Easy Steps to Set up Your Business in Dubai from Italy

Dubai is perhaps one of the fastest-growing economies in the world, and right now is the best time to open a business there. Their government is promoting international companies to set up their roots here by offering a number of incentives. However, while the premise is quite nice, setting up a business in Dubai is not all that easy. Setting up a business in Dubai as an Italian requires prior planning and research. Here are the general steps you would need to follow to start business in Dubai from Italy successfully.

1. Determine The Type Of Business You Want To Set up:

Dubai offers various options for business entities such as a Limited Liability Company (LLC), Sole Proprietorship, Free Zone Company, Branch office, and Representative office. Each type of business entity has its own requirements and regulations, so it’s important to research and choose the one that best suits your business needs.

2. Find A Local Sponsor:

If you want to set up a Limited Liability Company (LLC), you will need to find a local sponsor who will own 51% of the shares in your company. However, the sponsor will not have any involvement in the day-to-day operations of your business. You can find a local sponsor through various channels, such as business consultants or legal firms.

3. Register your Trading Name:

You need to choose a unique trade name for your company and register it with the Dubai Department of Economic Development (DED). The trade name should be relevant to your business activities and must not be offensive. The registration process can be completed online or in person at the DED.

4. Obtain A Business License:

You will need to obtain a business license from the relevant authority depending on the type of business activity you want to undertake. For example, if you want to set up a restaurant, you will need to obtain a license from the Dubai Municipality. The process of getting a license can be complex, so it’s advisable to seek assistance from a local consultant or legal firm.

5. Open A Corporate Bank Account:

Once you have obtained your business license, you can open a corporate bank account in Dubai. This will enable you to receive customer payments, pay suppliers, and manage your finances.

6. Rent Office Space:

You will need to rent office space for your business operations. The cost of office space varies depending on the location and type of office space you require. There are many options for office space in Dubai, such as serviced offices, co-working spaces, and traditional office spaces. Whether you choose a mainland or free zone company setup can also influence this decision.

7. Obtain Visas For Your Employees:

If you want to employ staff in Dubai, you will need to obtain visas for them. There are various types of visas available depending on the job role and qualifications of the employee. You can apply for visas through the Dubai General Directorate of Residency and Foreigners Affairs (GDRFA).

8. Register For VAT:

Value-added tax (VAT) applies to most goods and services in Dubai. If your business is eligible for VAT, you will need to register for it and obtain a VAT number. You can register for VAT online through the Federal Tax Authority (FTA).

9. Comply With Local Laws And Regulations:

Dubai has strict laws and regulations that businesses must comply with. It’s important to understand and abide by these laws and regulations to avoid any legal issues.

10. Seek Assistance From Local Consultants And Legal Firms:

Setting up a business in Dubai can be complex, so it’s advisable to seek assistance from local consultants and legal firms. They can help you with the process of company formation, obtaining licenses and visas, and complying with local laws and regulations.

With these steps ensured, you will have absolutely no problem setting up your business in Dubai. However, for first-timers or people with no prior experience, this can be quite confusing. Failure to abide by even one of the steps can prolong the process for a long time.

To make sure you have the right documents and get the right guidance, you can always seek help from reputable agencies like Dubai Business Setup. Their experience in this sector alone can significantly help make the process simpler for you.