Are you considering starting a business in Dubai with full ownership as a foreigner? Dubai offers an attractive environment for entrepreneurs, with its strategic location, business-friendly policies, and tax advantages. In this guide, we’ll walk you through the process of setting up your company in Dubai, ensuring you understand every step along the way. Dubai, known as the business hub of the Middle East, provides numerous opportunities for entrepreneurs worldwide. One of its most appealing features is the option for 100% foreign ownership of companies in certain sectors, thanks to recent legislative changes.
Choosing the Right Business Structure
Before diving into the setup process, you need to decide on the most suitable business structure for your venture. In Dubai, you can choose between a mainland company, a free zone entity, or an offshore company, each with its own set of advantages and requirements.
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Mainland Company Setup
Setting up a mainland company allows you to conduct business anywhere within the UAE market. Here’s how to do it:
- Select a Local Partner: While 100% foreign ownership is allowed in certain sectors, many businesses still require a local partner, who must hold at least 51% of the shares.
- Choose a Business Activity: Define the nature of your business activity and obtain the necessary approvals from the Department of Economic Development (DED).
- Register Your Business: Reserve a trade name and obtain initial approval from the DED. Then, draft the Memorandum of Association, get it notarized, and register your company with the DED.
- Get Your License: Apply for the relevant business license from the DED based on your business activity.
- Rent an Office: You’ll need a physical office space to operate your mainland company.
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Free Zone Company Setup
Free zones in Dubai offer 100% foreign ownership and various other benefits:
- Choose a Free Zone: Research different free zones to find the one that best suits your business needs.
- Select Your Business Activity: Determine the activities your business will engage in within the chosen free zone.
- Submit Required Documents: Prepare and submit the necessary documents to the free zone authority.
- Obtain Your License: Once your documents are approved, you’ll receive your business license.
- Lease Office Space: Most free zones require you to lease office space within the zone.
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Offshore Company Setup
If your business activities are international and you don’t plan to operate within the UAE, an offshore company might be the right choice:
- Choose a Registered Agent: You need a registered agent to incorporate your offshore company. They will handle the paperwork and liaise with the authorities on your behalf.
- Decide on Company Structure: Determine the structure of your offshore company, including the number of shareholders and directors.
- Submit Required Documents: Provide the necessary documentation to your registered agent.
- Receive Certificate of Incorporation: Once approved, you’ll receive your certificate of incorporation, making your offshore company officially registered.
Banking and Visa Process
After setting up your company, you’ll need to open a corporate bank account and obtain visas for yourself and any employees:
- Open a Bank Account: Choose a bank that suits your business needs and open a corporate bank account.
- Apply for Visas: Submit visa applications for yourself and your employees to the relevant authorities.
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Setting up a company in Dubai with 100% foreign ownership involves several steps, but the process is streamlined and efficient. Whether you choose a mainland company, a free zone entity, or an offshore company, Dubai provides ample opportunities for business growth and success. With the right guidance and understanding of the process, you can establish your presence in this dynamic business environment and take advantage of all that Dubai has to offer.
