Dubai promotes a very positive culture of businesses and startups. To encourage entrepreneurship, it has relaxed all kinds of legal rules and regulations to provide ease of doing business to all competent businesses. So if any individual is interested in starting their startup in Dubai, getting the proper legal consultation for compliance is useful. The important factors that must be considered have been covered in this blog.
Get a license approval
If you are a citizen of Dubai, you must get a license in the specific industry in which you want to set up your startup. This license approval will also be required if you are a non-citizen. After achieving this professional trade license, a minimum fee would be charged. It would require compliance with the notary rules for this purpose.
Registration of the company
Once the license for setting up the industry has been approved, the next step is to apply for the company’s registration with the Ministry of Corporate Affairs in Dubai. The Businessman expects to fill in all the mandatory details, including the type of the company, the number of directors, and the capital with which the company has to be initiated.
It can also be specified if it is a company or a limited liability partnership. The disclosure of all of these details is very important because it is only based on this disclosure that the startup would be eligible for certain types of relief.
Completion of documentation
A lot of documentation would be required in this particular capacity. The list has been given as follows:
- Stamp of the company
- Payment of fees
- Copy of the immigration card
- Copy of the investor visa
- A medical certificate
- Certificate of bonafide character obtained from the country of origin and duly stamped by the proper authority
Registration of compliance with the rules and regulations of the labor code and company law
The company’s constitutional documents consist of articles of association and a memorandum of association.
End-to-end business solutions
After completing almost every kind of formality, the next step is to obtain the specific business services, which includes the following kind of important services from the perspective of a Startup:
- Set up a foreign branch
- Local and corporate sponsorship
- Company permit to exercise different types of Access to the natural resources of Dubai
- Application for the office space
- Local sponsor and a corporate sponsor to manage the consultation and advisory services
- Collaboration with employment organizations for staffing
After all the steps have been completed, it becomes possible for the individual to set up his startup in Dubai. This is one of the best countries to initiate a startup, providing many opportunities for new Businessmen to come to Dubai and help grow the economy over the period. Compliance with all these rules will increase the overall flow of information over time and hence make the country very big and independent in true terms.