How to Startup your Company in the UAE without Breaking Bank
The United Arab Emirates opens its borders for millions of foreigners willing to come in and start businesses in the country. The country’s economy is well structured and allows businesses to thrive. Tourism, banking, aviation, retail, etc – you can start a business in any sector in the UAE. Starting a business is not usually cheap, and this has posed a barrier for many entrepreneurs. However, solutions now abound for this hurdle. Let’s take a dive into starting your company in the UAE without breaking the bank.
Read: Five Advantages of Running your Business from a Free Trade Zone
Starting an Emirati Company in 2021
The economy of the United Arab Emirates is the fastest growing economy in the Middle East. As things stand, this is a great time to start your own business in the country and maximize its resources. Here is a step-by-step guide to starting your business in the UAE in 2021.
- Decide the Nature of your Business: The first step to starting a business in the UAE is to choose what kind of business that you want to run. This decision will help you to narrow down the free zones where you can establish your business. You can choose from the country’s diverse crop of free zones. Choosing the nature of the business will help make it easier for you to decide in the preparation stages. However, as the business expands, you can start to perform multiple operations under one license–as long as it falls within the law.
- Choose a Business Name: Certain laws are guiding a company’s name in the UAE. If you are using a person’s name, then you must use their full name. Moreover, the person whose name is being used must be the owner of or a partner in the company. Also, names that refer to religious, sectarian, or political groups are forbidden for business use.
- Incorporate the Company: After choosing a name and sector for your business, the next thing is to get the business registered. To do this, you will have to provide passports of all shareholders in the company and other documents as required by the Emirati government and Free Zone Authority.
- Get your License: A license is a proof that your company has been successfully registered and incorporated. When your license is ready, your company can begin to operate.
- Open an Account: Your license and all other documents that you got during registration can be taken to a bank and used to open a corporate business account. There are many banks in the UAE that can help you open an account in a short time.
- Get Your Visa/Residence Permit: When you have your company all set up, it is time that you relocated. Using your company details and proof of incorporation helps to speed up your visa and permits process.
- Use a Setup Partner: Registering your business can be a very tedious task. You might get lost in the process or make mistakes. You can eliminate the chances of making mistakes by collaborating with a setup partner like Free Company. Free Company provides business creation services in Dubai and the whole of the UAE within a week.
Free Company’s Services
Free Company aims to help entrepreneurs create businesses in the UAE from anywhere in the world and without stress. They save you the hassle of moving from one office to another and the worry that comes with awaiting approvals. All you have to do is to subscribe to a plan and you get a ready-to-operate company for free – within a week!
This ready-to-operate company comes with a license to be involved in your specified industry. It also comes with company incorporation. This means that your company name, company type, company structure, shareholders, etc will have been set up for you. On the brighter side, you can also get to choose any name that you want for your company.
After getting your company, you can cancel or downgrade your plan at any time. If you enjoy the service, you can also upgrade your subscription whenever you want. When you subscribe to a plan with Free Company, you can forget about down payments, long-term contracts, or renewal fees. Your company remains yours to keep even after ending your contract with Free Company.
To establish an actual presence for your business, Free Company will provide you with a virtual office. Free Company will also help you find the right location for your physical office. Worried about getting staff? Free Company will provide you with a secretary, a receptionist, and an accountant to help you get started. To receive mail, parcels, and other packages, Free Company will provide a postal address for your company. You will also get a local UAE number that can be used for customer service.
Read: Facts About Doing Business In Dubai (UAE)
Banks in the UAE welcome foreign entrepreneurs and open accounts for UAE companies regardless of the nationality of the owner. With Free Company, you’ll be able to choose from top Emirati banks where you want your business account to be opened. You will also have your online payment account set up to receive payments from anywhere in the world.
If you still have issues kickstarting operations, you can always reach out to the account manager from Free Company. It doesn’t end there; templates for all legal documents will be provided for you by Free Company. Everything – NDAs, Disclaimers, Terms and Conditions, Policies, Contracts, and so on – is available so you can save time for yourself.
Free Company also registers your business on online marketplaces and provides customized service. Customized services like a European VAT number for international trade will also be provided by Free Company. All you have to do is subscribe to a plan and get started.
Bottom Line
The United Arab Emirates is an ideal destination for business. The logistic infrastructure, zero-tax regime, and banking services make it easy for businesses to thrive. However, you need to have a business in the country to enjoy the benefits. Subscribe to a plan on freecompany.ae and you can have your company registered without visiting the UAE. Simple and at your own convenience!
