- The Dubai Chamber of Digital Economy introduced a comprehensive guide to simplify business setup for startups in the city.
- The guide emphasizes the need for a deep understanding of the local business environment and regulatory framework when starting a business in Dubai.
- It offers step-by-step instructions for establishing businesses in various sectors, addressing challenges like opening a bank account and exploring different setup options.
On Thursday, the Dubai Chamber of Digital Economy unveiled a comprehensive handbook designed to simplify the process of establishing a business within the city for startups.
The guide emphasizes that embarking on a startup venture entails more than just ambition; it necessitates a profound comprehension of the local business environment, familiarity with the legal and regulatory frameworks, and an understanding of the city’s various sectors and broader economic landscape.
The report candidly acknowledges that founding a business in Dubai presents its own set of challenges, with the intricacies of local laws, administrative procedures, and the complexity of navigating through different information sources often posing a significant challenge, even for seasoned entrepreneurs.
The handbook meticulously outlines the steps involved in setting up a business in diverse sectors, including fintech, AI, cybersecurity, healthtech, edtech, and even 3D printing, featuring success stories from companies in these fields.
While the specific steps may vary depending on the sector, in general, the key stages to establish a company are as follows:
- Define your business activity.
- Understand the relevant regulations.
- Choose your business structure.
- Apply for a trade license and any necessary approvals.
- Apply for a visa (e.g., golden, green, or investor visa).
- Open a bank account.
The report particularly addresses the common challenge of opening a bank account in Dubai, providing a comprehensive list of documents that can bolster your application.
These documents include a completed application form detailing your business activities and the goods and services you intend to trade, a well-crafted business plan, references to similar businesses, market research for your specific segment, evidence of awards or grants received in pitching competitions, copies of passports and visas for business owners, and a CV outlining the owner’s professional background and experience.
Furthermore, the guide highlights banks that are known for their startup-friendly services, such as Emirates NBD, Mashreq Neobiz, and RakBank, and offers insights into considerations when selecting the most suitable bank.
The guide also delves into the three available options for setting up a company in Dubai, which are the mainland, offshore, and free zone setups.
Notably, the handbook includes a section dedicated to Dubai’s diverse range of free zones, accompanied by a map depicting the 28 tax-free business zones within the city.
The guide is titled ‘Building Your Business in a Dynamic City: The Entrepreneur’s Guide to Business Setup in Dubai’ and is introduced by the Dubai Chamber of Digital Economy, one of the three chambers operating under the Dubai Chambers umbrella.
The release of this guide aligns with the preparations for this year’s Expand North Star event, which will be part of GITEX, and provides an ideal platform for its launch, as stated in an official announcement.
Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, emphasized that the guide’s launch aligns with their ongoing efforts to attract and support digital industry entrepreneurs looking to establish themselves in Dubai, in accordance with the chamber’s commitment to achieving the objectives of the Dubai Economic Agenda (D33).
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