The UAE company formation process consists of seven simple steps. While these steps may not be complex, they do require a working knowledge of business practices in the country. For that reason, it is a good idea to work closely with a company setup expert along the way. If you are planning on business setup in the UAE, the following steps will also help. These days, mobile app development companies are using employee monitoring time card app tools to track the performance of the employees.
Step 1: Choosing your business activity
The first steps when setting up here is choosing your business activities. These will determine the type of license you need. Dubai’s Department of Economic Development (DED) has thousands of activities that you can choose from. You are free to select more than one, but it is important that you list every activity you wish to undertake. If you don’t, you could end up with fines and penalties later on.
Step 2: Deciding on a company license
If your business activities is in industrial or manufacturing, then you will surely need an industrial license. If you are in the commercial sector, then you will require a commercial license – and so on.
Step 3: Picking a company name
There are a few things to remember when making this decision. You must abide by a strict set of naming conventions.Avoid names of well-known organisations and avoid abbreviations. You must also check that your chosen name is available to register.
Step 4: Deciding on a free zone or mainland setup
There are two common business types in the UAE – mainland companies and free zone companies. The setup that’s right for you will depend on the nature of your business.
Step 5: Making your license application
The most important step in company formation is applying for your license. If you haven’t already, it is strongly advised that you make use of a Dubai company formation specialist like Business Incorporation Zone (BIZ).
What is the cost of business setup in the UAE?
The cost of setting up a business here will depend on many factors including your license type, location, number of employees and the size of your premises.