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Setting up a business in UAE in 2021

Setting up a business in UAE in 2021

Setting up a business in UAE in 2021

Historically, UAE’s strategic geographic location has facilitated easy trade between east and west. In the last three decades the country’s leadership have invested immensely in the country’s infrastructure and implemented regulations to make it a very easy place to do business in.

Why UAE?

  • Huge tax benefits compared to can other regions in the world
  • World-class infrastructure and amenities in business parks, office spaces, warehousing, transportation, connectivity and utilities
  • Strategic location for Asia, Europe and Africa. A Global hub for trading and very well connected to all parts of the world.
  • Easy access to multiple international currencies.
  • Excellent lifestyle with one of the lowest crime rate in the world and great residential facilities.
  • The World Expo 2020 is expected to attract 25 million visits, bringing a significant demand for local entrepreneurs
  • Exceptional and cosmopolitan talent pool across all skill sets

Starting a business in UAE does require some local expert knowledge… so read on to find out how to start a business in UAE as a foreigner.

Can a foreigner start a business in UAE?

Let’s start with the basics. Yes, a foreigner can start a business in UAE, and many do. The population of the country has over 80% expatriates, with many of those owning their own businesses.

UAE actively welcomes investors and business owners from overseas. Markai Corporate services specializes in helping foreign entrepreneurs through the license, visa, and business incorporation processes. Infact, our services go much beyond just business incorporation. We help in opeing a bank account, find a office and place for residence, recruitment services, bookkeeping services and many more.

How much does it cost to start a business in UAE?

A big reason behind UAE’s popularity with entrepreneurs the world over is the relatively low cost of starting a business.

While there are many factors involved, you can expect a trade license to cost in the region of AED 15,000 to AED 25,000. The actual costs vary depending on where you choose to set up, whether you take on premises, how many employees you have – and much more.

Company formation in UAE free zone costs, for example, are often much lower than when setting up in the mainland. Equally, if you opt to use a co-working space rather than a permanent office, your setup costs will likely be lower.

But before you start your legal formalities, you need to consider some elements required in the process:

1. Type of License

Your type of business will determine the kind of license you require. Whether it's commercial, professional or industrial licenses, these will define the basis of your operations. Certain activities such as food trading, jewelry trade, veterinary activities, legal consultancy etc., require further approvals from other governmental departments. We will guide you through the entire process of selection after understanding your business purpose and requirements.

2. Documents required

  • Documentation requirements will vary depending on the mainland or free zone chosen. We will guide you through the entire process. Most of commonly required documents are:
  • Completed application form of the mainland or free zone.
  • Copy of existing trade license/registration certificate (if you are an existing company, applicable for local company only)
  • Colored passport copies of the company’s shareholder/s and the appointed Manager/Director for the new company
  • Specimen signature of the company’s shareholder/s and the appointed Manager/Director for the new company
  • If you are planning to open a subsidiary office of an overseas company, some more documents related to the parent company will be required.

3. Get a Business License

Once your application has been processed, the government or the free zone will issue you with your company licence .

4. Start the visa process

And so to the final step of company formation in UAE. As well as applying for your own visa, depending of the type of business license taken, you will be able put in applications for staff and dependents. We will be there to guide you through this entire process. Once we have all the paperwork in place , the process is made up of four stages: entry permit, status adjustment, medical fitness test, then UAE’s ID registration and visa stamping.

5. Open a bank account

Once your paperwork has been returned, you will have all the documentation you need to open your corporate bank account. Markai corporate services will guide you through the entire process of account opening including handling all paperwork, choosing the best suitable options for you and meeting with bank representative to complete the formalities.

We ensure that your company formation process in UAE is made very simple by handling any kind of complications that may come up. As mentioned before, we continue to partner with you for any services required post company formation including, residence / office rentals and interiors, staff recruitment, web development, marketing or concierge services.

For more information, drop us a message on enquiries@mark-ai.com or call us at +971 4701 6363.