Must Know This Before Opening a Company in Dubai
Table of Contents
Introduction
When it comes to setting up your company in Dubai, there’s a lot to consider. From deciding on the right type of business to handling visas and bank accounts, the process can feel overwhelming. But don’t worry—this guide will simplify it all for you.
At GenZone, we specialize in helping entrepreneurs establish their businesses in Dubai. Whether it’s obtaining a residency visa, opening a bank account, or managing legal obligations, we cover everything from A to Z.
If you’re planning to set up a business in Dubai, read on for a step-by-step breakdown of what you need to know before diving in.
Also, here’s a video on the same topic by our co-founder Shayan Nasiri.
Choosing the Right Type of Business
The first step is deciding on the kind of business you want to set up and understanding whether a Mainland or Free Zone company suits your needs.
Mainland Company
A Mainland license is ideal for businesses that:
- Involve physical trade of goods and services within Dubai or the UAE.
- Require unrestricted access to the UAE market.
Examples:
- Holiday Home Companies: Managing properties across Dubai.
- Retail Stores: Clothing, shoes, or other goods with physical outlets.
- Restaurants: Operating within the UAE.
- Key Requirement: A Mainland business must have a physical office in the UAE.
Free Zone Company
A Free Zone license is perfect for businesses operating entirely online or remotely, such as:
- Marketing Agencies: Offering digital marketing services.
- E-commerce Stores: Selling products online.
- Consulting Firms: Providing remote advisory services.
- Key Benefit: Free Zone businesses do not require a physical office. You’ll receive a virtual address that’s sufficient for opening a bank account.
How Long Does It Take?
If you work with a firm like GenZone, the entire process can be completed in as little as 20–30 days. Here’s a typical timeline:
Free Zone Company Setup: Incorporation documents issued: 3–5 business days.
Entry Permit Processing: Entry permit (visa): Another 3–5 business days.
Residency Visa & Emirates ID
- Medical and biometrics appointment: 1 day.
- Residency visa issued: 2 business days.
- Emirates ID delivered: Within 2–3 days.
Bank Account Opening
- Personal and business accounts: 1 visit to Emirates NBD or similar banks.
- Online banking setup: 3 business days.
VIP Services
At GenZone, we offer VIP options to streamline the process. With our assistance, everything can be expedited, reducing your trip to just a few days.
Costs to Consider
The cost of establishing a business in Dubai varies depending on:
- The type of business.
- Whether additional approvals are required.
Transparent Pricing
At GenZone, we provide a clear breakdown of costs, including:
Company License Fees
- Visa Costs
- Banking Fees
We’ll send you a detailed proposal, so you know exactly what to expect upfront.
Renewals and Maintenance Costs
Once your business is set up, it’s essential to understand the recurring costs:
- License Renewal: Business licenses must be renewed annually.
- Residency Visa Renewal: Keep your visa active by renewing your license.
GenZone includes these details in your proposal to ensure there are no surprises.
Corporate Tax Registration and Filing
One of the newest requirements for businesses in the UAE is corporate tax compliance. You must:
- Register for corporate tax.
- File annual corporate tax returns.
- GenZone’s in-house tax and accounting team will assist with:
- Corporate tax registrations.
- Timely filings and compliance.
- This ensures you meet all obligations without missing deadlines.
Sponsoring Dependents
If you’re relocating to Dubai with family or business partners, you’ll need to consider their residency visas.
Sponsoring Options
- Business Partners: Employment visas under your company.
- Spouse or Children: Dependent visas under your own visa.
- Non-Family Members: Employment visas under your company.
Important Note: Sponsoring dependents may require attested documents (e.g., marriage or birth certificates) in both your home country and the UAE.
Additional Considerations
Beyond the basic setup, there are other elements to keep in mind:
Bank Accounts
Opening a business bank account is crucial. At GenZone, we simplify this with:
- Assistance in opening multi-currency accounts.
- Support for credit cards and online banking.
- Visas for Employees
If your business will employ staff, you’ll need to arrange their work visas. GenZone can handle this as part of your setup package.
Why Choose GenZone Consulting?
Setting up a business in Dubai involves many moving parts, but with GenZone, you’ll have a trusted partner to guide you every step of the way.
Our Services Include:
- Business registration in Dubai Mainland and Free Zones.
- Visa processing for business owners, partners, and dependents.
- Assistance with corporate tax compliance and accounting.
- Bank account setup and financial support.
