January 22, 2022

Key Steps to Follow When Setting Up a Business in Dubai Free Zone

2 min read
Key Steps to Follow When Setting Up a Business in Dubai Free Zone

Freezone company formation in Dubai requires careful planning and diligence. A successful operation in a sector that is well known would require more effort to attract customers, as the supply chain would be more complicated, and the competition would be much more intense. Furthermore, if the same sector is already crowded in the free zone, it could be challenging to stand out amid the competitive environment.

A: The second step in setting up a business in a free zone is to choose a trading name. Once you have selected a trading name, you need to register it with the free zone authority. Once the trade name is approved, you can choose from over three thousand activities offered in the free zone, including shipping, diamonds, gold, commodities, aviation, energy, professional services, FMCG, community services, and media.

B: A company name and activity should be selected carefully. Make sure the company’s name is not offensive or resembles the name of an existing organization or abbreviation. Once you have selected the name, it is time to apply for a license and obtain your company’s corporate bank account. If you need a corporate bank account, the UAE has numerous international and local banks that provide such services.

C: The next step involves selecting a location for your new business. While finding the most appropriate location for your enterprise is vital, it will not help if no one knows where to find you. Your business should be situated where it will be most accessible and profitable. A business’s name should attract potential customers, so choose a location that is easy to reach and is well known.

D: Once you have chosen a free zone in Dubai, you will need to fill out the relevant paperwork. You will need to specify the name and activity of your new business. You will also need copies of the shareholders’ passports. Some free zones may require submitting a business plan and a Non-Objection certificate. A local bank account is essential if you’re a newcomer to the free zone.

E: The next step in setting up a business in Dubai free zone is to determine the nature of your venture. The DED maintains a comprehensive list of the different types of business permitted in the free zone. Choosing the best free zone for your business will depend on the nature of your venture. Some of the most popular free zones include retail, wholesale, and manufacturing. You should choose a location near the nearest port, airport, and community services.