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Steps To Start Your Business In Dubai Freezone

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Dubai presents an economically advantageous environment for conducting business. It offers several financial benefits, including zero corporate tax, zero personal income tax, and zero duties on imports, exports, and re-exports. These factors contribute to the cost-effectiveness of operating a business in the Dubai Freezone. 

Selecting the right location for your business is a significant decision that can greatly influence your company’s growth trajectory. Dubai’s appeal to businesses worldwide is a testament to its success as a favourable and value-driven destination.

If you are considering starting your own company in a freezone in Dubai, here is a step-by-step procedure to help you get started:

STEP #1 – Selecting the Business Activity

The initial step to establishing a company in a Dubai-based freezone is determining the nature of your business. This decision is influenced by the type of license you have applied for, which will determine the specific activities you can engage in, such as professional services, commercial and trading operations, and more. Dubai has specific requirements based on the license type and desired activities, so it is advisable to work with a company formation specialist for a smooth and straightforward start.

STEP #2 – Identifying a Suitable Freezone

Once you have determined the appropriate business activity, the next step is to find the ideal freezone for your venture. Several factors should be considered when making this decision. Firstly, you need to decide whether you want to establish your business in a sector-specific freezone. Dubai offers industry-specific freezones catering to healthcare, ICT, production, design, outsourcing, media, maritime, science, finance, and more. 

Alternatively, there are broader freezone options available as well. For example, IFZA accommodates a wide range of activities. It is important to consider the location, ensuring proximity to the airport and main highways for convenient international trade.

STEP #3 – Choosing a Company Name

Selecting a suitable company name can be a challenging task. When choosing a name for your UAE-based company, there are certain factors to bear in mind. Firstly, ensure that the name you desire is available for registration. It should not contain offensive language or be associated with religious or political organizations. If you decide to include a person’s name in your company’s name, they must be a partner or shareholder in the business, and only their full name can be used, without initials or abbreviations.

STEP #4 – Submitting your License Application

Once you have finalized the company name, determined the nature of your business, and selected the freezone, it is time to make your Dubai freezone company formation official by submitting your application. The specific documents required for Dubai freezone company formation will vary depending on the type of license and the chosen freezone. Generally, you can expect to provide some or all of the following:

  • Colour copies of shareholder(s)’ passport(s) and visa(s) if applicable.
  • Application form.
  • Business plan.
  • Board resolution.
  • Memorandum and articles of association.
STEP #5 – Applying for a Visa in Dubai, UAE

At this stage, you can proceed with applying for a visa. You have the option to apply for your visa as well as for your staff and employees. The process remains the same, whether you are applying for your visa or sponsoring someone else’s: entry permit, status adjustment, medical fitness test, Emirates ID registration, and visa stamping. GenZone can guide you in this matter.

STEP #6 – Opening a Bank Account

To conduct business, having a bank account is mandatory. However, opening a corporate bank account in the UAE can be challenging, and various considerations need to be taken into account, including each bank’s eligibility criteria.

Required Documents for Business Start-Up

Before starting a business, it is important to ensure that you have all the necessary documents in order. In addition to your business license, the following documents are typically required:

  1. Corporate Account Opening Form

This form is necessary for opening a corporate bank account. It includes details about your company and its shareholders.

  1. Board of Directors Resolution

A resolution from the board of directors is needed to authorize the opening of the bank account. It should also specify the individuals who have the authority to sign on behalf of the company.

  1. Certificate of Incorporation

A copy of your company’s certificate of incorporation is required. This document serves as proof that your business is legally registered.

  1. Share Certificates

You will need copies of the share certificates issued to the company’s shareholders. These certificates represent ownership in the business.

  1. Memorandum and Articles of Association

The company’s memorandum and articles of association outline its internal rules, regulations, and structure. Copies of these documents are typically requested during the business registration process.

  1. Passports of All Company Partners

Copies of passports for all partners involved in the company are required. This helps establish the identities of the individuals associated with the business.

Ensuring you have these essential documents will help facilitate the smooth setup and operation of your business.

How can GenZone help you set up your business in Dubai Freezone?

To make the most of the benefits of setting up your business in the Dubai Freezone and obtaining a residence visa, it’s crucial to have a professional partner who can guide you through the process. Without their assistance, it can be challenging to navigate all the requirements. 

At GenZone we recognize your needs and have the expertise to help you establish your company in UAE successfully. We’ve helped many individuals make the move to UAE and enjoy its lifestyle and business benefits.

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