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Starting A Trade Business In Dubai? Steps To Set It Up Successfully

Jul 05, 2021

Dubai has been persistently topping as one of the significant business areas for businessmen and entrepreneurs from all around the world. Over the recent decades, there has been enormous growth and development in the business and monetary area in Dubai. 

Aside from these areas, there has been proceeding with development in different areas like trade, café and cafeteria and other such administration consultancies.No wonder Dubai is attracting the eye of business investors by offering an excellent location, low tax regime, simple business setup process, and many such benefits. One can choose from a variety of trading options that are approved by DED to start a business - 

  • Design & Architecture
  • Gifts & Stationeries
  • Furniture & Accessories
  • Oriental & Ethnic Products
  • Novelties & Crafts
  • Mosaics & Conventional Products
  • Media & Publications
  • Beauty Care
  • Cultural & Educational products
  • Garments & Fabrics
  • Food & Beverages
  • Honey & Bee Products
  • Jewelry & Gems
  • Perfumes & Cosmetics
  • Consumable goods
  • Pharmaceutical

Starting a general trading business in Dubai is beneficial, but certain steps need to be followed to make the process smooth and quick. 

  • Create a Business Plan

The essential step for beginning a trade business is to frame a marketable strategy. An incredible field-tested strategy will examine basically every one of the variables, for example, economic situations, competitions, both quick and far off items, and business exercises, the absolute number of representatives that should be recruited, office space prerequisites, initial capital speculation required, and promotional strategies. Financial investors are also required to get the sufficient capital required to run the business. These components hold great importance in the working of the business. Study and examine these variables totally and figure out a keen strategy.     

  • Pick the Location 

Dubai commercial marketplace is grouped into three areas -

  1. Freezones
  2. Offshore
  3. Dubai Mainland

More than forty free zones currently exist in Dubai. The free zone offers the great benefit of  100% duty exemption on individual income and corporate income and 100% ownership to foreign investors. In the Dubai mainland, international investors are needed to track down a local sponsor for setting up a business that holds 51% portions of the total business. The Offshore organization is the company that is set up in a place other than the residence of the financial investor. Pick the area as indicated by the requests of your organization and the business exercises you plan on doing. It is smarter to begin your business in Dubai mainland as it offers high exposure to the customers; you can participate in an exchange with different enterprises in Dubai. As there is no limitation on the issuance of work visas and can undoubtedly open various branches. 

  • Legitimate Formalities 

Obtaining a permit for your business is fundamental as it makes your business lawful. The organization whose essential business action is general trading, importing, and exporting of different products needs a legal trading license. This permit will allow the exchanging of items like articles of clothing, accessories, hardware, furniture and enriching things, and other gadgets. 

Steps to get a general trading license are as per the following: 

  1. Make a plan of your business activities
  2. Choose a unique trading name for your company
  3. Apply and get the initial approval from DED
  4. It is important to get the external approvals too
  5. Make MOA and get it signed by your business partners
  6. Select a business location and get a proper tenancy contract
  7. Apply for your business to the Department of Economic Development
  8. Pay the required sum and get the license issued

Essential documents required to get a general trade license:

  1. License application signed by all the company representatives
  2. Memorandum of association (MOA)
  3. Attested copy of the registered company name approved by DED
  4. Passport copies of the business partners
  • Multiple Bank Accounts

For running a trade business in Dubai, it is a must to open accounts in several banks. Once all your financial documents are in place, look for multiple banks that suit your requirements. There are several national and international banks that you can opt to but make sure to consider the eligibility criteria and income while determining the bank. Having multiple corporate accounts is essential to avoid any future difficulties and run the business smoothly. 

Hopefully, this guide will help you in arming with the right knowledge and leaving you free to get on with setting and running your trade business in Dubai. Our CEO, Mr. Basem Barry suggests drafting a solid business plan and considering the above key steps will help you achieve your goals and objectives by ensuring a trouble-free and hassle-free experience.

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