08, September 2023, Author Business Setup Consultant

Affordable Business Setup Options in Dubai

When people think of Dubai, they often envision opulence, supercars, and towering skyscrapers – a city of extravagance. However, Dubai’s dynamic business landscape tells a different story. In this comprehensive guide for 2023, we’ll explore the feasibility of low-cost business setup in Dubai, with the support of YABS Public Relations Management LLC.

Dubai’s Business Advantages

Starting a business in Dubai opens doors to a world of opportunities. Dubai’s vibrant environment welcomes entrepreneurs with open arms. The UAE is designed for business, offering robust support for startups. Notably, Dubai maintains a 0% tax rate for both corporate and personal income in 2023.

Dubai’s free zones are a game-changer, offering benefits like 100% customs tax exemption and capital/profit repatriation, making it an attractive destination for businesses.

Cost of Starting a Business in Dubai

To achieve a low-cost business setup in Dubai, it’s crucial to minimize overhead expenses. One strategic approach is launching your business in a free zone and utilizing in-house coworking spaces, avoiding costly office leases. Meydan Free Zone, for instance, offers an affordable free zone license bundled with access to co-working spaces, starting at just AED 12,500.

This package includes an LLC trade license, permits for three business activities, and a lease agreement. Note that visa allocations are not included in this package. If you require one visa allocation, the next package, priced at AED 14,350, suits your needs.

Investing AED 18,050 extends visa allocation to up to three individuals. All packages offer the same benefits, allowing you to choose the one aligning with your business requirements. Keep in mind additional expenses like premises, equipment, and permits.

Find out the cost of starting your business in UAE today 

Steps to Initiate Your Dubai Business

Starting a business in Dubai begins with a conversation with YABS experts. In a short, no-obligation consultation, YABS can efficiently manage the five-step setup process:

Step 1 – Define Your Business Activities: Clearly outline your intended business activities, choosing from Dubai’s diverse options.

Step 2 – Crafting Your Company Name : Select a suitable business name, adhering to naming regulations, and avoiding offensive language or well-known organization names. YABS can assist in registering your name.

Step 3 – License Application: Applying for your business license is pivotal. If you’re establishing your business in a free zone, this process can often be completed within days. YABS streamlines this process, ensuring a smooth application and minimizing delays.

Step 4 – Visa Procurement: Obtaining visas for you and your employees is essential. Visazone can guide you through this process. As a UAE business license holder, you can also sponsor visas for family members or domestic workers.

Step 5 – Corporate Bank Account: Trading in the UAE requires a corporate bank account. YABS simplifies this process with connections to local and international banks, tailored to your needs.

Documenting Your Journey: When applying for your trade license, prepare:

• • A completed application form.

• • Articles of incorporation if necessary.

• • Passport copies for all shareholders.

• • A brief description of your intended business activities.

Streamlining Your Dubai Business Setup with YABS

Setting up a low-cost business in Dubai, while not complex, requires knowledge of the process. To ensure a straightforward application and error-free submission, partnering with Dubai business setup specialists like YABS Public Relations Management LLC is advisable.

YABS consists of company registration professionals dedicated to realizing the dreams of entrepreneurs and SMEs. Beyond handling your license application, YABS assists in opening corporate bank accounts, offers guidance on suitable financial institutions, and provides visa and immigration services. YABS manages all government formalities, permissions, work permits, and visa applications, freeing you to focus on your core business operations.

Advantages of Starting a Business in Dubai

Dubai’s diversity, safety, and inclusivity, hosting over 200 nationalities, create an ideal environment for businesses. Its cultural richness complements a thriving economy, bolstered by a sound legal system, excellent public transport, and world-class amenities. Dubai’s fixed currency exchange rate, free-market policies, and minimal government intervention support Foreign Direct Investment (FDI). Direct flights from 97 countries ensure seamless global connectivity, while long-term visas like The Golden Visa solidify Dubai’s status as a preferred international business hub.

Steps to Start a Business in Meydan Free Zone

Meydan Free Zone known for its cost advantages, offers a straightforward setup process that varies based on your company’s structure, business nature, infrastructure needs, required visas, and access to suppliers and raw materials. Starting a business in the UAE involves four key steps:

1 Select Your Business Activity: Choose from a wide range of commercial and professional activities within Meydan Free Zone, with the flexibility to expand your offerings as needed.

2 Choose a Trade Name for Your Business: Ensure your chosen business name adheres to UAE’s naming regulations and is available for registration.

3 Apply for Your Trade License: Meydan Free Zone’s digital and efficient licensing process simplifies obtaining your license. Provide essential documents like passport copies, photos, Emirates ID copies, and residence visa copies.

4 Apply for Your Visa: Acquiring a resident visa is crucial for residing and working in the UAE. This process involves an entry permit, visa status change, medical examination, Emirates ID, and visa stamp. You can also submit visa applications for employees and family members concurrently.

Tips for Scaling Your Business

Efficiently scaling your Dubai-based business is attainable with these strategies:

1 Follow a Process: Develop a streamlined process map to understand stages for continuous improvement, focusing on simplicity to conserve resources.

2 Focus on Customer Needs: Maintain a strong customer focus as your business grows, providing top-quality products and services to build positive word-of-mouth marketing and customer loyalty.

3 Invest in Employees: Support staff development for higher engagement, productivity, and success. Equip them with necessary resources and tools to enhance efficiency.

4 Maximize Local Resources: Collaborate with local businesses to reduce expenses and unlock growth opportunities through partnerships.

5 Work on, Not in the Business: Delegate responsibilities to individuals with expertise and experience, allowing you to focus on strategic growth.