There has never been a better time for company formation in Dubai. That’s a statement that would probably have held true in the past decade or so, but right now the signs are particularly promising. Barely a week goes by without the announcement or delivery of another ambitious project and the UAE’s growth projection suggests that it’s bandwagon worth jumping on right now.
If you are thinking of starting a business in Dubai, our company formation guide can help you with it. But what happens after you register your business? Are there any external formalities? Are there any more permission ought to be taken? Well, these questions are common when you have less or no idea about the laws and regulations in Dubai, UAE. Our article is here to help you wash away all your doubts. Keep reading to know more.
Let us break this after-incorporation process down step-by-step
Post-Incorporation Compliances in Dubai
1.Obtain a Business License
Although a business license application form is filled during the incorporation process, the government will issue a license after the business is registered. Once you get the valid a license, your business is official in the market and you can go ahead with the day-to-day operations.
2.Open a Bank Account
Once all the submitted paperwork has been returned, you will have all the documentation required to open a bank account for your business. The United Arab Emirates is home to many banks, both local and international, including Emirates NBD, Abu Dhabi Commercial Bank, and Commercial Bank of Dubai. Other international banks include HSBC, Citibank, and Barclays. You can choose any of the banks depending upon your requirement.
3.Applying for an Establishment Labor Card
Before you can apply for any employment visa for your employees, you need to apply for an establishment labor card. This card, issued by the Ministry of Labor (MoL), allows a company to hire staff, obtain work permits and apply for visas on behalf of its employees. The card verifies that the company is registered with the Ministry of Labor and has a registration number.
4.Process Your Visa
You can apply for your visa along with staff and dependents. This benefit is available in any of the free zone but the number of applications to be submitted depends on which free zone you choose to set up from. The visa application process – both for you and any relevant dependants – is incredibly straightforward. A Dubai visa application consists of four stages: entry permit, status adjustment, a medical fitness test, then Emirates ID registration and visa stamping.
5.Register Your Employees with Social Security
Social security in the UAE is the old age pension for retired workers and employees. Upon reaching the official retirement age, they are entitled to a pension based on their average salary during the few years of employment and the number of years they have paid a contribution for. Payments for social security in the UAE are usually deducted from gross earnings on a PAYE (pay-as-you-earn) basis. The employer, as well as the government, also contributes a certain percentage of the insured person’s salary to social security.
Once you complete these five steps, you can continue with the company operations without any worry.
You will get information on how to start a business in Dubai or its procedures easily, but, the post-incorporation process is also as important as registering your business. If you require any help in completing the afore-mentioned procedures, we at Business Setup Worldwide are here for you. Our advisors have years of experience in this field and can make any process smooth and hassle-free. Contact us today- we’d be happy to assist you.