It is no surprise there are ample benefits of setting up a company in the UAE. From a well-thought-out location, strong government support, advanced infrastructure, and ease of business setup, the country has a lot to offer. Moreover, a profitable and competitive business environment is what attracts thousands of entrepreneurs every year from around the world for a UAE company set up.
If you are planning to set up a company in the UAE too, it is better to be well aware of the company registration process. Though it is a straightforward process, the documentation work can be tedious if you are new to it. You can get in touch with company formation experts to take help with the registration process to avoid any mishaps.
In this blog, you will read all about the benefits of a UAE company setup and its process.
What are The Benefits of Setting up a Company in the UAE?
You might get shocked after knowing the number of benefits the country has to offer when it comes to setting up a company in UAE. Besides outstanding infrastructure, location and government support, it also offers a well-developed transportation system. Also, the country provides good quality accommodation facilities at very low rates. Moreover, the country has ample business opportunities to offer for young and budding entrepreneurs. The government never shies away from organizing business exhibitions, events, and conferences to help businesspersons. Furthermore, there are many other benefits of setting up a company in the UAE. A few prominent ones are listed below:
- Diverse economy and culture.
- Lucrative business environment.
- Top-notch business setup services at a low cost.
- Choose from over 2000 business activities.
- 20+ free zones to start your company.
- No limitations on foreign currency.
- Best health care facilities at affordable rates.
- Exemption from any type of taxes.
- Get 100% foreign ownership.
- Hire a skilled and talented workforce.
- Highly developed communication and technological facilities.
- Easy availability of visas.
What is The Process of A UAE Company Set Up?
The process of setting up a company in the UAE is straightforward.
Step 1 – Decide The Nature of Your Business
The very first step is to decide what type of business you want to do. On the basis of that, you will select your business activities. You can choose from over 2000 business activities allowed by the DED. Though, you don’t have to worry if the activity you want to conduct is not in the list provided by them. You can simply take permission for it.
Step 2 – Trade Name Reservation
Now, select an appropriate name for your company. Make sure to follow the rules while choosing the name. It should not contain any foul or offensive words. Moreover, if you want to name your company after a person, use their full name. Also, avoid using abbreviations for any words. If you don’t abide by these rules, your trade name registration can be rejected. At last, make sure not to name it after an already existing company.
Step 3 – Decide The Legal Structure of Your Company
You can either set up an LLC, a sole proprietorship, a private or a public shareholding company, a partnership, or a civil company. Moreover, you can also set up a branch of foreign companies and GCC companies. Depending upon the nature of your business, you need to decide how do you want your company to operate legally.
Step 4 – Rent an Office
Now, you need to rent a space to use it as an office. The address of your office space will be used in all the business-related documents. Make sure to rent space according to your business activities. Moreover, keep all the documents of the property like the land map and specifications safe as you will need them for submission.
Step 5 – Register on Ejari
Once you have got an office, you need to register it on Ejari. Ejari is an online platform to keep a record of all lease contracts. This helps in avoiding any fraud. Once you register, you will get your tenancy contract. Furthermore, take note of your unique Ejari number for future legal references. Also, remember this is an important step because without a tenancy contract you will not get your business license.
Step 6 – Draft MoA and AoA
Now you need to draft an MoA (Memorandum of Association) and AoA (Article of Association). Then, get it signed by all the partners in presence of a public notary in court.
Step 7 – Get Initial Approval
To get the initial approval from the concerned department, you need to submit the articles of association, tenancy contract, and payment slip of trade name registration. Also, present your business plan, copy of passports, and visas of all the business partners. If all seems good, you will get your initial approval certificate.
Step 8 – Wind Up The Paperwork
Once you receive the initial approval for setting up a company in UAE, you need to finish the remaining paperwork and apply for the business license. Collect and prepare all the remaining necessary documents and keep them together. Make sure to check all the documents twice before submitting them to the legal authorities. Completing paperwork can be a long and tiring process. We suggest you take the help of company formation experts for the same.
Step 9 – Apply for Business License
Now, you need to apply for a business license. The UAE government provides four types of licenses. Industrial License, Trade License, Professional License, and Tourism License. You can choose to apply for any one of these based on your business activities. The cost for each varies accordingly. Make sure to submit your license application along with the rest of the documents.
Step 10 – Pay The License Fee
After a thorough inspection, if all seem good, the legal authorities will issue your business license. After you receive your license, the DED will send you a mail with a payment voucher. You need to pay the required license fee through the same. Make sure to complete the payment within 24 hours of receiving your license. If you fail to do so, your license might get canceled.
Register Your Company in UAE Today!
With the ease of business setup, extraordinary facilities and constant government support, setting up a company in the UAE has become a choice of many. You can also set up one of yours today in a matter of just 5 to 6 working days. Get in touch with company formation experts at Shuraa Business Setup. They will help you draft a proper business plan and select appropriate business activities. Moreover, they will assist throughout the company formation process and guide at every step. Also, they will help you acquire your business license at a comparatively low cost. So, what are you waiting for? Call us today and we will take care of the rest.
