business in Dubai
The first step for foreigners is to register their business with the Ministry of Economy and Trade. The process should take around 10 days but may take up to 40 days. Visit the nearest DIFC office (there are seven offices located throughout Dubai) to get a number so you can start your business. Afterward, visit the Ministry of Economy and Commerce headquarters in DIFC to register your company. You will need the following:
A completed application form Certificate of incorporation from the trade name registry An original copy of the commercial certificate (if applicable) Two passport-size photographs for each partner A personal photo identification card for each partner Copy of Emirates ID, passport or driving license Proof of address such as a tenancy agreement, property ownership document or electricity bill.
In addition to this information, you will have to pay a fee of around AED 2,000 (US$540) for your business license which is valid for five years.
How to Open a Bank account for Start a Business in Dubai as a foreigner
Once you are registered with the Ministry of Economy and Commerce, you can then set up your bank account. Banks in Dubai are mostly divided into three different groups: global banks, Arab banks, and Islamic banks.
Most businesses tend to use local banking services rather than international ones when setting up a business in Dubai because of their good rates. The following are the steps you need to follow before opening a bank account in Dubai.
Register your company with the Ministry of Economy and Commerce. You will need a Permit for Business Establishment Number from them which is valid for one year.
Contact your bank of choice and have them register you (this should take up to four days). Submit the following documents when setting up a bank account: One passport-size photograph of each partner Business license or company registration certificate The tenancy agreement, property ownership document, or electricity bill.
In addition to this information, you will need a local guarantor (someone who is UAE-based) and your visa which must be valid for at least one year. Most banks require businesses to have capital of AED 100,000 (US$27,000) – this will be the amount you can withdraw from the account.
Setting up a Company in Dubai: Your Step-by-Step Guide
If you’re ready to start your business, head over to www.dubaibusinessadvisors.com and find offices for rent in Dubai. Then submit your request and we’ll get back to you with our best office rental options and prices as well as a free quote.
The first thing you need to do is register your business name by filing an application at the trade names registry (located in DIFC) which will cost around AED 1,300 (US$360). You can also use this site to register your business in Dubai. You will need the following information for an online application:
Applicant name and full address in English Applicant nationality, occupation, passport number, date of birth and Emirates ID expiry date Name of company, business activity (this must be specific) Company tax registration number Authorised representative’s personal details and supporting documents
Fees vary from one business to another but generally range from AED 20 (US$5) to AED 900 (US$240). The minimum period for registering a trading name is three months.
The next step is opening your bank account which should go smoothly after you register with the Ministry of Economy and Commerce. Simply visit your bank of choice and ask about business accounts. Make sure you bring your company registration certificate as well as the following documents:
A letter from your sponsor confirming that you are legally allowed to work in the UAE An original copy of your passport or valid visa which is at least one-year-old A tenancy agreement, property ownership document, or electricity bill Verification of your company’s address from:
Dubai Chamber of Commerce and Industry (only GCC companies) Dubai Municipality (only UAE-based companies) The Comptroller General of Dubai Health Authority (if you are in the healthcare sector)
Keep these documents when visiting your bank as it will help them process your account faster. On average, it takes two to four days for the bank to approve your request. This process takes longer if you are working as a sole proprietor and have no sponsor (sponsors must be legally allowed to work in the UAE).
If you’ve been wondering how to set up a business in Dubai, this post should answer all your questions. We hope it was helpful and that we can help you with the more complicated aspects of starting a company in Dubai! How are things going so far? Have any other questions about setting up a company here? Let us know and we will be happy to give our advice or point you in the right direction. Our team is always ready for new challenges – if there’s anything else we can do for you, just let us know!