Blog Library

GOVERNMENT'S EFFORT TOWARDS SME DEVELOPMENT
The government of Dubai recognizes the importance of SMEs and has implemented several initiatives to support their growth and development

LAUNCH OF DUBAI NEXT
In 2021, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai launched ‘Dubai Next', a government-backed digital crowdfunding platform for entrepreneurs and start-ups. This aimed to propel ambitious innovators from diverse nationalities to secure support and incentives to launch their projects in Dubai.

DUBAI ECONOMIC AGENDA (D33)
The government also introduced the Dubai Economic Agenda (D33), a comprehensive strategy aimed to double the size of Dubai's economy and consolidate its position among the top three global cities. The prime focus is on key areas such as small and medium-sized enterprises (SMEs), innovation, and investment. Among the 10 transformational projects for this decade, the government aims to develop a Small and Medium Enterprises scale-up program by identifying 400 high-potential companies, supporting their capacity building, and supporting them to grow globally.

Its aim is not just to increase the number of SMEs, but also to nurture these businesses to build success stories. This further reinforces the fundamental role of SMEs in economic development, maintaining UAE's position as a model for youth empowerment.

CREATION OF FREE ZONES
One of the most successful drivers of Dubai's transformation is the creation of Free Zones. These Free Zones help promote UAE's expanded economic growth and are integral to the country's diversification strategy. Each Free Zone focuses on a different theme or industry cluster allowing businesses to find an area that offers the right support and infrastructure that caters to their unique business requirements.

FREE ZONE COMMUNITY
IFZA Dubai is the most dynamic and truly international Free Zone Community in the UAE, optimizing the country's strategic location and world-class infrastructure. It differentiates itself through its multi-national approach providing personalized business establishment solutions through its network of Professional Partners. IFZA provides fast and efficient company establishment and access to global markets.

Businesses incorporated at IFZA can enjoy the following benefits:

• 100% FOREIGN OWNERSHIP
• 100% REPATRIATION OF CAPITAL AND PROFITS
• TAX-FREE IMPORT AND EXPORT OF GOODS IN AND OUT OF THE FREE ZONE
• 100% TAX EXEMPTION (EXCEPT 5% VAT)
• INCORPORATION OF FZCOS OR THE REGISTRATION OF BRANCH OFFICES
• NO PAID-UP SHARE CAPITAL REQUIRED
• ALL PROCESSES CAN BE EXECUTED REMOTELY (EXCEPT MEDICAL TEST AND EMIRATES ID BIOMETRICS)
• SUPPORT BEYOND COMPANY FORMATION THROUGH THE IFZA ECOSYSTEM

Walking in line with the vision of the Ruler of Dubai His Highness Sheikh Mohammed Bin Rashid Al Maktoum, IFZA exists to bridge international investors to Dubai and to contribute to its economic prosperity by offering world-class benefits that would serve the local and global community.

 

Steps to Open a Small Business in Dubai

Decide on Free Zone or Mainland Setup
The first step is to decide whether to set up your business in a Free Zone or on the Mainland. Consider the advantages of both options, such as the business support, financial incentives, and license types available. The decision you make will depend on the nature of your business.

Apply For a Business License in Dubai
To operate a business in Dubai, one of the initial steps is to apply for a license. The UAE government issues various types of licenses, including commercial, industrial, and professional licenses, among others that are specific to certain activities

Choose a Company Name
Choosing a company name is a crucial step in the process of establishing a UAE business. The name must follow a set of naming conventions and avoid any offensive or blasphemous language, as well as the names of well-known organizations. Ensure that your chosen name is available to register.

Submit Your License
The final step is submitting your business license application. If you are setting up on the mainland, you can apply directly to the Department of Economy and Tourism (DET). If you have chosen a Free Zone setup, you can apply directly to the Free Zone. Make sure to provide all the required documents and proof of payment for the charge for obtaining a trade license

Apply For Visa
This final step consists of four stages, including a medical test — but it shouldn't take more than a week.

Dubai has opened the doors of opportunities to international businesses, if you want to be a part this movement, contact a member of the global network of IFZA Professional Partners today. With thousands of business activities to choose from, IFZA offers the flexibility to build your business the way you want it. Our international network of Professional Partners ensures easy navigation at every step of your IFZA License application. Get in touch: Your International Free Zone Authority of Choice | IFZA Dubai