The UAE is a vibrant hub and favored destination among investors and entrepreneurs for establishing and setting up new businesses.
The country’s strategic location, business-friendly policies, and state-of-the-art infrastructure make it an attractive choice for those looking to expand their business ventures. With a diverse and dynamic economy, the UAE offers a wealth of opportunities for growth and success, whether it’s in the fields of technology, finance, tourism, or any other industry, as it provides a supportive environment for businesses to thrive and prosper.
So, before starting your own business in the UAE, here is a small list of some questions you should ask yourself:
– What are the products or services you can offer?
– What makes your business different from the other competitors?
– Who are your primary competitors in the industry?
– What are your goals, vision, and mission for the business?
– Who is your target audience?
– What is your business setup location?
– What are the documents you need to start your business?
Main types of companies in the UAE
Free Zone Companies
Businesses established in one of the many free zones in the UAE benefit from special incentives and are subject to specific regulations of the respective free zone such as Dubai Multi Commodities Centre, Jebel Ali Free Zone, and Abu Dhabi Global Market.
Limited Liability Company
It’s a form of business structure where the liability of shareholders is limited to their shares in the capital.
Public Joint Stock Company
It’s a publicly traded company that can offer its shares to the public through a stock exchange and it is subject to more rigorous regulatory requirements and corporate governance standards.
Private Joint Stock Company
Similar to a Public Joint Stock Company, but the shares are not offered to the public and the ownership is limited to a certain number of individuals.
Sole Establishment
This is a business owned by a single individual and the owner is fully responsible for all aspects of the business, including its debts.
Branch of a Foreign Company
Foreign companies can establish a branch in the UAE, subject to certain regulations and the branch is considered a fully-fledged business extension of the foreign entity.
Representative Office
Foreign companies can also set up representative offices, which are limited to promotional activities and cannot engage in commercial activities.
Professional Companies
Professionals such as doctors, lawyers, and engineers can establish professional companies to provide their services and their subject to specific regulations based on the profession.
Offshore Companies
Offshore companies in jurisdictions like Ras Al Khaimah International Corporate Centre provide various benefits, including tax exemptions and ease of doing business.
Limited Partnership
A partnership with at least one general partner with unlimited liability and one or more limited partners whose liability is limited to their contribution.
What are the document requirements for business setup in the UAE?
To start a business in the UAE, you will need some documents, which may vary depending on the business structure you have chosen and the business zone you are operating in.
Here are the main document requirements you can need:
– Passport: A copy of your passport with front and back pages.
– Proof of residence: You must submit proof of your address, such as a utility bill or bank statement.
– Visa: If you are not a UAE citizen, you must submit a copy of your visa.
– Trade license: Before commencing trading, it is necessary to acquire a trade license from the Department of Economic Development.
– Memorandum of Association and Articles of Association: You need to provide the MOA and AOA of your company.
– Power of attorney: If you won’t be in the UAE to establish your business, you must grant power of attorney to someone who will do it on your behalf.
– Shareholders’ details: You need to provide details of the shareholders of your company, such as their names, addresses, and passport numbers.
Why do you need a business license in the UAE?
It is a fundamental step in establishing and maintaining a legal and reputable business presence in the country. Obtaining a business license in the UAE is a legal requirement that ensures your business complies with regulations, protects consumers and public interests, facilitates financial transactions, and adds credibility to your operations.
Types of business licenses in the UAE
The license is considered one of the main documents you need to finish the process of setting up your business in the UAE, and at Fame, we help you have it easily and smoothly with zero hassle, according to the nature of your business.
Commercial License
This license is issued for companies engaged in trading activities, such as buying and selling goods, and it is one of the most common types of licenses for businesses involved in import and export.
Industrial License
Businesses involved in manufacturing or industrial activities require an industrial license.
Tourism License
Businesses operating in the tourism sector, including travel agencies, tour operators, and hotels, need a tourism license.
Freelancer Permit
Individuals offering freelance services can obtain a freelancer permit, allowing them to work as independent contractors.
At Fame, we not only assist in obtaining the necessary license and registration for starting a business in the UAE, but also provide support with marketing research, competitor analysis, and developing a tailored business plan aligned with your business objectives.
Our team of experts will seamlessly navigate you through these processes, saving you time and money on the necessary paperwork with our business startup services.
Feel free to contact us for further information.
