A Step-Wise Guide to Setting Up a Healthcare business in the UAE
It is a known fact that the UAE is one of the fastest-growing commercial hubs in the world. Investors, startups and corporates choose Dubai to set their base due to the opportunities the city offers. However, there are a few sectors that are growing faster than the others. One among them is the healthcare industry!
The healthcare industry is here to stay and grow for multiple reasons. The growing population, rise in demand for medical insurance, the lack of good health services; are a few to mention. To understand what makes this industry so desirable, check out our previous blog. Once you understand the endless perks it offers, you won’t miss the opportunity to own a healthcare business. There are a bunch of tedious steps that you’ll have to follow to get started. So to make things simpler for you, here is a quick step-wise guide to help you out!
Step 1: Understanding Ownership Regulations
If you are an expatriate you cannot hold a majority ownership stake in a healthcare business. Thus, you will need to find a local partner who has a minimum of 51% ownership rights in the business. This applies to Limited Liability Companies or LLCs which are the most common type of registration under the healthcare sector. To aid in this step, you can connect with PR services to facilitate local partner coordination and processing!
Step 2: Legal Applications and Approvals
For any new business in Dubai, you need to get permission from the DED (Department of Economic Development). Further, for a healthcare setup, you can partner with the DHCC (Dubai Healthcare City). DHC being a freezone, you might benefit from complete ownership of the entity. Besides, you will receive support in terms of infrastructure, legal and other matters.
You can submit your application to the DHCC online or connect with them. Further processing will take a few weeks to complete. DHCC would typically invest in wellness-related setups as well as medical-related businesses such as clinics, retail outlets, etc.
Also, based on the type of business, you will be required to receive permission from the MOH (Ministry of Health). This is applicable to hospitals, pharmacies or any company that deals with the supply of drugs and equipment. Accordingly, you will have to get appropriate licenses.
To proceed further, you will have to submit a business plan to the local authority. Next, get approval from the DHA i.e., the Dubai Health Authority. If you are setting up a private clinic, get a license for it. This would primarily vary from business to business. Ultimately get an MOA signed with all shareholders, get all agreements sorted before you can finally start your run!
Step 3: List of Documentation Required
All types of business setups in the healthcare industry would require almost the same list of documents. However, there will be slight variations based on your niche. It is important to keep all paperwork handy to make processing simpler. So, here is a list of the most important documents that you will need to submit at various stages!
- Trade Certificate of the Business
- Approvals from the DHA, DED, etc.
- Copies of passport and visa of all shareholders and partners
- Memorandum of Association signed by all shareholders
- All kinds of rent and lease agreements
- Address details of the business
- Proof of financials and account balances of the owners
Get Your New Healthcare Business Up and Rolling!
Now you must get started on getting your game plan ready! Analyse the industry well to pick your niche and further decide on business strategy. Once that’s sorted, find the right human resources, partners and investments to establish your brand. Throughout the entire process, you will have to seek several permissions, approvals and licenses.
On building a strong legal and financial base, you can start working and turning in numbers. Get working on your marketing, publicity and local networking to start building your customer base well in advance. Healthcare being an indispensable industry, your efforts will turn into results well in time! So start soon and get a headstart! If you are looking for any assistance, get in touch with team Marqueway. Our team of experts will help you gain clarity and the best of advice! So, good luck with your new dream venture and fly high!