Your Business’s Gateway to Dubai: The Startup License
Many budding entrepreneurs have big, unique business ideas. They dream of revolutionising the world and making it big. However, several times people often fail at planning and execution. In fact, the most ignored parts include documentation and legal licenses, which, if not handled wisely, can get your business into long-term trouble.
Now, you must be wondering what’s so important about licensing! Your business licenses validate your business, serving as proof of its functioning. Besides, there are numerous benefits that they offer.
Moreover, licensing for startups has now become simpler than ever before with the startup license! Let us understand why you need the startup license and the detailed procedure to get yours.
Steps To Complete Before You Can Apply For Your Business License
Demarking Your Business Activities
It is very important that you yourself pick one sector or activity for business before you go ahead with legal formalities. Often, startups keep shuffling between their business operations.
However, when you apply for a business license, you must know your requirements. Accordingly, you may apply for one of the following licenses:
Commercial License: This allows you to participate in commercial activities, including buying, selling, retail, imports and exports. Other segments included are logistics, brokerage, realty, sales of goods and many other sectors.
Professional License: Any kind of professional service and consultation classifies under a professional license. This includes accountants, consultants, IT, insurance, marketing, financial services and a whole other bunch of activities.
Industrial License: If you are running manufacturing and production industries or into packaging, you will need an industrial license. This shall enable you to set up production facilities, warehouses, etc.
Tourism License: This one is for all the travel and tourism related businesses. You can get a tourism license if you are a travel and tours operator, travel agent or in the tourism business.
- Registering A Legal Business Name
The UAE has strict regulations on naming businesses. You have to stick to these rules and make sure you don’t include any offensive words in your business’s name. Besides, you cannot use abbreviations in your business name.
Review all guidelines. Shortlist a list of catchy business titles and do your own research. That’s the best way before you find your ideal business name and go-ahead for all legal processing.
- Choosing Your Business Location
Businesses in Dubai fall primarily into two zones: the mainland and the free zone. Each of these offers its own benefits and is different with respect to taxation and administration.
A lot of businesses opt for the free zone as it is cost-optimal. However, a business in the free zone requires an external agent to conduct operations beyond the free zone. While on the other hand, mainland businesses can operate anywhere without restrictions. So, you must evaluate your requirements and then take a call accordingly.
List of Documentation Required To Get Your License
There are two routes to apply for a business license. You may either apply by yourself, or you may take support and apply through an agent. Now, either way, you will need to have your completed application form, copies of your passport and passport-sized photographs.
Further, based on the type of your business license, you will need additional documentation that you must keep ready beforehand!
Getting All Your Requirements Fulfilled
Running a startup comes with a truckload of responsibility wherein you have to wear multiple hats. We don’t want paperwork and documentation to add up to that list of endless chores. So, when you are applying for a business license or need any consultation for your new venture in Dubai, reach out to us at Marqueway, and our expert team will guide you at each step!