The stages of the company opening process in the UAE. It is better to know in advance about all the nuances and features and understand how the registration of a new business in the Emirates proceeds in order to eliminate unforeseen situations.
1. First you need to choose the type of activity that your company will be engaged in. Please take this step as seriously as possible. An appropriate license is issued for a certain type of activity, and you will receive the right to engage in only the selected type of activity, which is prescribed directly in the license.
For example, you are importing leather goods from Europe, just grab and switch to import electronics will fail. For such a transition, you must obtain the appropriate permission. If your business is related to consulting services, you cannot abruptly switch to trading, etc.
It is worth mentioning that some areas are regulated additionally. Such areas include medicine, security and food industries. Additional permissions may be required to start activities in these areas.
2. Secondly, determine the type of company to be opened. In the UAE you are offered to formate:
• a local company located in the UAE outside the FEZ;
• offshore company;
• company in the Free Economic Zone.
If you decide to open a company in the FEZ, then you need to choose the correct FEZ.
Free economic zones were created for certain types of activities, and this makes them unique to investors and entrepreneurs. In total there are more than 50 Free Economic Zones in the territory of the United Arab Emirates.
Looking at Free Economic Zones, you will see differences in infrastructure. Not all FEZs offer rental office space, or there may be a ban on opening a manufacturing company in the FEZ. But this is rather not a limitation, but a distinction for types of activity.
3. Determination of the correct location. In this regard, it is worth considering that having opened a business in one of the FEZs, you will not have the opportunity to rent an office or conduct business in another Economic Zone. Here the rule applies: "Where your company is formatted, there should be an office of this company."
On the territory of the FEZ, you may encounter a traffic jam problem. Metro, as a means of transportation, may not always be convenient due to hot weather, for example in summer. Therefore, think ahead where it is better and more convenient to open a company.
4. Selecting a banking institution where your bank account will be opened. At this step, you need to carefully familiarize yourself with all the offers and requirements of banks and choose the most optimal bank for your business. This process can be very tiring, so we advise you to turn to professionals who will pick up a bank and help you open a corporate account.
If you have any questions related to company registration or business setup and migration to the United Arab Emirates, contact us via email: email@example.com or via the contact form and online chat. We are glad to advise and provide all the necessary information.