Dubai presents many investment opportunities for those wanting to open a company. In the IT industry, many large enterprises have opened subsidiaries in Dubai, but the city also offers plenty of choices for smaller IT companies as well. The incorporation process is quite simple once all the requirements are met.
Before setting up the Dubai IT company, one must obtain a professional license that will allow him/her to engage in business activities. The professional license is issued by the Department of Economic Development (DED) in Dubai. The first step for receiving the license is to hire the services of a local agent who will deal with obtaining the employment visa, the license and any other required documents.
The steps for obtaining the professional license are the name reservation and the approval for the activity to be undertaken with the Department of Economic Development in Dubai. IT companies in Dubai can be registered as professional firms with full foreign ownership or as sole proprietorships.
Civil companies are also allowed when the owner has one or more partners. There is no minimum share capital for civil companies in Dubai, but the amount must be stated in the articles of association of the IT firm.
The documents to be submitted with the Department of Economic Development in Dubai are the following:
- passport copies of the person and his/her partners’ requesting the license.
- proof of payment of the initial approval fee,
- copy of the local partner’s naturalization book,
- a no objection letter for expatriate partners from their sponsors,
- partners in a professional license are required to pay 20,000 Dirhams each as a security deposit; a single investor must pay 10,000 Dirhams,
- the partnership agreement must be signed in front of a notary.
The IT company must have a registered office which is why the owner is also required to add a tenancy contract when applying for the professional license.
Establishing an IT company does not take long and our company formation agents in Dubai can provide you all the details necessary to set up the company. You can contact us for any questions related to business registration in Dubai.