Setting up a consulting firm under the Dubai Mainland structure is ideal for UK entrepreneurs who want to win government contracts or serve clients anywhere in the UAE. Explore the challenges faced and key considerations for a successful relocation.
• Securing an Ejari lease and opening a bank account may require completion of the visa process.
• Visa processing is closely tied to trade license issuance, a critical factor for successful setup.
• Residency requirements impact crucial aspects like accessing services and signing contracts.
• Knowing local banking preferences and common licensing options can streamline the setup process.
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Residency is crucial for tasks like securing an Ejari lease and opening a bank account. It also enables access to services like UAE Pass, VAT registration, and medical insurance.
From name reservation to license issuance, expect a 10-15 working day wait. Visa processing and medical tests can add another 7-10 working days. The setup process involves DED and the UAE Ministry of Human Resources for visa allocation.
Ensure timely completion of notarised agreements, especially those involving a Power of Attorney. Meeting minimum office space requirements and obtaining an Emirates ID post visa approval are essential to avoid delays and access to banking services.
Consider opting for a professional services license under DED, focusing on activities like business consultancy. Quick banking access post visa and Emirates ID submission is possible with banks like Emirates NBD, ADCB, and Wio.
Setup costs typically range from AED 18,000 to AED 25,000, covering license, visa processing, and notary fees. Annual expenses, including corporate sponsorship and renewal, usually fall between AED 12,000 to AED 15,000. Understanding visa allocation and additional visa options is crucial for decision-making.
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