Name the country that has turned out to be associated with the term duty-free?
Anyone can tell you it’s Dubai.
Dubai is one of the emirates in the UAE. This makes Dubai and UAE in general one of the most preferred destinations for trade and commerce.
If you want to start your own business in the UAE, know the legal requirements.
There are firms that specialize themselves in processing wills in dubai. You can easily expand your assets in the UAE.
Know the legal requirements for your new business right here.
Business And Legal Requirements To Be Fulfilled
Now let’s get down to the brass tacks. Let’s see what is there.
There are some legal aspects in the UAE that you need to have sound knowledge of. Otherwise, things might get difficult in the UAE.
First, you need to know about the legal structures for businesses running in the UAE. For example, you can form the following types of business in the UAE, and they include:
- Sole Proprietorship.
- Limited Liability.
- Limited Partnership.
1. Obtaining A Licence According To Your Business
You must have a trading license when it comes to trading in the UAE. However, there are watchdogs that have total control over your moves, and among them, the Department of Economic Development (DED) is the most active in the Emirates.
If you are opening a food business in the UAE, you need to get approvals from the Ministry of food and safety, Dubai Municipality.
2. Legal Form
For starting a business in the UAE, you need to identify the legal form. The legal form is different when it comes to a specific business. They must be consistent with the economic activity.
In order to understand the legal forms for businesses like public joint-stock company, private joint-stock company, partnership form of business, and limited form of company, you will have to to go the websites and read documents like:
- Abu Dhabi chamber: trade license guides.
- Sharjah Investment and development authority: Procedures and Requirements.
3. Trade Names Reservation And Registration Of The Trade Names
When you are naming your business, your trade name must follow the abbreviation of the legal form.
Furthermore, the trade name must not include the name of almighty Allah, logos of third parties, and names of the government authorities.
In addition, you need to see that your trade name must be available and non-registered by other companies. Finally, your trade name must be approved by the Ministry of Economy and the Department of Economic Development.
Related: How to Find a Good Business Lawyer
4. Initial Approvals
Now that you are done with the legalities, you need to know that there are legal approvals you need to collect.
That you have procured the initial approvals denotes that the government in the UAE does not have any objection.
You being a foreign investor, will have to seek approvals from the General Directorate of Residency and Foreigners Affairs.
Discussing the address of setting business location is among the most vital factors. Now your commercial building and locations must meet the requisites as asked by the Department of Economic Development of the respective Emirate.
If you are unable to meet those guidelines or take satisfaction measures, it will be almost impossible to start your dream business in the UAE.
5. Some Other Government Approvals
Apart from doing all the discussed aforementioned point, you must procure some other government approvals.
You need to obtain approvals from the Ministry of Interior for the public transport services.
Now if you are building certain architecture or some other infrastructure, you will have to procure the necessary permission from the Municipality departments (in the Emirate you operate).
If you want to invest in petrol and gas drilling, you will have to take approvals from the Supreme Petroleum Councils.
6. Registration With The Chamber Of Commerce
Remember that registering with the chamber of commerce is an important step to the commencement of economic activities.
All the Emirates have their own Chamber of Commerce, where you need to register.
The list might apparently look long but believe us, it won’t take a lot to obtain these. Once you land there and contact the respective activities, things will smoothen very easily there.
Do not fear red tapes!
Remember that UAE, according to the World Bank’s Annual Ranking of Ease of Doing Business, is in the 11th spot!
UAE is waiting for your first baby step.