Advantages of a Professional License in Dubai
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Before you?set up a company in Dubai, you might need approval from the government. These include the type of license, permit, visa, bank account, ETC, to ensure your business activities are legally aligned with accordance to the UAE laws.
For entrepreneurs and business owners who want to set up a service-providing company in Dubai, you must?obtain a professional license in Dubai?from the Department of Economy Development (DED) in Dubai or other Emirates in Dubai.
Planning to start a business in Dubai? Check out these advantages for obtaining a professional license in Dubai.
What is a Professional License in Dubai??
A professional license in Dubai is a license issued for individuals or businesses interested in offering professional services to other individuals or businesses by the Department of Economy Development (DED). This license allows single ownership of the company to professionals to provide services based on their intellectual or creative skills.
Businesses offering activities such as Designing, Security Services, Salons, Consultancy Services, Technical Services, printing and pressing services, and other non-commercial services fall under a professional business license in Dubai and the UAE.
If you're an entrepreneur or a business owner who wants to enter into this emerging market by providing any professional service, the first step is getting a professional licensed in Dubai or any other emirates in the UAE.
There are many benefits associated with this type of business license in Dubai.
Let’s look at some of this benefits below.
?100% Foreign Ownership of your Business
A professional license offers foreign investors in Dubai and the UAE 100% ownership of their company, thus giving them the benefit of being the sole proprietor of their business.
However, you must appoint a UAE national to act as a local service agent to satisfaction with all legal requirements.
Apart from collecting a predetermined yearly fee for his/her service provided, the agent has no further direct involvement with the company's financial and non-financial affairs.
?Cost Effective as Compared to Other Business Licenses
The cost of acquiring a professional license in Dubai can be as low as AED 11,000 (Approx. $3,000). Moreover, this cost is not inclusive of other charges such as service fee, company Stamps, visa application ETC.
To know how much it will cost you the set up a company in Dubai, You can use this free?business setup cost calculator.
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Wide Range of Activities to Choose From
In starting a professional business a Dubai? You have the opportunity to choose from at least three different activities within the same category.?
For example, you can have activities such as Business Consultancy Services, Marketing Consultancy Services, and Project Management Services under one professional license.
A Minimum Share Capital Income
The minimum share capital income for a professional company in Dubai stands at about AED 150,000 (Approx. $40900). This amount is twice as low as the minimum amount required for commercial businesses in Dubai.
?No Additional Income or Corporate Taxes on your Profit
A professional license in Dubai offers you the benefits of having a 0% income or corporate taxes on your business profit.
However, this may apply to some categories of professional services based on the current UAE corporate tax policy in 2023.
?How to Setup a Business in Dubai?
There are many reasons why foreign entrepreneurs and business owners may want to set up a business in Dubai and the UAE. The city is growing at an incredible rate, and it's a hub for international trade. You can take advantage of this by setting up your own business here.
To start a business in Dubai, you will need the assistance of a?professional business consultant?that knows the process and requirements.
Also, you will need to do some paper works.
?Document Required for Company Formation in Dubai.
The process for company formation in Dubai is not as difficult as it may sound. However, it may be time-consuming and can cost you money if not done correctly.
To obtain a professional license in Dubai, you will have to submit the following documents.
?Conclusion
In order to get a professional license in Dubai, you must be an expert in the field you are applying for. You must have either experience, educational qualification, or training and cannot apply without any of this these qualifications.?
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