1. Choose a Business Activity:

Identify the specific business activities your company will engage in. Different activities may require different types of licenses.

2. Choose a Legal Structure:

Decide on the legal structure of your business. This could be a sole proprietorship, partnership, or a limited liability company (LLC). The choice depends on factors such as the number of business partners, liability considerations, and the nature of the business.

3. Local Sponsorship or 100% Ownership:

Determine whether you need a local sponsor or if you can qualify for 100% foreign ownership. The regulations regarding foreign ownership percentages have been evolving, so it’s crucial to check the latest guidelines.

4. Reserve a Business Name:

Before applying for a license, you need to reserve a unique name for your business. The name should be in accordance with DED guidelines.

5. Pre-Approval:

Obtain initial approval from the DED for your business activities. This involves submitting necessary documents, including passport copies of shareholders, the proposed business name, and details about the business activities.

6. Draft Memorandum of Association (MOA):

For LLCs, draft the Memorandum of Association outlining the company’s details, ownership structure, business activities, and other relevant information. This document will be notarized.

7. Office Space:

Acquire the required office space based on the size and type of your business. The office should meet the DED’s criteria.

8. Final Approval and License Issuance:

Submit all required documents to the DED for final approval. Once approved, you can obtain your business license. The license will specify the activities your company is allowed to engage in.

9. Visa Processing:

If you plan to employ staff, you’ll need to process their visas. This involves submitting relevant documents and obtaining approval from the relevant authorities.

10. Bank Account Opening:

Open a corporate bank account in the UAE. Many banks have specific requirements for business accounts, and the account opening process may require a meeting with the bank representatives.

11. Renewals and Compliance:

Ensure timely renewal of your business license. Comply with all ongoing regulatory requirements, such as submitting annual financial statements and fulfilling any other obligations.

Important Tips:

• Legal Advice: Seek legal advice to ensure compliance with all regulations.
• DED Interaction: Be prepared to interact with the DED throughout the process.
• Changes in Regulations: Stay informed about any changes in regulations that may impact your business.