If you are looking forward to setup your business in Dubai and wondering about how to register a company in Dubai then worry not as you just got to the right place where you can get all the useful information that you need in order to get a work permit visa for Dubai. The process of company registration in Dubai is quite simple if you just know the right cues about it but if you mess up with the process, which will clearly impact your business, as your business will get messed up too with any minor fault in the process of company registration in Dubai.
License required to register a company in Dubai:
All the licensing that you need to register a company in Dubai must go throu00gh a well-defined process depending on the nature of your business as it affects the licensing in many ways. The types of company registration in Dubai are as follows:
This license is suitable mainly for the companies who plan to engage in some sort of manufacturing business or industrial activity of any kind in Dubai.
This license is suitable for all those business enterprises who plan to engage in some sort of trading activity as per their business concern requires them to do so.
This license is suitable for all the professionals who seek to provide some sort of their services in which they have expertise.
How to Register a Company in Dubai:
If you plan to register a company in Dubai for some financial business activity such as setting up some banking concern or some financial institution in Dubai, then the approval must be obtained from the UAE Central Bank
- If you plan to engage in some sort of manufacturing activity in Dubai or if your business deals with the field of manufacturing and industry, then the approval of license must be obtained from the Ministry of Finance and Industry.
- If you plan to register a company in Dubai related to insurance and its branches, then the approval of the license must be obtained from the Ministry of Economics and Commerce, UAE.
- If you plan to engage in a business of medical and pharmaceutical products, then you must obtain the approval of your license from the UAE Health Ministry.
- If you are a company who wishes to engage in the business of gas and oil production, then the approval must be obtained from the other higher authorities that manage the same.
- Apart from the aforementioned special cases, in general, the businesses must go forward to obtain the approval from the Dubai Chamber of Commerce and Industry.
Choice of business structure while register a company in Dubai
A major decision in the process of register a company in Dubai and the other Emirates is the choice of a business structure that defines your company the best. The Federal Law defines the seven legal structures of business organizations, as follows:
- General Partnership
- Partnership in Commendams
- Public Shareholding
- Private Shareholding
- Joint Venture
- Share Partnership
- Limited Liability
You can choose the one as per your business’ needs and requirements just the way you feel best for your business enterprise. After all, it is your business and you are the one who can get the best business structure for it. It is just because you may choose the most appropriate business structure as per your business model and what may suit your business well in the long run without causing any loss or damage to its reputation and the financial condition.
Procedure of Registration of Company in Dubai:
Step 1. Registration of company in Dubai: Deciding who will be your UAE National Partner – “Sponsor”
This step requires a careful observation of facts and also the consideration of what services you would expect from you UAE Sponsor.
Like – Would you like him/ her to be assisting you in coping up with the issues that you might face with the government procedures or would you just want his name on the license and nothing else? What fees are you prepared to pay them for their service as a sponsor each year because it could really fetch a great part of your business revenue if not decided appropriately.
A good understanding and a written agreement with your Sponsor will definitely help you to prevent many potential problems that you may face if the steps mentioned above are not followed.
Step 2. Getting a name for your business and activity approval from the Department of Economic Development (DED)
This can be applied for and done on a standard application form and submitted at DED
Step 3. Looking for the business premises for your business in Dubai and making a tenancy contract
All the businesses in Dubai must have business premises evidenced by a tenancy contract in order to get their company registered in Dubai.
Step 4. Making a Memorandum of Association (MOA) with the Sponsor and submit to DED for the company registration process.
You can approach any legal firm which can type out the memorandum which must specify the special arrangements of running the business, ownership percentage amongst all partners, and their profit sharing arrangements. This agreement should be notarized in the Dubai court.
Step 5. Submission of the MOA and the application of the License at DED:
You need to submitt the MOA and the application of License at DED along with the required legal documents and the tenancy contract for the company registration in Dubai. At this stage, all the charges and fees are to be paid. Also, you should get a license after about a week from this step.