The ever-growing business market of Dubai grabs the attention of investors at a glance. A survey showed that Dubai’s economy was expanded by 2.1%, with total GDP of $56.6 billion in 2019. UAE is an investor-friendly company, but its ease of doing business, expanded business market, and low tax policies have attracted many entrepreneurs in the city. The UAE government also establishes business rules and regulations to encourage investors.
It would be great if you had a proper understanding of UAE business zones and types of licenses to start a business in Dubai. Future Vision-leading business solution providers in Dubai offer top-notch business solutions and consultations to help investors start a business in Dubai. We at Future Vision have a team of experts that can provide unbiased business consultation and solutions in Dubai throughout the way.
Free Zone Company Formation in Dubai
You can form a business setup in Dubai’s free zones if you want 100% ownership of your business. In a free zone, investors can enjoy 0% and corporation taxation, 100% repatriation of capital, no currency restrictions, and many ownership benefits.
Please read our step-by-step guide on free zone company formation in Dubai.
1. Select your Business Activity
The first step of free zone company formation in Dubai is selecting the nature of your venture. DED (Department of Economic Development) offers more than 2100 business activities, including tourism, professional, commercial, and industrial spaces.
2. Select a Free Zone
It is worth mentioning that over 30 free zones are operating in Dubai from which you can select your desired one. The choice of the free zone area depends on the nature of your venture.
3. Select a Company Name
Following the UAE’s strict naming conventions is essential when deciding the name for your free zone company. Company names referring to a political group, offensive language, or mafia are forbidden. You can consult Free Vision to follow the conventions and get your company approved.
4. Apply for Initial Approvals
It is essential to apply for initial approvals from the Department of Economic Development when starting a free zone company in Dubai. You need the following documents to get initial approvals;
- Licensing form and business registration
- Copy of your ID or passport
- Copy of your visa/residence permit
- Feasibility study of the project
If you need help applying for initial approvals, don’t hesitate to contact our experts at Future Vision.
5. Open a Corporate Bank Account
After approval from DED, you can open a corporate bank account in any UAE’s local or international bank.
6. Select your Office Location
Starting a company in the free zone can help you find an attractive office location easily. You must have a physical office address to get final approval for your business setup in Dubai.
7. Get Final approval
You will need your office address, some documents, and legal information to get the final approval from UAE government.