There are six legal procedures which have to be fulfilled for every individual who seek to start a business in Dubai which lasts a week or eight days. Below are some required components which are as follows,
1- Name of Company: Your trade name being an important component must clearly indicate the company’s nature of business unless a branch of company.
2- Type of Business: The type of your business will determine the kind of license you require may it be professional, industrial or commercial. Furthermore you need to get higher authority approvals for legal consultantcy and more
3- Local Partner: It is required to have a local partner for DED license which is a good support for expats however it is not mandatory.
4- Owning the Company: As an expat, to get 100% ownership of your company, you will have to choose one of the free zones in UAE. Each free zone is unique catering to specific kind of activities.
For local ownership you need to get a license from Department of Economic Development (DED), however there are certain restrictions on share of ownership.
5- Legal Formation: There are some rules on forming a company that is based on the type of business and location. Furthermore there are restrictions for companies relating to company structure in each freezone.
For example to open a law firm in UAE, it has to be a branch of a company or a stand-alone company and not a sole proprietor.
6- Minimum Share Capital: The memorandum of association has to mention minimum share capital for the upcoming company, while setting up a company you don’t need to pay in most cases.
7- Office Premises: It would be best now to shortlist few offices on the basis of rent, area and location. You may select a free zone as well to get assistance on selection of a suitable place.
8- Hiring Employees: While setting up a business you may need to hire a manager to get your registration approved and in most cases like Intelaq license holders, they cannot hire staff but are able to hire contractors.