Have you ever considered doing business in Dubai from scratch? Whether you’re an emerging entrepreneur or a mature business looking to grow, getting through the process can be challenging. Rest easy; we’re taking care of things. This all-inclusive guide will look at the main steps and the investing involved with a company set up in Dubai.
Choosing the Right License
The first step in setting up your company is determining the type of license you need. Dubai Mainland has three main categories: Commercial, Professional, and Industrial. If you’re looking for full ownership of your venture, the Commercial License is your best bet, allowing 100% ownership for expatriates.
1) Business License Creation
Once you decide on your license type, you must create your business license. There are two options available:
Instant: Ideal for those testing the market or working with a tight budget. No office space (Ejari) is required for the first year, but obtaining a company bank account may be challenging. Costs range from AED 11,200 to 12,400 for up to 2 partners.
Normal: This option suits confident entrepreneurs ready to hit the ground running. To open a bank account, you’ll need an office Ejari, which costs AED 11,000 plus 5% of Ejari. Initial approval and trade name reservation fees are included, but additional ministry approvals may be necessary for certain activities.
2) Office Ejari and VAT Invoice
A legitimate office Ejari is essential for conducting business in Dubai. Expect to pay around AED 6,000 or more, depending on your office space requirements. Additionally, you’ll need to obtain a VAT invoice for tax compliance.
3) Company Stamp
Don’t forget to get your company stamp, a vital element for official documentation. The budget is approximately AED 116 for this essential item.
4) Establishment (Immigration) Card
Obtaining an establishment card is a crucial step in the process. Costs include typing fees of AED 75 and an application fee of AED 520.
5) Visa Issuance Application
To obtain a visa, you’ll need to budget for entry permits and status changes. Entry permit fees amount to AED 1,170, while changing status costs around AED 660.
6) Medical Examination
Ensure your team undergoes the required medical examinations. Choose between VIP and normal options. VIP costs AED 755 for quicker results or AED 300 for the standard procedure.
7) Emirates ID Application
Each member of your team will need to apply for an Emirates ID. Budget of approximately AED 375 per application.
8) Visa Issuance Stamping
Lastly, finalize your visa issuance with stamping. Opt for urgent processing at AED 928 to avoid delays.
Beware of Hidden Costs
When engaging with service providers, be vigilant of additional costs such as memorandum fees, establishment card charges, and bank opening fees. It’s essential to clarify and question any suspicious charges upfront.
Conclusion
Establishing a company in Dubai mainland might be perceived as hard, but having the right advisor can make it an easy and enjoyable process. By comprehending the parts and costs, you can begin your entrepreneurial journey with self-assurance.-
For personalized guidance and expert advice on navigating the intricacies of company setup in Dubai, consider consulting with Syed Aadil. His expertise and insights can help streamline the process and ensure the successful establishment of your business in the UAE.
