That’s why you need Makateb, a company that provides business incorporation services in the UAE. Makateb can help you with every step of setting up your business in the UAE, from choosing the right type of company to obtaining the necessary licenses and visas to managing your business operations.

Read: How To Get Residency in Dubai

1. Choose the Type of Company that suits your business

The first step to setup business in UAE is to decide what type of company you want to establish. You may be asking What is the difference between mainland, free zone, and offshore companies? 

Here are the three main types of companies in the UAE:

Mainland company

A mainland company is a company that operates within the UAE market and is subject to the UAE Commercial Companies Law. A mainland company requires a local sponsor who owns at least 51% of the shares, except for some professional activities that allow 100% foreign ownership.

Free zone company

 A free zone company is a company that operates within a designated area and offers special incentives and benefits, such as 100% foreign ownership, 100% repatriation of capital and profits, and tax exemptions. A free zone company can only trade within the free zone or outside the UAE unless it obtains a special permit.

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Free zone company

 A free zone company is a company that operates within a designated area and offers special incentives and benefits, such as 100% foreign ownership, 100% repatriation of capital and profits, and tax exemptions. A free zone company can only trade within the free zone or outside the UAE unless it obtains a special permit.

Offshore company

Offshore company is a company that is registered in the UAE but does not conduct any business within the UAE. An offshore company can be used for international trade, investment, or asset protection. An offshore company does not require a local sponsor and enjoys tax benefits and confidentiality.

You don’t know what type is best for you to set up a business in UAE? Don’t worry we got your back. Makateb can help you choose the best type of company for your business goals and needs. Makateb can also advise you on the best location and license for your business activity.

2. Steps to Register Your Company in UAE

• Selecting a trade name and checking its availability
• Applying for initial approval and registering your trade name with the Department of Economic Development (DED) or the free zone authority
• Preparing a Memorandum of Association (MOA) and a business plan
• Getting additional government approvals depending on your business activity
• Submitting all the required documents and paying the fees

Your time is limited? Makateb can handle the registration process for you, from preparing the documents to submitting the applications to paying the fees. Makateb can also speed up the process by using its online platform and its network of contacts.

3. Obtain Your License and Visa

The third step to setup business in UAE is to obtain your license and visa. The license is a document that authorizes you to conduct your business activity in the UAE. The visa is a document that allows you to enter and stay in the UAE.

The type of license and visa you need depends on your type of company, your business activity, and your nationality. There are different types of licenses and visas available in the UAE, such as:

• Commercial license
• Professional license 
• Industrial license
• Investor visa
• Employment visa
• Residence visa
• Family visa

Remember that Makateb can help you obtain your license and visa by applying on your behalf, collecting and submitting the documents, and following up with the authorities. Makateb can also help you renew your license and visa when they expire. Focus on your business operations and let all the legal documents on us.

4. Manage Your Business Operations

The fourth step to setup business in UAE is to manage your business operations. This involves taking care of various aspects of running your business, such as accounting, banking, and marketing

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FAQs

How can I open a bank account in Dubai/UAE?

To open a bank account in Dubai/UAE, you need to provide the following documents:

• A valid passport and visa
• A trade license or certificate of incorporation
• A memorandum of association or articles of association
• A resolution from the board of directors authorizing the opening of the account
• A proof of address, such as a utility bill or tenancy contract

What sort of business activities need special approvals?

Some business activities need special approvals from specific authorities before obtaining a trade license. These include:

• Health care, education, media, tourism, and financial services, which need approval from the relevant ministry or department
• Oil and gas, electricity, water, telecommunications, and postal services, which need approval from the Supreme Petroleum Council, the Federal Electricity and Water Authority, the Telecommunications Regulatory Authority, and Emirates Post Group

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What is the minimum investment to start a business in Dubai?

It depends on several factors, such as The type of business activity, The location of your company, The number of visas and office space, The legal structure of your company. But, According to some sources, the minimum investment to start a business in Dubai is:

• AED 11,900 for a free zone company with a trading license, no office space, and zero visa quota
• AED 18,500 for a mainland company with a limited liability structure, plus AED 6,000 for 10 visa quota and office space.

Conclusion

Setting up a business in the UAE can be a lucrative venture, but it requires careful planning and adherence to local regulations. With Makateb’s expert services, you can streamline the entire process, from company formation to visa services and ongoing corporate support. By choosing Makateb as your partner in business incorporation, you’ll be well on your way to success in the thriving UAE market. Contact us today to get started on your journey towards business success in the UAE

The post How to Setup Business in UAE in 2024 appeared first on Business Incorporation and Business Setup in Ajman, UAE | Mamc.

Canceling your visa and applying for a different one requires both time and money. The entire process can take up to 60 days on an average, but there are speedier options available.

Any expat who is planning to leave their job to start a business in the UAE, here is what they need to do:

Cancellation of the current employment visa

Only an employer can cancel an employment visa, that is, if it is still valid. After cancellation, an expat can only stay in the UAE for 29 more days, during which time they need to secure a new license or at least change their visa status.

The visa cancellation will be processed through the Freezone authority like those in Ajman Media City, depending on if the visa is issued through a freezone entity, or through a registered typing center.

During this time, they would have to hand in their Emirates ID card and passport, unless the whole process is being processed online like in Dubai.

Avoid making any plans of leaving town during the whole process. Also, try to forward your case to the immigration department during the time you know it is not a slow time like Eid or Ramadan.

Things that can cause delays and problems in the visa cancellation:

• Unpaid traffic or any other fines
• Expired vehicle registration that is not canceled or renewed
• A visa of any dependant who falls under the sponsorship must be canceled or put on hold. However, putting visas on hold requires special approval and is only kept into consideration if they plan to stay in the same emirate.

E-Channel Registration

E-Channel registration was started by the UAE government to make the whole visa process much easier and streamlined, by eliminating the need for excess paperwork. However, this is only applicable if the firm is being set up outside Dubai.

The E-Channel registration is a simple process. All that needs to be done is to visit an approved typing center or freezone authorities and ask them to process the company’s registration. This requires a compulsory fee if AED 2,500, along with a refundable security deposit of AED 5,000.

Entry permit

An entry permit is like a temporary employment visa which is valid for only 60 days. The application for the entry permit can be done through DNRD (only for Dubai firms) or the E-Channel. Also, travel should be avoided during this time, so no unnecessary delays take place in the overall process.

The entry permit is issued between 5 to 15 working days, depending on the jurisdiction and emirate is falls under. The time period for the issuance of the entry permit can be reduced by applying for an express, which costs more than the regular one.

Changing the status

‘Status Change’ or ‘Status Adjustment’ refers to the entry permit’s activation. This compulsory step needs to be completed immediately so the overstay fines stop incurring. There is three-way in which a status change can be completed:

In-country Status Change: Visit a freezone authority or registered typing center with your entry permit and original passport. The cost of this is between AED 700 to AED 1,000 and can take up to 1 to 5 working days.

Out of Country Status Change: A person who is traveling, can activate their entry permit at the airport. The documents required are the passport and a printout of the entry permit. These documents need to be taken to a manual passport control counter.

Border Run: Only those people who are eligible for a visit visa on arrival can make use of this entry permit activation method. A person can activate their entry permit at the UAE border point by exiting and re-entering the border with the printed entry permit and passport.

After the entry permit is activated, traveling out of the UAE becomes out of the question, until the visa stamping is done.

Emirates ID registration

The Emirates ID card is linked to the residence visa. It must be carried by all UAE residents at all times as it is required in completing tenancy agreements, opening bank accounts and more. The validity of the residence visa and Emirates ID card coincide.

The cost of this is linked to its validity so it can range from anywhere between AED 171.50 to AED 371.50. The Emirates ID registration can be processed through a registered typing center or online.

Anyone applying for an Emirates ID for the first time needs to complete a biometric procedure at an Emirates ID service center. The biometric procedure includes an eye scan, along with taking the fingerprint impressions and a photograph.

Medical examination

Medical examinations are carried out at preventive medical centers. Anyone who needs to undergo a medical test needs to take their documents along with them to the center. The examination lasts a couple of hours where a number of different tests are conducted, the results of which are back after three days. People can receive the results back within a day; however, that requires them to opt for the pricier VIP service.

Residence Visa

The final step after which a person is legally allowed to reside and work in the UAE, is the stamping of their residence visa. This step is just a formality since it occurs after the completion of all other processes.

The visa stamping takes between 3 to 15 days depending on the jurisdiction or Emirate it is applied in. The original passport along with other required documents needs to be submitted to the registered typing center or freezone authority. If a person is applying for residence in a freezone like Ajman Media City, then their stamping would be handled by Ajman freezone authority. Similarly, anyone applying for residence on the mainland will approach registered typing centers.

A necessary requirement that can turn into a delay is that the passport needs to have a validity of at least seven months, along with three empty pages that will be used in visa stamping.

If these steps are followed by the book and there are no complications in your case, then the whole process would be completed within two months. First-timers should keep in mind that they need to visit the UAE at least once in every six months, otherwise, their residence visa would become invalid.

The post How to Change Employment Visa to an Investor Visa in UAE? appeared first on Business Incorporation and Business Setup in Ajman, UAE | Mamc.

SMEs and startups, aside from struggling to provide matchless goods and services, and setting aside a small budget for marketing and advertising, also have to indulge in promotional and PR activities. This is where exhibitions, conferences, PR events and business and trade shows come in.

Such events are not only great places to showcase ideas and flaunt your business and services, but they are also great for networking, promotion and finding investors. It is a proven fact that startups have found investors at such events, and firms have witnessed a boost in their sales. Therefore, it is integral for an entrepreneur or small business owner to participate in such events. Let’s have a look at some upcoming events and exhibitions that are taking place in the UAE:

1. Expo 2020

Location: Dubai

Dates: October 2020 – April 2021

World Expo 2020 is being hosted in Dubai. It is an opportunity for all types of businesses and professionals to come together at one forum, where they can promote their good and services on an international level, exhibit new ideas to foreign investors, and find the right guidance and talent to make their businesses profitable.

2. International Franchise Exhibition (IFCE)

Location: ADNEC, Abu Dhabi

Dates: 22nd October, 2019 – 23rd October, 2019

This event is where franchise owners and businesses will come under one roof to explore the challenges and solutions franchise business undergo. Also, it is a place where many small businesses can find partners to purchase their franchise.

3. International Real Estate and Investment Show – IREIS 2019

Location: ADNEC, Abu Dhabi

Dates: 30th October 2019 – 01st November 2019

The IREIS is an event in which every real estate agency, property business and all linked firm such as contractors, should attend. It is the perfect place to gather some contacts and explore new industry trends while discussing a possible merger.

4. GITEX Technology Week 2019

Location: Dubai World Trade Centre

Dates: 06th October, 2019 – 10th October, 2019

A whole week of unveiling new tech, exploring advancements, flaunting startups and indulging in promotional and networking activities; along with attracting possible investors for new inventions is all that GITEX Technology Week stands for.

5. Middle East Summit

Location: Dubai, United Arab Emirates

Dates: 9th December 2019 – 10th December, 2019

The Middle East Summit is a corridor for business to garner investments, partnerships and trade in the MENA (Middle East and Africa) region. It will allow businesses to rise above their challenges and explore new markets. For example, a channel operating in Ajman Media City, might stumble across a possible partnership that could help them tap into a foreign market, by expanding their operations abroad. Furthermore, it will also bring businesses up to speed with the governments’ future plans for the region, which will allow them to prepare for success accordingly.

6. World Medical Tourism & Global Healthcare Conference

Location: ADNEC, Abu Dhabi

Date(s): 01st January, 2020

This conference is a goldmine for all businesses operating in the medical, pharmaceutical and healthcare sectors. It will bring together the giants of their respective industries to give startups and SMEs an insight an opportunity in business.

7. International Apparel & Textile Fair 2019 – 11th edition

Location: Dubai World Trade Centre, Dubai

Dates: 4th November, 2019 – 6th November, 2019

Dubai is the fashion capital of the region with other emirates not lagging far behind. However, the fashion and retail market is largely predominated by foreign brands and designers. Therefore, participating in events like these will allow local fashion houses and retail brands to compete and cement their place against these foreign giants.

8. Techspo Dubai 2019

Location: Hyatt Regency, Dubai Corniche

Dates: 22nd October, 2019 – 23rd October, 2019

UAE is the regional hub for tech so it comes as no surprise that a number of tech startups are found there. This event will provide those startups a place to showcase their ideas and inventions to attract investment sales, investments and recognition.

9. Future Food Forum 2019

Location: The Address, Dubai Mall

Dates: 25th September, 2019 – 26th September, 2019

An event that will bring businesses in the food and beverage industry up to speed with the latest trends, advancements, challenges and customer preferences, whilst allowing them to make relevant and powerful contacts that will then benefit their business.

10. Middle East Design & Hospitality Week 2019

Location: Dubai World Trade Centre, Dubai

Dates: 17th September, 2019 – 19th September, 2019

This event will connect designers, architects, hoteliers and suppliers to create a friendly and lucrative community which can grow together. Moreover, it is a place where business in the hospitality, design and building industries can showcase their work to the world.

These were just a handful of events that are taking place in the UAE, in the near future. A few others are Ciso Mag Summit & Awards Middle East, DigiMarCon 2019 and Vibe Marketers Fest 2019, among others. Businesses, whether they are located in freezone Ajman or in mainland Sharjah, need to find relevant events and participate in them. This will allow them to enjoy a boost in their sales and profits.

The post 10 Upcoming Beneficial Events for Businesses in UAE appeared first on Business Incorporation and Business Setup in Ajman, UAE | Mamc.

UAE laws have greatly evolve over the years. While the punishments are still in place, leaders are launching multiple reforms and initiatives that fall in line with their vision for the future. This includes the establishment of a more viable and sustainable economy, through the eradication of any hurdles that might come into play in making business and trade activities harder for SMEs and start-ups.

Let’s look at five new initiatives or laws that are establish to have a direct effect on entrepreneurs and small business owners:

UAE issues long-term residency permits

In the first time in almost a decade, the government of UAE has issued long term residency permits. The first ones to benefit from this policy were high net worth investors. Follow by high earning expats and tech entrepreneurs.

So far, five-year-long visas have been grant to entrepreneurs that were name in the World Economic Forum’s Top 100 Arab Start-ups, along with others.

Reduction or cancellation of federal government services

According to the UAE Ministry of Finance, there has been a cancellation or reduction of up to 50% on 1500 government service fees. This will be effective from July 1st of the current year.

Out of the total number of service fees that are to be canceled or reduce, 1200 are by the Ministry of Interior, 200 by the Ministry Human Resources and Emiratisation (MOHRE), and 80 by the Ministry of Economy.

The Ministry of Human Resources and Emiratisation reduce the fees of 128 transactions and 17 services from 50% to 94%. These include the registration of foreign subsidiaries, issuance, and renewal of security licenses, issuance and renewal of work permits, surveillance system licenses, and several other industrial and business licensing services.

100% ownership for foreigners in 122 economic activities

As per a new rule, foreign expats are allow to complete ownership of their businesses in the UAE. This is not only applicable for businesses set up in freezones such as Ajman Media City, but also those in mainland economic zones. The rule covers 122 economic activities spanning across 13 sectors.

A handful of examples of the listed economic activities are power transformers, solar panels, green technology, and hybrid power plants. Whilst some of the sectors include in this are agriculture, renewable energy, e-commerce, manufacturing, and space.

AED 535 million pledged for Hub71 start-ups

The government of Abu Dhabi has pledged AED 535 million to be use in the strengthening of the capital’s start-up ecosystem. This fund will be use to provide prospective business owners and entrepreneurs with office space, accommodation, and health insurance subsidies. Also, it will be use in co-investing with venture capitalists to fund start-ups set to be locate in Hub71.

Start-ups eligible to benefit from this subsidy should be based in Hub71. Out of those, start-ups with five full-time employees or less will receive a two-year subsidy of 100%. While those with six to 25 employees, will receive a three-year subsidy of 50%.

Recently, Hub71 enter into a partnership with the Indian hospitality start-up OYO, to provide entrepreneurs working in Hub71 with accommodation located a mere 2km from the center.

SMEs to receive government capital projects and quick payments

The Dubai government will award around 5% of its capital projects of AED 400 million or more to SMEs. This will not only provide considerable business to the sector, but will also help SSMs to grow and scale its operations, whilst adding noteworthy projects to their work portfolio.

Furthermore, the Dubai government has vowed to speed up the payments to SMEs associated with government projects. What originally was 90 days, is now shortened to 30 days.

Since working capital is tight in the Small and medium enterprises in dubai, this initiative will encourage businesses to work with the government. This issue is not just face by businesses located on the mainland, but also by those in freezones like Ajman Media City Free Zone.

The post 5 New Laws and Initiatives in the Favour of SMEs in UAE appeared first on Business Incorporation and Business Setup in Ajman, UAE | Mamc.