How to start a business in the UAE - A beginners guide

13 Apr 2023
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Business

Starting a business in the UAE can be an exciting and profitable venture. With a growing economy, business-friendly policies, and a strategic location, the UAE has become a hub for entrepreneurs and investors from all over the world. However, aspiring entrepreneurs first need to understand the process of setting up a business in the UAE. In this beginner's guide, we will take you through the steps of starting a business in the UAE, from choosing the right type of company to registering your business.

Choosing the right type of company

The first step in starting a business in the UAE is to choose the right type of company. The UAE offers several types of companies, including free zone companies, mainland companies, and offshore companies. Free zone companies offer 100% foreign ownership, tax exemptions, and other benefits.

Choose the best business to start in UAE

Once you have decided on the type of company, the next step is to research and choose the best business to start in the UAE. The UAE offers several opportunities for businesses, including tourism, real estate, construction, finance, and many more. Some of the best businesses to start in the UAE for beginners include e-commerce, marketing and consulting as these businesses require minimal investment and can be started from anywhere in the world.

Registering your business

The next step is to register your business in the UAE. The process of registering a business in the UAE can be complex and time-consuming, but with the right guidance, it can be done easily. The process varies depending on the type of company and the jurisdiction you choose. For example, if you are setting up a free zone company, you will need to obtain a business license from the relevant free zone authority. If you are setting up a mainland company, you will need to register with the Department of Economic Development (DED) in the relevant emirate.

Obtaining visas and work permits

Once your business is registered, the next step is to obtain visas and work permits for yourself and your employees. The UAE offers several types of visas, including visit visas, employment visas, investor visas and other long-term visas. The requirements for obtaining a visa vary depending on the type of visa and the jurisdiction. For example, if you are setting up a free zone company, you will need to obtain a visa from the relevant free zone authority. If you are setting up a mainland company, you will need to apply for a visa through the General Directorate of Residency and Foreigners Affairs (GDRFA) in the relevant emirate.

Opening a business bank account

The final step in starting a business in the UAE is to open a business bank account. The UAE has a well-established banking system, and several local and international banks offer business banking services. To open a bank account, you will need to provide documents, such as your business license, passport, and proof of address. You may also be required to maintain a minimum balance and pay certain fees.

Time to get started

In conclusion, starting a business in UAE can be a rewarding experience for beginners. By choosing the right type of company, researching and selecting the best business to start in the UAE, registering your business, obtaining visas and work permits, and opening a bank account, you can successfully set up a business in the UAE.

Remember to seek professional advice and guidance to ensure that you comply with all the legal and regulatory requirements. With the right planning and preparation, you can start a business in the UAE and take advantage of the many opportunities it offers. For expert advice, you don’t need to look far! Simply contact the business set-up consultants at Ras Al Khaimah Economic Zone for comprehensive guidance:
Phone: +971 7 204 1111
Email: info@rakez.com