If you’re looking to start your own Business Setup Cost In Dubai, you’ll be happy to know that the Cost Of Business Setup In Dubai setting up a legal entity will only cost you Dh34,340 and $9350. This includes a general trading license, which costs Dh15,000, and other government fees like the Ministry of Economy at Dh10,000 and Dubai Municipality at Dh3,000. You’ll also need to pay Dubai Commerce 1,200 dirhams to get your license. Keep reading to find out how much it costs to set up your business in Dubai or check out the table below!
How much does it cost to set up a business in Dubai?
The Cost Of Business Setup In Dubai is a minimum of Dh34, 340 minimum cost of business setup in Dubai, which costs Dh15,000 for a general trading license and pays about Dh4,500 to become an LLC or company. Typically set up companies charge fixed fees for their services. General setup procedures typically take 2-3 months from start to finish. Plus there are recurring legal and administrative fees after initial business registration has been completed. This can add up to several thousand dirhams per year depending on the business type.
While the Cost Of Business Setup In Dubai is a minimum cost of a business startup, there are several recurring costs associated with starting a new company that you need to take into account as well. First and foremost among these will be legal and administrative fees, some of which may be charged on an annual basis. Also keep in mind that if you want to work with more than one representative like a director or general manager, you’ll need to pay for multiple licenses. And because each application has to go through Dubai authorities, getting approval can take anywhere from weeks to months depending on how busy your local department is and what type of license it is.
Can a foreigner start a business in Dubai?
Yes, as a tourist or visitor, you can start a business in Dubai without having to reside there. However, to do so you will need to have your bank account that is registered outside of Dubai and be able to transfer money out of it daily. A good way to Cost Of Business Setup In Dubai down around this is to have a set up that is registered outside of Dubai and pay yourself from it; then, depending on how much money you plan on putting into your business venture you may be able to justify opening a personal bank account for your in another country.
Setting up a company and getting your finances properly set up is only one part of having a successful and profitable business venture. Another important step to knowing the Cost Of Business Setup In Dubai that you need to take into consideration is what kind of goods or services you will be offering to sell.
How can I start my own business in Dubai and what it cost?
In recent years, with a boost in service-based industries as well as a growing number of companies in Dubai undergoing digitization, there has been an influx of new companies coming into being across Dubai. One of many reasons why businesses open up in Dubai is because business owners realize how lucrative it can be to set up a base here and take advantage of business networking events, such as entrepreneur forums. However, starting a Dm Immigration Consultants In Dubai can be expensive according to Doing Business rankings by Group released earlier in 2017, UAE is among one of three countries out of 189 surveyed with an average Cost Of Business Setup In Dubai including legal fees exceeding $8500 for company setup purposes.
Still, there are steps you can take to reduce expenses and keep costs as low as possible. It is not uncommon for businesses to start up for less than $1000. For example, if you own a small shop or restaurant, there are no minimum capital requirements that need to be met meaning you can set up a limited liability company with just one member which could be yourself. This will allow you to operate in your area of expertise UAE Business Visa while keeping the Cost Of Business Setup In Dubai down. One important factor is making sure that any supplies needed for operating your company do not have restrictions on their importation into Dubai or UAE penalties may be imposed if they are not permitted and can make doing business difficult in these circumstances.
The costs involved in forming a company in the UAE can be broadly categorized into three categories:
- Company Incorporation Costs: These are the fees associated with registering the company with the government, including trade license fees, immigration visas, and Dubai Chamber of Commerce fees.
- Legal Costs: This includes the fees for obtaining legal advice, registering with the Dubai Court, and obtaining any necessary licenses and permits.
- Miscellaneous Costs: This includes the costs for company setup such as office rental, furnishings, IT equipment, and business signage.
It is advisable to consult with a professional business setup consultants for a more accurate estimate.