Start a small business Dubai: Ideas & Costs

Dubai may be famous for big business and big buildings, however there’s plenty more here besides. The majority of the emirate’s economy is driven by startups and SMEs, with over 30,000 new businesses launching out here every year.

And there’s more good news if you’re looking to open a small business in Dubai. With the right support, it can be incredibly easily. The company formation process is designed with speed and simplicity in mind, so when you work with a local expert, you can be up and running in no time at all.

In this article, we’ll look at that process, covering the following topics:

• Steps to start a small business in Dubai, UAE
• Cost of starting a small business in Dubai, UAE
• Documents required to start a small business in Dubai, UAE
• Small business ideas that you can start in Dubai with little or no money

Let’s get started.

Steps to start a small business in Dubai

With the help of Meydan Free Zone, you can open a small business in Dubai in just five steps.

1. Select your business activity

The first step is to select your business activity. There are thousands of activities permitted in Dubai. We can help you align your operation to one or more to ensure that you are correctly licensed to trade.

2. Choose a trade name for your business

To comply with Dubai’s business naming rules, your company name must clearly describe what your company does. At the same time, it must not include any terms that could be considered offensive or potentially blasphemous.

Furthermore, your company name must not include any acronyms with your own name either. For example, Ahmad Ali Consulting would be fine, but AA Consulting would not be permitted.

3. Choose your business location

This is a major consideration when starting out in Dubai. There are two common options, free zone or mainland. In many cases, setting up in a free zone is the more convenient and cost-effective option.

Many companies choose to base themselves at Meydan Free Zone because it offers a 0% tax rate and 100% foreign ownership. We can advise you on setting up your free zone company here and provide the support you need to make your business a success.

4. Complete your applications and pay fees

In order to receive your trade license to open a small business in Dubai you will need to complete your application form and obtain a residency visa. At Meydan Free Zone, we can support you throughout both aspects to ensure a simple and fast process.

5. Receive your licence and open a business bank account

Once you receive your trade license, you’ll need a corporate bank account to make and receive payments from clients in the UAE and abroad.

Meydan Pay is our simple digital banking solution for businesses working in our free zone. It gives you an IBAN and digital wallet which comes with all the features you need to start making and receiving payments.

Documents required to start a small business in Dubai, UAE

If you are setting up your business with individual shareholders, you will need to provide the following documentation:

• Passport copy
• Passport size photo (digital)
• Residence visa Copy (if applicable)
• Emirates ID copy (if applicable)

If setting up with corporate shareholders, you will need to provide:

• Certificate of Incorporation
• Certificate of Incumbency or equivalent
• Memorandum of Association
• Board Resolution

Cost of starting a small business in Dubai, UAE

At Meydan Free Zone, you can pick up a license inclusive of three business activities for just AED 12,500. If you wish to include the cost of your visa, this price increases to AED 14,350. For a license package inclusive of six visas, the total cost is AED 23,600.

Small business ideas that you can start in Dubai with little or no money?

• Consulting: If your skills and knowledge are coveted in the business world, consulting can be a fantastic career path. Here in the UAE, there are no formal requirements to work as a consultant. However, you will need to demonstrate that you have the requisite experience. This could be through relevant qualifications or years of experience working in the field.
• Freelance writing: Every business has a story to tell, and they are willing to pay to get it out there. Whether it’s for editorials, articles, blogs, web copy or social media posts, the demand for quality writers is always high here in Dubai. Once again, there is little needed to get this type of company off the ground. If you have the skills, you’re good to go.
• Social media marketing agency: Social media has quickly become an integral part of business strategy. Companies across all industries must have a social presence; opting out is no longer an option. Many businesses, however, do not have the time or skills to manage this operation on their own. So, if you’re socially savvy, you could find a large and demanding audience in Dubai.
• Personal stylist: Dubai’s residents are famed for their sense of style. Add to this a young and largely affluent population and you can see why becoming a personal stylist could be a great career move in this part of the world. Got an eye for a great outfit? Then this is the business for you.
• Photography: Corporate events, sales, marketing, weddings, parties – they are all big business in Dubai, and they all require a photographer. While this one takes a little more equipment than the others on this list, if you already have a camera and an artistic vision, it’s easy to turn your hobby into a career.

Why choose Meydan Free Zone

Meydan Free Zone is a thriving, centrally located economic district with one of the most prestigious business addresses in the region.

We offer our businesses a host of innovative investment and lifestyle benefits in a secure regulated environment that empowers productivity. When you set up here, you’ll benefit from:

A business presence in the heart of Dubai

You’re never far from the hustle and bustle of the city centre at Meydan Free Zone. Just 15 minutes from the Dubai International Airport and mere minutes from Downtown Dubai.

An empowering environment

Setting up your business in Meydan Free Zone gives you exclusive access to a networking community that inspires growth through innovation and collaboration. Dubai is home to countless startups, SMEs, and multinational corporations, making it the perfect city for you to start and grow your business.

A paperless experience

Don’t let red tape hold you back. Our intelligent and intuitive license application kit means you will work with easy-to-use forms that significantly reduce time and effort during the application process. The platform brings together all aspects of compliance and regulation for your businesses (such as UBO, ESR, AML) in a single interface.

Our expert team can assist across all processes involved in business setup in Dubai, from registering your company name to managing your license and visa applications.

To find out more, visit our website, or get in touch with us via?[email protected] or 800FZ1.

If you prefer, you can visit us at Meydan Free Zone Business Centre, Mezzanine Floor, Meydan Hotel, Meydan Rd, Nad Al Sheba 1, Dubai, UAE.