Business setup - getting a Trade License for Company formation in Dubai
Company formation in Dubai involves getting a Trade license. The Department of Economic Development is tasked with the responsibility to issue Trade Licenses in the country. The department website gives a brief overview of the steps involved in getting a trade license. The basic steps for getting a trade license in the country is as follows:
- Reserve a Trade name
- Identify and submit a proposal to start a business with details of form of business, activity proposed and eligibility to undertake the business activity.
- Once approval is received, arrange to comply with the approval requirements by getting all requisite documentation in order, sponsorship or agency agreement documented and notarized, sign the lease agreement and have the Ijari available.
- Apply for approval with all the documentation to evidence compliance to requirements.
- Get the trade license and you are ready to do business.
GDRFA - Immigration
Every registered business in the region requires to register with the immigration department, and get an immigration card for the business. Company formation in Dubai by default includes registering with the immigration Department. This is required to empower the business, to apply for visas for their employees, with the business being the sponsor of the employee. Any changes in the trade license is also required to be updated, with the GDRFA or immigration department, to avoid delays in processing of transactions at a later date.
The immigration department is the authority allowed to issue entry permits and visa for entering the country.
MOHRE - Labor Department
Every business is required to register with the Labor department (MOHRE) by providing the requisite documentation. Once registered, the Labor department issues a e-sign card to the authorized person of the business, to undertake all labor department related actions for the company. This is a critical requirement to be able to recruit staff for your business as this card will be used to apply for work-permits and all related labor actions.
Most countries build accountability and local development concerns by way of controls. This region builds in the same by mandating the need for local citizens to be partners or agents for businesses in the land.
This local citizen is usually referred to as a "Sponsor". Making sponsor arrangement is a critical aspect of setting up the business in the region. The right sponsor will help you grow the business while allowing you full freedom to run the business as you deem fit, while the wrong sponsor can be a drag on the business.
A sponsor can be a natural person or an artificial entity (local company - 100 % owned by locals). It is to be noted that sponsor arrangement is a primary consideration for Mainland business setup, as in case of Free Zones, the free zone authority acts as the local sponsor. Company formation in Dubai starts with identifying the right sponsor for your long term business objectives.
Our business setup services provides you with sponsor arrangement by reliable and supportive local citizens.
By default, every business registration results in the business being registered with, the chamber of commerce of the emirate. A charge for the same is also applied as part of the trade license charges.
Apart from this, based on the nature of activity being proposed to be taken up, different authorities would be involved in providing approvals for starting a business for that specific activity. For e.g. any activity related to banking, would require the approval of the Central bank, any activity related to Real Estate, would require the approval of Real Estate Regulatory Authority.
This is but natural and to be expected in any part of the world. What this also translates to, is time and money for getting these approvals to commence business. Our business setup services includes coordinating with these departments, to obtain the requisite approvals, in good time.
Business Setup Services offering.
Overture Businessmen services offering provide you with a complete package of business advisory, business setup services for your company formation in Dubai.
We undertake sponsor arrangement to help you partner with the right partner to support your long term business objectives. We arrange for all the requisite documentation to be completed in an accurate and timely manner. We represent you with all the authorities to get the requisite approvals.
All this and more in a professional, transparent and time-bound manner. Our charges for these services are very competitive in this market.