Start a Business in Dubai as a NRI
UAE welcomes foreigners and non-residents to start their businesses in a tax-friendly country. Get help from MTR Experts, the professional business setup consultants in Dubai.
It is no surprise that Dubai provides the best business-friendly environment for entrepreneurs & business owners – it doesn't matter whether you're a foreigner or a non-resident of the UAE. The primary economic contributors are real estate, construction, and oil trading. Starting a business in Dubai is a dream for many, and are you one among them? Welcome on board – get ready to take your first step towards your entrepreneurship dream by reading this blog. Here you can get information on how to start a business in Dubai as a foreigner or non-resident.
Setting up your business in Dubai is relatively straightforward, but many important considerations must be taken. Once you have decided to take your first step towards setting up your business in Dubai, you may require professional assistance from business consultants in Dubai. After helping over 10,000 clients to start their businesses, we have put together an ultimate roadmap of How to start a business in Dubai as a foreigner or non-resident.
How to Start a Business in Dubai – 5 Simple Steps
Choose the Industry
A pool of opportunities is available when starting your business in Dubai. So, don't get tempted and jump into the one you're unfamiliar with. Instead, do a proper analysis, know the market demand, and decide the nature of the business you want to set up. Currently, the most progressing sector in Dubai is real estate, construction, and oil & gas trading.
Choose a Location
The next big decision is whether to set up your business in Dubai Mainland or Free Zone. You must carefully analyze your business requirements and choose the right jurisdiction to get the best benefits. If you opt to set up a company in Dubai free zone, you'll benefit from:
- 0% corporate and personal taxes
- 100% company ownership
- 100% repatriation on capital and profits
- 100% tax exemption on import and export duties
But having a company in Dubai Free Zone doesn't permit you to trade directly with the local market in the UAE. So, to trade or do business inside and outside the country, you must set up a company in Dubai Mainland. But you won't be able to enjoy 100% ownership (for specific business categories), as it's mandatory to work with a local partner who will have 51% of your company's shares.
If you have any doubts about choosing between Dubai Mainland or Free Zone, you can get help from us!
Choose your Trade Name
The UAE follows strict naming conventions, so choose your company name in such a way as to make it legally acceptable. Any offensive names, religious-oriented names, or the name of political groups are prohibited. If you choose to name your company with a person's name, the person should be a company owner or a local sponsor. No abbreviations or initials are allowed. If you require help choosing your trade name, you can get help from our business setup consultants in Dubai.
Company Registration Paperwork
Once you have finalized your company name, the next thing to be done is – to get started with your company registration process. Make sure to prepare all the required paperwork, including – the business plan, copies of the company owner and sponsor's passport, and all other relevant documents as required by the UAE Government authorities. It is to be noted that the documents required may vary depending on the jurisdiction you choose to set up your business.
Open a Corporate Bank Account
Once the paperwork is done and you receive your trade license, it's time to open your corporate bank account. Many local banks in the UAE, including Emirates NBD, Noor Bank, Abu Dhabi Commercial Bank, Mashreq Bank, and international players such as HDFC, Standard Chartered Bank, Citi Bank, and Barclays. Do proper research and find the right one that provides you with better interest and other benefits. Make sure to open a business bank account before starting your business in Dubai.
Now you know the complete roadmap to set up your business in Dubai. The process of setting up a company in the UAE is very straightforward. So, what's more? UAE welcomes foreigners and non-residents to start their businesses in a tax-friendly country. Get help from MTR Experts, the professional business setup consultants in Dubai. With a team of experienced experts, we have the help you to establish your business in your dream country without any hassles.