Nine (9) easy steps to establish a business in the UAE

Abu Dhabi 19-05-2019 / WAM

The Foreign Trade Sector at the Ministry of Economy has set 9 steps to establish business in the UAE with ease and  as part of the efforts exerted by the Ministry to consolidate the country’s position in the ease of doing business in the world.

The identification of the necessary steps to establish business in the UAE following the announcement by the Foreign Trade Sector at the Ministry earlier this month that only 5 working days to obtain the approval of a request for a license for foreign direct investment in the State if the project is included in the positive list that is defined under the Foreign Investment Act.

Under the law issued at the end of 2018, the foreign investor has the right to own 100% of the project in addition to the other incentives and competitive advantages granted to encourage foreign direct investment, which was praised by the regional and global business community as an important turning point and the attractiveness of the UAE and the best global practices.

In Summary, below are the 9 steps or advantages for one to set up a business venture in the UAE thus:

1. Foreign licensed investment companies are free to transfer  all their net annual profits and funds resulting from liquidation or sale or from disputes related to the project to outside country without restrictions and other advantages.
2. Returning to the details of the steps set by the Ministry of Economy
3. Determining the nature of the economic activity “type of license”
4. Determining the legal form and registration of commercial shares
5. Applying for initial approval and documenting the contract of incorporation and the local service agent agreement.
6.  Location of the economic activity/ business must be stipulated.
7. Governmental approvals must be determined.
8. submit documents and pay fees for obtaining the license.
9. Registration in the Chamber of Commerce and Industry
   However, Some activities require authorization by the federal or local authorities before  commencement of the activities or business