The UAE has earned its indisputable title of the landmark of the future! Booming with creativity and innovation, the nation represents an enticing destination for business. With its buoyant economy, gregarious atmosphere and welcoming nature, it has become a gateway for international investment.
So, if you’re planning to elevate your business and take a gamble on the coveted nation, then here are 5 steps to seamlessly start a business in the UAE!
Step 1: Map out your business model
Your business model is a thorough and detailed layout of your business operations. From revenue sources to suppliers and clientele, it’s a detailed introduction of what your business is and what it aims to do.
Step 2: Determine the right jurisdiction
As we’ve previously uncovered, the UAE has 3 different jurisdictions, each providing investors with a bundle of lucrative opportunities. Investors can opt to operate as a Mainland, Free Zone or Offshore, depending on their specific needs and budget—ultimately unlocking unparalleled benefits.
Step 3: Fill out the needed documents
After determining your jurisdiction, the necessary authority will require certain documentation. Typically, these documents include a copy of your business plan, your shareholders’ identification forms as well as the company’s residential address.
Step 4: Register your business
After all that’s said and done, head over to the responsible authority. Submit your documents and begin the process of registering your business and issuing a trade licence!
Step 5: Find the right bank and obtain your residence visa
There are an array of banks in the UAE, so before choosing just about anyone, study your options and find the one that meets your need. As for the residence visa, this also depends on the jurisdiction you chose, so you might want to be careful and take that into consideration.
A little overwhelming? Fret not! The best way to enter the UAE market is by getting help from those who know the market like the back of their hands!
Whether you need help finding the fastest bank or which jurisdiction to choose, then hit us up! Benial’s team is always ready to assist you! Reach out to one of our consultants on info@benial.ae, and let’s get you settled!