How to Start a Business in Dubai in 2024

Author- Vijaya
Publish Date- 23-12-2023

Are you planning to set up a business in Dubai? What are you waiting for? There is never a better moment to launch a business in Dubai than now. You could be tempted to brush off such a note as a cliche or an old proverb. This remark is more accurate than ever in light of the noteworthy economic advancements during the last two years. More international investors are relocating to Dubai to take advantage of the government's progressive economic policies, such as long-term visas and full foreign ownership.
The influx of foreign direct investments shows that the new changes have favoured Dubai's economic environment (FDI). According to information from the Dubai FDI Monitor, 378 projects totalling Dh15.9 billion in FDI were funded in the first nine months of 2024. According to data like these, the best moment to start a corporation in Dubai is now.

Let's examine the reasons why this is the ideal moment to set up a business in Dubai:

1. Long-term residency with Golden Visa:

Fy is obtaining various long-term visas. Your most excellent chance of obtaining a 10-year renewable residence in the UAE is through the Golden Visa. Foreign business owners, entrepreneurs, and professionals can make Dubai their second home by obtaining various long-term visas. Investors, business owners, scientists, experts, outstanding undergraduate and graduate students, pioneers in humanitarian activity, front-line employees, and skilled workers. Are all eligible for the Golden Visa?
A Golden Visa in the UAE can be obtained without a sponsor, and those with one can also sponsor their relatives. By enlisting the aid of company establishment advisors in Dubai, you may escape the headache of acquiring a visa.

2. Five-year Green Visa, the game changer:

Holders of a Green Visa in the UAE can sponsor themselves for five years. Green Visas may replace the necessity for a visa sponsor, which could be a game changer for Dubai. Holders of Green Visas can quickly get residency visas for their spouses, children, and even first-degree relatives. For the UAE Green Visa, qualified workers, business partners, and independent contractors may apply. Applying through company setup advisers in Dubai will simplify the procedure.

UAE Business Visa

The UAE has introduced a business entrance visa. By obtaining this visa, foreign investors and business people can visit the UAE to learn more about the many business and investment possibilities. As the name implies, a UAE business visa is accepted when you need to go to the UAE for reasons related to your company. People frequently go to the UAE for work-related reasons. These may include attending conferences, seeing clients, or carrying out other crucial tasks that may advance their companies. In that case, the business visa is what you need to allow you inside the UAE legally.

14 Day visa

Once a 14-day visa is granted, you can stay for 14 days in the UAE, valid for up to 60 days. It is a single-entry visa; therefore, you can only enter the UAE once. If you leave the UAE even before the 14 days of your visa's validity has passed, you will need to apply for a new visa to re-enter the UAE.
This visa is only advised if you travel to the UAE for business purposes, such as attending a business conference, meeting with clients, or doing anything else that calls for a brief stay and is business-related. The government would know you are travelling for business when you enter the nation.

Important Reminder:

The applicant must submit supporting documentation for their visit's purpose and other required documents when applying for this visa. For instance, you must submit a scanned copy of the invitation with your other papers if you travel to the UAE for a business conference.
If you travel to the UAE for business, you should apply for a business visa. In all other cases, a tourist visa is required.

How to apply for a UAE Business Visa via UAE Visa Online?

Select the visa category that matches your requirements, then begin the registration procedure. Obtain scanned copies of the required documents before starting the visa registration procedure. Here are the steps to getting a visa:

Once you have selected your nationality and the country where visitors currently reside, click "Apply for UAE Visa" to start the process.
Select the type of visa you want and meet the conditions to stay in the UAE.
Your private and contact information must be included on the application form.
Upload the required documentation, then go on to make the payment.
Choose the processing service of your choice.
Pay the visa fee.

Contact UAE Visa Online's 24-hour customer care if you need help deciding what kind of visa to apply for. They can help you make the best choice you can.

Regulatory framework for virtual assets:

Dubai's commercial climate has seen a significant transformation in recent years. When the government passed legislation governing virtual assets in the emirate, this dynamic nature of Dubai's business-setting landscape was brought to light. This year, the Dubai government formed the Virtual Assets Regulatory Authority (VARA) to control virtual assets like cryptocurrencies. VARA will regulate and give visas to virtual assets telecom operators wishing to establish a firm in Dubai in addition to formulating general regulations relating to virtual assets.

Complete foreign ownership of the mainland:

Until recently, collaborating with a UAE national was necessary for forming a business on the UAE mainland. This criterion, which gave the UAE National Sponsor the right to at least 51% of the company's shares, was highly onerous to foreign investors. One significant drawback came with registering a business on Dubai's mainland.
To get around this ownership limitation, several international business owners founded their firms in the free zones of the United Arab Emirates. However, firms are only permitted to trade within free zones. This changed when the UAE government recently removed the requirement for local sponsorship, allowing 100% foreign ownership in mainland enterprises.

Steps for starting a business in Dubai:

1. For the launch of a local business, choose a local sponsor who is an Emirati:

In Dubai and the other United Arab Emirates, many business possibilities are accessible. However, you must be a locally registered LLC firm if you truly want to launch a company that must capitalize on Dubai's potential. To avoid the difficulties faced while starting a successful business in the UAE, you must get familiar with the many facts about a business startup in Dubai.
Anywhere within the city might be a commercial location with a local enterprise. This is a blessing for a new business in Dubai as it provides the finest selection of places that fit your budget. A local "sponsor" who is an individual from the UAE must be accepted as a 51% partner. An annual cost for a sponsor is necessary and negotiable. You should build a relationship with the sponsor so that he is willing to assist you in solving any issues with authorities you could encounter along the route.

2. Decide on a free zone if you want to own your company entirely:

Remember that establishing a business in one of the Free Zones is the only method to do so in the UAE without having a UAE citizen act as your partner. Companies that do business with the government must also register with a local sponsor. This is not feasible for companies operating in cities, such as restaurants and retail stores, not to mention the possibility that renting or buying in a Free Trade Zone neighbourhood would cost more than you can afford.

Free Zones provide three significant benefits for a new firm:

Whole ownership
Duty-free customs border opens quickly.

3. Decide on a location that maximizes affordability, convenience, and appropriateness:

Choosing the best location for the firm is another crucial stage in creating a startup in Dubai. Although the city's economy is booming, it will only do you a little good if you start a for-profit firm there if no one can discover you. Your business must be founded in a financially or practically advantageous area. You can pick a spot in the proper city for a well-known store or office for your products or services.
If you're considering starting a free zone firm, choose a location based on cost, distance, and suitability for the product, business strategy, and trade needs. A tenancy agreement must be signed. The fundamental concerns that must be addressed to launch a small business are connectivity, storage, and space inside the company. The other services offered in commercial real estate might differ substantially.

4. Verify your eligibility for a visa and its requirements:

A visa allowing you and your staff to live in the UAE is necessary for you to start a business there. As was already said, practically all enterprises are eligible for visas. However, the number of them varies depending on several factors, including the size of the office, the type of business, the employee's classification, and the investor. If your Dubai startup firm is local, you would need to engage with your sponsor to obtain your visas, at least initially. For more information, visit UAE Visa Online.
The application procedure for business visas in Dubai is less rigorous than most people would anticipate because the government is reasonably receptive to foreign business people looking to shop there. The mentality is that all enterprise is a successful business in this place. One must have your sponsor apply for a visa on your behalf as you are the investor in your new company. A letter from your sponsor outlining their details, the basis for the visa application, and similar things are required before processing, in addition to your passport and other legal criteria. In the future, if your sponsor decides to permit you, you can petition for your employees' visas.

5. Engage a registration agency to guide you through the business establishment procedure:

Your best choice could be to hire a business consultancy agency to register your startup. In addition to guiding you through the creation procedure, these advisors will authenticate the company on your behalf. And will assist you with creating a bank account, arranging an auditor, handling renewals, and providing nominee services. Planning and itemizing your company launch expenditures may be significantly aided by their experience interacting with the Free Zone Authorities and the local government bureaucracy.
Usually, these companies provide a team of experts to plan your company registration from scratch. This includes the strategies you must follow to successfully establish your business, itemizing potential costs, providing licensing and location options, coming up with solutions for potential business hurdles, etc. Additionally, they will handle all the formalities to officially enable you to register your firm with the least hassle. Typically, financing is unavailable to new businesses. You should wait before deciding if you cannot cover the startup expenses.

Conclusion

As we end, hopefully, you will get all the answers to your questions. So, what are you waiting for now? Dubai's emerging technologies and advanced economy lead to numerous business opportunities for one. Book your business visa with UAE Visa Online and visit Dubai now to look for the right business opportunities available in Dubai region.

Apply for UAE Visa