Dubai has built a reputation as a significant business hub in the UAE due to its large shops and less restrictive environment. It offers global employers the most liberal working conditions, tax exemptions, asset protection, complete confidentiality and limited liability for doing business in Dubai. The current market trends in Dubai offer many opportunities for foreign investors to take advantage of the import and export of goods and take advantage of the city’s growing tourist traffic for an almost unlimited number of clients and potential clients along the way. You need to know the facts about starting a new business in Dubai and avoid problems, especially when starting a profitable business in the Middle East.
Types of Professional Business Licenses Available for Entrepreneurs
Professional License is one of three types of Commercial License available to entrepreneurs and companies wishing to incorporate a business in mainland Dubai. It is a requirement for anyone wishing to provide professional services in Dubai. They require the person or entity to be qualified and legally authorized to provide services in a particular profession. All freelancers, craftsmen and craftsmen must first obtain a trade license to offer their services to their clients legally. In addition, professional licenses allow foreign entrepreneurs and international companies to own 100% of their business even if they operate outside the free zone.
Depending on their activities, they can choose between these legal forms: sole proprietorship and civil society. Sole proprietorship, also known as a sole proprietorship, refers to a business owned and operated by one owner. The sole shareholder has complete control over the activities and profits of the sole proprietorship but is also 100% responsible for its debts and financial obligations. Civil society is comparable to a sole proprietorship, with more than one shareholder. While a professional license allows 100% foreign ownership and 100% capital repatriation, companies must use local service providers to handle legal formalities but have no responsibility or authority over the company.
Hire the Services of Professional Business Consultant Companies
Working with an expert is a great way to ensure you don’t miss something important when starting a business in Dubai, saving you time and money. As the most trusted business service provider in the UAE, most professional companies can help you get a professional license through a smooth and affordable process.
With a wide range of business setup solutions and support services, they can help you grow your business and ensure you are fully prepared. From managing all the necessary documents to registering your trading license, professional companies offer a complete business setup solution to help you succeed. You can contact a professional business setup in Dubai by simply visiting their official website.
Open Representative Branches in Dubai with Licenses
While they are similar, the branches should not be confused with the representation. If you open a branch, you can trade and make money in the United Arab Emirates – provided you only do the same activities as your parents. On the other hand, the agency does not claim profits in the UAE. You can only promote the business and pass it on to the parent company.
Simple Steps to Start a Branch Office in Dubai
The first two steps in company formation in Dubai are choosing a company name and describing your business activities. However, since the branch operates within your existing corporate identity, these steps are not required. For this reason, creating branches is even easier – with the proper care, of course. A professional business formation company can guide you through the following process:
Choose a Professional Business Consultant
All branches need service personnel. The agent is responsible for registering your trade name and managing the licensing and application process on your behalf. However, the agent does not own or control your business.
Apply for Branch License for Business
It is a two-step process. You must first obtain approval from the Ministry of Economy (MES) of the United Arab Emirates. If successful, you will receive a letter of approval when you apply for a license. Your license application will be submitted to the Ministry of Economic Development. At this stage, you must also submit some or all of the following documents:
- Copy of trade name confirmation
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Proof of identity and addresses of directors and shareholders
- Copies of passports for shareholders and directors
Look for an Office Space
Every branch needs an office, so you need to get a room in UAE. After signing the dotted line, your lease agreement must be submitted to the Ministry of Economy.
Open a Corporate Bank Account and Apply for Visas
Before setting up your business in Dubai, you need to create the latest final application. The first is to apply for your visa. You must submit biometric data and undergo a medical examination as part of this process. You can also support your loved ones with their visas, such as Your parents, spouse, or children. Lastly, you need a company bank account to trade in the UAE. A professional business formation company can also assist with this process by understanding your needs before advising you on the most suitable option.