Posted on 29-April-2019
Entrepreneurs want to establish their own companies or business ventures in Dubai have to follow certain basic steps and acquire business license. Accordingly, an entity should acquire operating license under commercial license to perform trade activities and industrial license required for manufacturing as well as other industrial activities. Alternatively, service providers and artisans should acquire professional license. Once you get an operating license, you have to follow a few other procedures and/or formalities to start your business. These include-
Step1-Decision about Your Sponsor or Local Partner
You have to follow this step with proper care by considering the type/types of services you want from your sponsor. Accordingly-
You should always keep in mind that good rapport with the sponsor helps you in preventing a large number of potential problems in the near future.
Step2-Obtain Written Approval of Your Business Name and Activity
Next step, you have to take steps related to obtaining a written approval about your business name and the potential business activity you want to perform from DED i.e. Department of Economic Development.
Step 3-Business Premises Search and Tenancy Contract
Now, you already done with approval of your business activity, you have to search specific business premise/premises to start with your operations. Even you have to sign a tenancy contract. This is because; every type of business venture in Dubai should compulsorily possess business premises evidence via a suitable tenancy contract with the aim to undergo with the company registration process.
Step 4-Sign an MOA with Your Sponsor and submit it to DED
The best thing associated with MOA is that almost every type of legal firm in Dubai may type of the required memorandum of association i.e. MOA. This document should essentially specify the ownership percentage among the involved partners in a special arrangement.
Step 5-Submit MOA and License at DED
At the last step, you have to submit the respective memorandum of association and the required license application at DED. In addition, you have to provide each of the legal documents, as mandated by DED and the tenancy contract. Furthermore, you have to make payment of every possible fee and charge at this point. Once you complete the last step, you get an operating license to start with your business operations in Dubai. The best part in this case is that you only have to wait for 1week period to start with your business operations and earning money.