The Dubai Chamber of Digital Economy, an integral part of the Dubai Chambers, has unveiled an extensive guide to streamline the process of establishing startups in the city.
The Dubai Chamber of Digital Economy, an integral part of the Dubai Chambers, has unveiled an extensive guide to streamline the process of establishing startups in the city.
Starting a business demands not only ambition but also a deep comprehension of the local business environment, knowledge of legal and regulatory frameworks, and an understanding of sectors and the broader economic landscape of the city.
Acknowledging that initiating a business in Dubai comes with its set of challenges, the report highlights that the intricacies of local laws, administrative procedures, and navigating various sources of information can sometimes overwhelm even seasoned entrepreneurs.
The report comprehensively outlines the steps necessary to set up a business across various sectors, including fintech, AI, cybersecurity, healthtech, edtech, and even 3D printing. It also highlights success stories of companies in these domains.
While the journey may vary depending on the sector, the fundamental steps to establish a company are as follows:
- Identify your business activity
- Understand the regulations
- Choose your business structure
- Apply for a trade license along with any additional approvals
- Apply for a visa (golden/green/investor)
- Open a bank account
The report emphasizes that opening a bank account has often posed a challenge for founders in Dubai. To address this, it provides a list of documents that can strengthen an application.
These include a completed application form describing your business, the goods and services you’ll trade in, a detailed business plan, examples of similar businesses, research on your market segment, proof of awards or grants won at pitch competitions, passport and visa copies for business owners, and a CV detailing the owner’s professional background and experience.
Furthermore, it provides insights into startup-friendly banks such as Emirates NBD, Mashreq Neobiz, and RakBank, along with considerations when choosing one. The report also explores the three company setup options available (mainland, offshore, free zone).
A dedicated section is provided for the diverse range of free zones in Dubai, including a map of the 28 tax-free business zones.
Titled ‘Building Your Business in a Dynamic City: The Entrepreneur’s Guide to Business Setup in Dubai’, the guide has been launched by the Dubai Chamber of Digital Economy, one of the three chambers under the umbrella of Dubai Chambers.
As the Dubai Chamber of Digital Economy prepares to host this year’s Expand North Star as part of GITEX, the event offers an ideal platform for the release of this guide, according to a statement by the organization.
Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, stated that the guide’s launch for startup “supports our ongoing efforts to attract and assist entrepreneurs in the digital industries to set up in Dubai, in line with the chamber’s drive to achieve the goals of the Dubai Economic Agenda (D33).”