Starting a business in Dubai as an entrepreneur has been a dream for many people. And its no surprise considering the way the city has grown over the last decade. Now, its not just skyscrapers on display and luxurious lifestyles either. Dubai is actually one of the easiest places in the world to start a business. But if you’re a foreigner, can you start up a business in Dubai? Read on to find out how!
For a foreigner, the requirements for Cheapest Free Zone Setup In Dubai can be daunting and even overwhelming for some. However, by knowing the basic requirements and having an understanding of the UAE culture, it is not as difficult as one might think to start running a successful business in Dubai.
Foreign ownership is allowed in Dubai
Foreign ownership is allowed in Dubai, but there are some restrictions. While foreign ownership is allowed, it must be done through a local partner or by forming a joint venture with a local company. While there are no restrictions on the type of business you can form, the majority of businesses in Dubai are in the service sector.
There are several types of visas that allow foreigners to live and work in Dubai. The most common visa is the employment visa which allows you to work for an employer who sponsors your application. If you want to start your own business, then you need an investor visa which allows you to invest money into an existing business or start a new one on your own.
Choose a business activity and location
First of all, you’ll want to make sure that you’re choosing the right business activity for your situation. You don’t want to be selling something that isn’t legal in this country (for example, alcohol). Or maybe what you’re selling isn’t allowed by law here like certain types of food or medicine.
If your product or service is legal here, then you’ll need to decide whether it should be located inside or outside of the city limits. If it’s an online business, then this doesn’t matter so much since your location won’t affect anything but shipping times and costs (if any). However, if your business requires physical space to operate, then finding an appropriate location can be tricky there are many different types of laws regarding where businesses can be located in Dubai, so make sure to do some research before settling on one place over another!
Open a business license with the Department of Economic Development
To start a business in Dubai, you will need to get your business license from the Department of Economic Development (DED). You can do this by filling out an online application form and paying the fee (which varies depending on what type of business you have).
Once you have the DED’s approval, you must then apply for a trade license from your local municipality office. The process is similar to what you did with the DED, but this time around, there will be an inspection of your premises and an assessment of any potential risks or environmental issues that might affect your business. If all goes well, you’ll be granted a trade license!
Register with the Dubai Chamber of Commerce and Industry
In order for a foreign national to start a business in Dubai, they must register with the Dubai Chamber of Commerce and Industry. Doing so will allow them to open their own company or be an employee of another company that has already been registered. They also have the option of partnering with a local company or individual if they prefer.
The registration process takes about one week and requires all applicants to have an original copy of their passport as well as other documents such as a certified copy of their degree or transcript from their university. The chamber will send these documents back to the applicant within 10 days once they’ve been processed.
Protect Your Intellectual Property
Dubai has been a magnet for creative minds for decades, and that’s because it’s one of the most open markets around the world. Artists and musicians flock here because they know their work will get noticed and appreciated by their peers. But if you’re planning on bringing your own creative masterpiece to market in Dubai, it’s important to make sure that no one steals any of your ideas before they become big hits! The best way to do this is by protecting your intellectual property through patents and trademarks.
Hire employees, if your business requires them
The UAE is one of the most business-friendly countries in the world, so you shouldn’t have any trouble setting up shop. As long as you have all your paperwork in order, it’s not hard to make it happen!
If you need employees, though, you’ll have to be careful about how many people work for you at one time. You’re allowed to hire up to 20 employees at any given time but if you go over that limit, your company will be classified as an “industrial” entity and subject to more regulations on hiring practices.
There are several tax-free benefits for foreigners who want to start a business in Dubai:
The company registration fees are 100 times cheaper than in other countries.
There is no tax on income or capital gains. This means that you won’t have to pay any taxes on profits made by your company. You can also transfer money from abroad without paying any taxes on it or spending any extra money on taxes when you bring it into the country.
You don’t need to pay income tax on dividends from shares if you live outside the UAE. If you live inside the country then there are some restrictions but they are still better than what you would get anywhere else in the world!