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BUSINESS IN DUBAI |
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Setting up business in Dubai |
In the UAE, economic activity is regulated by individual emirates as well as the Federal Government. In Dubai, the authorities have deliberately sought to create an environment which is well ordered without being unduly restrictive. As a result, Dubai offers businessmen operating conditions that are among the most liberal and attractive in the region.
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There are many options open to international companies seeking to establish a business relationship with Dubai. Apart from forming a trading relationship, for many companies there are distinct advantages in being on-the-spot to research market prospects, make contacts, liaise with customers, and see through the details of any transactions and orders secured.
Having a presence can provide considerable business advantages in Dubai and Middle East. Businessmen in Dubai prefer to deal with someone they know and trust and personal relationships are much more important in doing business in the Arab world than they are in western Europe or America. Also, the buying patterns of some countries served by Dubai tend to be unpredictable, creating a need for first class market intelligence and information.
License of Business in Dubai
The basic requirement for all business activity in Dubai is one of the following three categories of licenses:
Commercial licenses covering all kinds of trading activity; Professional licenses covering professions, services, craftsmen and artisans; Industrial licenses for establishing industrial or manufacturing activity.
These licenses are all issued by the Dubai Economic Department. However, licenses for some categories of business require approval from certain ministries and other authorities: for example, banks and financial institutions from the Central Bank of the UAE; insurance companies and related agencies from the Ministry of Economy and Commerce; manufacturing from the Ministry of Finance and Industry; and pharmaceutical and medical products from the Ministry of Health.
More detailed procedures apply to businesses engaged in oil or gas production and related industries.
Practicing some trade activities (e.g. jewellery and insurance) requires the submission of a financial guarantee issued by a bank operating in Dubai.
In general, all commercial and industrial businesses in Dubai should be registered with the Dubai Chamber of Commerce and Industry.
Ownership Requirements of Business in Dubai
Fifty-one per cent participation by UAE nationals is the general requirement for all UAE established companies except:
Where the law requires 100% local ownership; In the Jebel Ali Free Zone; In activities open to 100% AGCC ownership; Where wholly owned AGCC companies enter into partnership with UAE nationals; In respect of foreign companies registering branches or a representative office in Dubai; In professional or artisan companies where 100% foreign ownership is permitted.
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