Today has never been a better time to start your business in Dubai. This particular statement may have been true for the past decade, but today the signs are very promising. Only a week has passed without another ambitious project announced or implemented, and the UAE’s growth projections suggest the jump is now worthwhile. If you are thinking about starting a business setup in Dubai, our guide to starting a business can help you. But what happens after business registration? Are there any external formalities?
Well, maybe you need the help of a management consultant. While small business owners and young entrepreneurs excel at multitasking, starting a business is a completely different game. There are many CPA and small business consulting firms today that have everything you need to start your own business. Our article aims to help you clear all your doubts. Read on to find out more. Once we turn it on, let’s break down this process step by step:
Get a Business License Before Starting Business
Although the business license application form is filled out during the establishment process, the government issues the permit after the company is registered.
Open a Corporate Bank Account
Once all submitted documents have been returned, you will have all the necessary documents to open a bank account for your business. The UAE is home to many local and international banks including Emirates NBD, Abu Dhabi Commercial Bank and Commercial Bank of Dubai. Other international banks include HSBC, Citibank and Barclays. You can choose a bank according to your needs.
Apply for an Establishment Labor Card
Before you can apply for a work visa for your employees, you must apply for a company identification number. Issued by the Ministry of Manpower (MT), this card allows companies to hire staff, obtain work permits and apply for visas on behalf of their employees. The card states that the company is registered with the Ministry of Manpower and has a registration number.
Process Your Visa for Starting Business
You can apply for your visa together with employees and relatives. These benefits are available in separate Free Zones, but the number of claims submitted depends on which Free Zone you choose to manage. Applying for a visa – for both you and all your relatives – is easy. There are four stages to applying for a visa in Dubai: entry permit, status adjustment, medical proficiency test, then Emirates ID registration and visa stamp.
Registration of Your Employees with Social Security
Social security in the UAE is an old-age pension for employees and retired employees. When they reach statutory retirement age, they are entitled to a pension based on their average salary for years of service and the number of social security contributions. Social security contributions are usually deducted from gross income by PAYE (Pay as you Earn) in the UAE. The employer and the state also contribute a certain percentage of insurance income to the insurance system. Once you have completed these five steps, you can safely continue your business.
Why You Must Seek Help from Professional Business Consultants for Business Setup in Dubai?
As an entrepreneur or a foreign investor, you only need to focus on one thing – your business. The whole process of setting up a business in Dubai can be complicated and many aspects require immediate attention. For example, are you aware of the local laws related to your industry? How do you deal with the tax consequences?
These things cannot be ignored and you cannot see them all at once. Business consulting services charge a small fee for their work and you can leave most of the questions to them. They want essential basic documents for actual procedures and complete documentation for additional requirements. Consulting firms also help employers plan their work so they don’t have to do many things at once.
You can get information about how easy it is to incorporate a company in Dubai or how it works there, but the post-establishment process is just as important as registering your company. If you need help with any of the above procedures, professional business consulting firms are available. Your consultant has years of experience in this field and can make every process smooth and trouble-free.