Facts About Company Formation in UAE
If you are looking to gain international profits without paying any tax, then a company formation in UAE is a fantastic way to do so. The Department of Economic Development (DED), along with the institutional support from the Dubai Chamber of Commerce & Industry, are the two important bodies that handles every kind of registry and licensing procedures for businesses to run here. Before you take the plunge of forming a business in the Emirates, you must know certain facts that include:
- Types of licenses issued here
- Trade License
For practicing any kind of trading activity of buying and selling goods in UAE, a trade license is issued. This type of license engages wholesale or retail trade enterprises, contractors, restaurants, transport establishments and various other such types of business.
- Industrial License
In case you want to manufacture products using raw materials from the scratch or semi manufactured raw materials by making use of machinery, then you will be issued an industrial license.
- Professional License
If you are practicing certain professions such as engineering consultancy, lawyer consultancy services, business consultancy or medical profession in which you are dependent on physical as well as mental efforts, then a professional license will be issued to you.
- Requisites for registering a new business
You must follow the steps below to meet all the legal requirements and get maximum commercial benefits.
- Determine the category and the type of business activity practiced by your company.
- Taking into account the desired business activity/activities as well as the number and nationalities of the business owners, determine the business legal form.
- Register the trade name of the business.
- For getting an initial approval from the DED, submit your company’s registration application with the proposed company name.
- For verifying whether the said premises is suitable for your business or not, the Planning Department of Dubai Municipality must be contacted.
- To obtain an apt license for your business, submit all the required document to the DED.
- Also apply for establishment card at the Ministry of Labor and also register your native workers in this department.
These were a few things to know about company formation in UAE.