Everyone looks for the finest location to start up a business and lead towards success. A business center is undoubtedly one of the prime spots to kick start a company. The highly diverse business hub is considered one of the top locations globally for trading and businesses.
Although starting up a new company is exciting and motivating, the lengthy process can be a daunting experience. Hence, this article will simplify you with the four business forming steps to get you a clear picture of the entire procedure.
Choosing The Business Activity And Company Structure
This is the initial stage that helps bring a company into existence. Here, a series of activities are designed to bring it to the situation to start operating. Initially, an idea is discovered identifying the purpose of the company formation.
The proposed business needs to be checked for its potentiality. A collection of data needs to be gathered for the market study purpose. Afterwards, the organisation of funds, property, and managerial ability is defined. This basis is essential for a company formation and to achieve the goal of making profits.
Obtaining The Relevant Approvals
Once your company name has been finalised, you need to check for the availability of that name and get it approved from Dubai’s decisive zone. You need to pay trade name reservation fees within 72 hours of receiving the voucher.
Along with the trade name approval, an initial license approval is also required. You can get this done with the help of a dedicated company formation specialist in Dubai. If you wish to get a quick start-up, you can opt for business-free zone licensing with 100% ownership and tax exemption.
Prepare Agreements And Select Your Company Premises
Depending on the legal form of your chosen business, you may require to create and sign the following:
- Memorandum of Association (MOA)
- Local Service Agent (LSA)
- Corporate agent agreement with the support of UAE national
You are also required to finalise the physical address of your business. You can opt for a co-working space with a minimum of 200square feet for this purpose. A co-working business center would be an ideal selection to start up your business.
Bank Accounts, Visas, And Establishment Card
With the help of your local agent, open your corporate bank account in Dubai for commercial purposes. Your agent will also apply for an establishment where you can apply for visas once you receive them.
Ensure to select a business that does not require any additional approvals. Once all the documents are ready, you can submit them for registration and proceed with all the payments. You are required to pay for your trade license within 30 days of receiving your payment voucher.
If you are looking forward to establishing a business in Dubai Marina and find it challenging to achieve, contact us at myOffice for a hassle-free experience. Our experts can handle all the procedures and help you set up your company in a timely and cost-effective way. Contact us now to get expert consultation and guidance in setting up your business.