Step -1: Business Nature
The business nature determines the type of license to be issued with respect to your requirement. It might be an industrial, professional or commercial license that defines the basis of business operations. While choosing a business nature, you need to remember that particular activities like legal consultancy, jewelry trade, veterinary services and food trading require more approval from the government departments.
Step – 2: Business Ownership
In order to acquire complete ownership of the business, you first require a location and a license in free zones of UAE. There are particular activities in every free zone that clarifies and caters to first step and will help you to locate the best option!
Step – 3: Filling Legal form
The rules depend upon business nature and location in relation to the business makeup. For instance, if you are planning to set a legal consultancy company, it can be done as a standalone firm or as a company branch. Only a sole proprietor is not permitted for such activity as every free zone has its own restrictions in regard to the structure of the firm and can be looked up while referring to an official zone website.
Step – 4: Name of Trade
The name of trade used by you is very critical in the entire legal procedure. The name of the company needs to be indicating the business type ideally unless it is another company’s branch.
Step – 5: Share capital
You can set minimum share capital in the Memorandum of Association for the proposed firm. In 90% cases, you do not have any need for paying minimum capital at the setting time.
Step – 6: Premises
Once your legal forms and procedures are ready, it is suggested to shortlist some offices with cost expenditures and other necessary details. In free zones, you will be assisted to locate suitable premises that match your requirement along with necessary amenities like electricity, water, internet etc.
Step – 7: Employees
In the most legal form of setting up a business, you need to hire a manager to look into business operations and have him employed before business registration is approved.
Step – 8: Local support
For acquisition of business licenses, it is important to have a local sponsor, partner or agent. Having a local support eases business operations. In free zones, if a local support is present for the business then it turns quite effective for the company’s ongoing performance. But, it is not mandatory as Dubai supports every business activity irrespective of nationality.