Dubai is located on the Arabian Gulf’s coast. It is one of the Emirates’ members, as well as the most established among them. Dubai was once known for having the world’s largest oil industry, but the economy has changed dramatically in the last two decades, shifting from an oil-based economy to a multi-business economy.
It has now evolved into a multinational city and a commercial center for the Middle East, comparable to any developed city in the western world. The exemplary business model is extremely diverse, and it is the guiding force behind the country’s economy.
How to Start a Company in Dubai Free Zone – An outline of the procedure
Business activity – It starts with the decision on business activity which an investor is willing to undertake. The license type also depends upon the nature of the commercial activity.
Choose a free zone – Once the decision on the business activity is taken, the next decision is which free zone is right for the business. As there are sector-specified free zones like trading, IT, commerce, healthcare, etc. therefore, some research work is necessary.
Register a company name – Certain regulations need to be followed before registering a company name; also, some standards must be adhered to. Before finalizing a name, the investor must ensure that the business name is available to the company registrar.
Apply for a license – On deciding upon the business activity and registration of the trade name, the next step is to apply for a valid license. To apply for the same, the investor needs to fill the application form along with the required documents, as asked in the form.
Open a bank account – Opening a corporate bank account is another process. Some documents along your business license are required to open a bank account in Dubai in the name of the business.