From a barren desert land mainly renowned for its oil industry, Dubai has dramatically turned out to be one of the most popular smart cities in the world boasting iconic landmarks and a booming economy. As part of its strategic plan for economic empowerment, free zones have been established in the emirate to reward foreign investors and entrepreneurs with lucrative incentives.
The Free Zone Authority is the government organization that takes charge of registration formalities and issues business licenses to foreign-owned companies or non-resident organizations for Dubai free zone company set up. Given that company formation in Dubai free zones offer an array of opportunities for extensive growth, collaboration, and networking, it is by far the most preferred location by any investor or entrepreneur for company formation.
If you are planning to increase your earning potential, then Dubai free zone company setup will pave the way for you to realize your goals. Read on to know more about the steps to a successful company formation in Dubai free zones.
Steps Entailed in Dubai Free Zone Company Setup
1. Determine your business activity
The very first thing you need to do is decide on the activity you want to conduct, as the type of license you apply for will primarily depend on the nature of your business activity. A number of free zones in Dubai enable several business activities; hence, you have plenty of options to choose from.
2. Search for a free zone
Once you have determined a business activity, proceed to ponder on the right free zone that will suit your preference and the nature of your business. Typically, there are industry-specific zones such as trading, commerce, healthcare, IT, and many more.
3. Decide on your company name
Prior to finalizing the name of your choice, ensure that the name of your business is available for registration on the free zone authority portal. Keep in mind that there are certain standards that your chosen name should comply with, which includes doing away with any profane language in reference to any political or religious organizations.
4. Collect all the required documents and apply for a license
The type of license will depend on the activity that your business will conduct. In order to apply for the same, fill in the application form and collect all the required documents. During this process, you can also start applying for a visa.
5. It’s time to open a corporate bank account
This is a quick and easy process, so there’s nothing to worry about. All you have to do is collect the required documents including your business license and provide them to your selected financial institution.
What are the Required Documents for Business Setup in Dubai Free Zone?
- Business plan
- Board resolution
- Colored copy of the shareholder(s)’ visa and passport, if applicable
- Duly accomplished application form
- Memorandum and Articles of Association (MAA)
What are the Required Documents for Opening a Corporate Bank Account?
- Passport copy of all partners in the business
- A corporate account opening form
- A copy of the company’s Memorandum and Articles of Association (MAA)
- Share certificate copy
- A copy of the business’ certificate of incorporation
- A resolution of the board of directors sanctioning the opening of the account, and the signatories to the aforementioned
Here you go. These are just some of the step-by-step procedures for business setup in Dubai free zone. Good luck in your venture!