Dubai’s flourishing IT and ITeS sectors have naturally attracted several companies towards investing in the Emirate. Naturally, a few things have to be kept in mind if you are looking to start an IT business in Dubai. There are several benefits to be enjoyed as well. For help with aspects like company incorporation, VAT registration, return filing, auditing, accounting and other essential services at the start-up stage in the UAE, GCC Filings is your best bet for Starting business in Dubai.
Major Aspects to Keep in Mind for Setting up an IT Business in Dubai
- Choose whether your company will be located in the mainland or in the free zone.
- Choose whether the legal entity will be a limited liability company (LLC) or any other structure.
- Get your trading names reserved and the Articles of Association selected.
- Complete the procedure of company registration with the Trade Register in the Emirate of Dubai or the free zone authority, depending on your chosen location.
- You should also get yourself registered for VAT before setting up your IT company in Dubai.
- The license will be given by the Dubai Companies Register or the authority of the free zone.
- Get a professional license for your IT company in Dubai, enabling you to carry out your operations. This is given by the DED (Department of Economic Development) in the Emirate.
- First get a local agent who will take care of your employment visa for obtaining this license and other necessary documentation.
- The reservation of the name should be followed by approval for the business activity from the DED. IT companies may be registered as professional firms in Dubai with sole proprietorship or even complete foreign ownership.
- Civil companies can be permitted when there is more than one partner for the company owner. Minimum share capital needs are absent in case of civil companies although the amount should be clearly stated in Articles of Association for your IT firm.
List of Documents Needed for Setting up your IT Company
Here are the documents that you have to provide to the DED:
- Copies of passport of the individual and his/her business partners.
- Payment proof of initial fee for approval.
- Copy of the naturalization book of local partner.
- No objection letter for expatriate partners from sponsors.
- Professional license partners have to pay 20,000 Dirhams each which will be the security deposit. Single investors are required to pay 10,000 Dirhams.
- Partnership agreement has to be signed before a notary.
8 Advantage of Starting your IT Company in Dubai
Coming to the major benefits, here are 8 of them that you will definitely appreciate:
- Various types of licenses and business activities allowed.
- No currency limitations.
- Flexibility for running company in any part of Dubai/UAE.
- Zero corporate taxes.
- Zero income taxes.
- Stable local authority, swift and easy process, hassle-free legal steps for registration and licensing.
- Repatriation of 100% of profits and capital.
- Readily available work visas.