Chiranti Sengupta
● turns to the experts to get all the information
Mirazizbek Makhmatzhanov (M.M.) Based on business activities, licences are issued under three categories: commercial, professional and industrial. Activities such as trading and import/export need a commercial licence, while professional services such as IT consultancy come under professional licence and manufacturing activities fall under industrial licence.
Sunil Raju Amabalavelil (S.R.A.) There is no minimum capital requirement for mainland limited liability companies (LLCs). The Federal Law No. 2 of 2015 on Commercial Companies prescribes only a “sufficient capital” requirement for all mainland LLCs. When it comes to setting up in free zones, each has its own requirements.
As a rough estimate, setting up an LLC would cost about Dh14,000, plus rent for the premises. The cost may vary depending on visa numbers. Set-up costs for free zone businesses in the northern emirates with flexi-desk options start at Dh13,500 while a free zone company in Dubai or Abu Dhabi with flexi-desk can cost about Dh30,000.
M.M. You can find the list of business activities on the website of Dubai’s Department of Economic Development (DED). Almost every kind of business activity that an entrepreneur can start in Dubai is included in the list. If you cannot find a specific activity, look for similar business activities that may cover your area of operations — or consult a legal expert or DED’s legal department for advice. Magdalena Usually seed Gatzinska stage startups can get help through incubators and accelerators — these are organised platforms that provide entrepreneurs with funding, free mentoring and business training, subsidised office space and company registration, among other things. There are several such incubators and accelerators in the UAE. In5, AstroLabs and Flat6Labs
M.M. If you are an expatriate and want to set up your own business with 100 per cent ownership, then you can set up a branch of your foreign company; you can set up a professional licence company, which can be owned 100 per cent by expats; and you can set up a company in one of the free zones.
S.R.A. A trade name is a name issued from the licensing authority for the respective company. For Dubai mainland companies, the DED will issue the trade name. For free zones, each free zone authority will issue the trade name.