Business Type: The type of license you require depends on your type of business. Whether it is a commercial, industrial or professional license, your type of business is going to define the basis of your operations. While choosing the suitable license for your business, keep in mind that activity such as legal consultancy, jewelry trade, food trading, and veterinary activities demands further approvals from various governmental departments. In case, you don’t find your specific activity in there, the DED (Department of Economic Development) in Dubai consists of a list having over 2100 activities you can select from, therefore you can consider contacting them. The approval formalities and regulations vary in different free zones.
Ownership: If you are a foreign investor and want 100% ownership of your business, then you will have to opt for location and license in one of the many free zones of Dubai. There are different kinds of activities that different free zones offer and cater. The above-mentioned information will help you find the best. Need to operate locally or need a local license? All you need to do is to get a license from the Department of Economic Development. The license from DED contains certain restrictions regarding the share of ownership for foreign investors.
Legal Formalities: The rules’ regarding the making-up of your company depends on the type and location of your business. For instance, if you are opting for a legal consultancy firm, it can only be done as a stand-alone company or as a branch of a company. The activity cannot be taken by a sole proprietor. Every free zone possesses its own restrictions on the company structure.
Company Name: Your company or brand name is a very vital part of the legal procedure. The trade name should be an ideal indication of the nature of your business. It can only be ignored if your business is a branch of another company.
Capital Sharing: Usually, the minimum share capital is set out or mentioned in the MOA (Memorandum of Association) of the proposed company. However, in the majority of cases, there is no requirement of you paying a minimum capital at the time of setting up your business.
Secondary requirements: After you have your legal forms and procedures ready to go, it is suggested that you shortlist some offices with costs and other essential details. This would ensure that you have no other obstacles on your way when you clear all the legal formalities. The free zones will assist you in finding premises best suitable for your requirement. They will also help you set up the internet, electricity, water and other amenities.
Employees: As per the legal forms provided by the DED, you must hire a manager to supervise and oversee operations. You need to have him ready to be on board before the approval of your registration. But in other cases, hiring may not be allowed at all. For free zones, this too depends on their specific rules and regulations regarding the structure of the business.
Local partner or Sponsor: In order to get a DED license, you must have a local sponsor, partner or agent. It supports foreign nationals in a great way. Having a local partner or sponsor can be of a great help in taking the business forward in an efficient manner. However, Dubai is a business destination that promises easy set-up for all businessmen without the concern of nationality.
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