The reach of the internet has been exploring every domain ranging from an individual’s personal life to the world of business. The continuous use of smart devices has tremendously increased in the last few years, that has paved out a way for the business industries in the internet space. Activities which were prevalent in the offline mode like shopping, entertainment, has taken a drastic lead in the online area, which has served as a one-stop destination The world’s one of the liveliest cities Dubai, serves as a home to entrepreneurs and investors, providing them with an opportunity to establish their business in Dubai.
Establishing an online presence has become a mandate for every business entity in today’s world backed by a mass audience and cut-throat competition. The absence of your online presence can throw your company out of the market. Being online, it provides a great chance to interact with the targeted audience and understand their needs and wants in a better way. In Dubai, every business that plans to join the online community needs to hold an e-commerce license. This treatise will provide you with all the essentials regarding the e-commerce license to be obtained.
The e-commerce market is worth $10 bn in the Middle East Market. The Dubai market throws numerous opportunities for newbies, entrepreneurs, business owners to grab a chance in the online business space. It is to be noted that the expansion rate is speedy and all the e-commerce business entities in Dubai are required to hold an e-commerce license issued by the Department of Economic Development (DED) or Free Zone. Let’s have a look at the procedure.
To obtain an e-commerce license, you need to follow the steps mentioned below.
The first step is to choose the appropriate company structure that needs to be established. Dubai provides a wide of options in terms of entity types when it comes to business setup. Some of the common entities are stated below:
You can find the relevant details here. Make sure that you go through each entity, understand them and then choose them accordingly. Select the one that suits your business needs and takes further steps accordingly.
Once you have selected the required business entity type, you need to choose a strategic location that suits your business needs to set up a physical office. The heart of UAE, Dubai, provides you with relevant business location options like Mainland, Free Zone and Offshore. Before you select one, make sure to have complete information regarding each of them as each one holds specific advantages regarding business.
Next, you need to finalize the trade name. Since your business will be available in the online space, make sure you choose a name that people remember easily.
The next step is to apply for an e-commerce license that is to be issued by the DED. The issuance also depends on the location you have chosen to start with. In case if it’s a Mainland, the registration would cost you around AED 10,000. For instance, if it’s a Free Zone, the license will be approved by the free zone authorities.
An initial approval certificate acts as a NOC that needs to be issued by the Government Opportunities for you to start an e-commerce business. It serves as a non-renewable certificate holding a validity of 6 months.
Next, you need to prepare the respective Memorandum and Articles of Association that contains the external and internal business affairs. It serves to be one of the most critical documents that need to be presented when it comes to the business establishment.
Last but not least, a corporate bank account needs to be opened to track and maintain business accounts. Opening a corporate bank account also helps to avoid any grievances regarding personal and business finances. Have a complete look at the bank account opening details here.
In a nutshell, you can see that the license obtaining is an elongated process. The best way to get it done is to have a word with a business consultant who can shrink the process and get it done at a faster pace. We at Business Setup Worldwide are here to help you with the same. Our business experts hold industry experience and can help you obtain the license. Do reach out to us for availing E-Commerce License and for any query on setting up your business - we’d be glad to assist.