Setting up a business is indeed an exciting experience that comes with the thrill of exploring a completely new aspect of life and the anticipation of achieving greater milestones along the way. This joy also comes with the responsibility to have the essentials in place before setting out on this journey.
The process of starting a business on the Dubai mainland comes with certain mandatory requirements, which are ultimately linked to rules and regulations set down by the Department of Economic Development (DED) of Dubai. The most important of these is the DED trade license, which is a document that validates the business as a legal entity.
Entrepreneurs can get a better idea about acquiring the essential licensure by following all the steps mentioned below. To simplify things even further, enterprising professionals can also avail the services of an expert business center in Dubai to gain guidance throughout the entire process till your business is up and running.
Select The Right License
The first step in obtaining the DED license is identifying the right classification for your business. This permit falls under two classifications: professional and commercial. It is imperative to identify the appropriate license for the business as everything rests on this aspect.
A professional license is available to companies offering a service – an intangible product as opposed to offering tangible ones that are physical goods. Marketing consultancies and fitness centers are just some examples of ventures that need professional licensure.
On the other hand, a commercial license is for companies that trade physical or tangible products. General trading companies dealing with products like foodstuff or retail are examples of companies that would fall in the latter category. Deciding on the right license will help plan the way forward.
Prepare The Documents
The next step in the process is to get all the documents ready to begin the application process. Most of the paperwork and requirements are directly related to various processes that must be completed beforehand. Based on guidelines, the necessary documentation to get the DED License includes:
1. A valid trade name certificate.
2. A valid initial approval certificate.
3. A tenancy contract approved by Dubai Municipality and attested by RERA. (Ejari)
4. The Memorandum of Association (Applicable for LLCs, One Person Company, Private Shareholding Company (Private Joint Stock Co), Public Shareholding Company, Simple Limited Partnership, Partnership Company, and even a Civil Company.)
5. A local service agent agreement (Applicable when a UAE national, represents the business with regards to licensing and compliance.)
6. Approvals from Government bodies (Applicable on certain business types such as NOCs.)
In addition to the above, the DED website offers an online platform where businesses can directly apply for a Dubai trade license without having to register a trading name or having to provide a legal tenancy contract.
Set Up The Office
The documentation stage also involves the important step of deciding on office space in Dubai. In most circumstances, it is mandatory to have the business linked to an address. In such situations, options such as a serviced office space, coworking space, or Flexi desk are smart choices to consider. All of them include a comprehensive price that covers interior design, infrastructure, fit-outs, and facilities that reduce time and expenses spent in planning and setting up an office.
Virtual offices are also another option desirable for entrepreneurs that goes further to offer access to a premium workspace as and when required while working remotely for the remainder of the time. A virtual office presents the opportunity to register the company at a prestigious location along with facilities like phone and management services without the usual high costs associated with such a set-up. The flexible workspace also provides state-of-the-art meeting facilities and the option to accommodate a growing team as and when the need arises.
The business services at myOffice help you begin your entrepreneurial journey in Dubai in the fastest and most efficient way possible with our team of professionals always ready to help you meet your objectives. Our experts can handle all the procedures to ensure you get your DED license in a short time. Contact us today for a hassle-free experience in setting up your business.