Everything you need to know about setting up a startup in Dubai

The Dubai Chamber of Digital Economy on Thursday announced it has published a comprehensive guide for startups that aims to simplify the process of setting up a business in the city.

The report notes that setting up a startup requires not just ambition but a detailed understanding of a local business ecosystem, familiarity with legal and regulatory frameworks, and an awareness of sectors and the wider economic landscape of a city.

It admitted that establishing a business in Dubai is not without its challenges and that its “intricacies of local laws, administrative procedures and navigating between different sources of information can often confound even the most seasoned entrepreneurs.”

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The report details the steps required to set up a business in various sectors including fintech, AI, cybersecurity, healthtech, edtech and even 3D printing, along with companies that have had success stories in these fields.

Though the setup journey depends on the sector, by and large the steps one must fulfill to set up a company are:

• Identify your business activity
• Know the regulations
• Pick your business structure
• Apply for a trade license plus any additional approval
• Apply for a visa (golden/green/investor)
• Open a bank account

The report notes that opening a bank account has often been identified as a challenge by founders in Dubai, and provides a list of documents that can be provided to strengthen one’s application.

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This includes, but is not limited to, a completed application form describing what your business does, and goods and services you will be trading in; a detailed business plan; examples of similar businesses; research on your market segment; proof of any awards or grants won at a pitch competition; passport and visa copies for business owners; and a CV describing the owner’s professional background and experience.

It also lists startup friendly banks (like Emirates NBD, Mashreq Neobiz and RakBank) plus factors to consider when deciding on one.

It also goes through the three company setup options available (mainland, offshore, free zone).

The guide has a section dedicated to the diverse range of free zones in Dubai, which includes a map of the 28 tax-free business zones.

The guide is titled ‘Building Your Business in a Dynamic City: The Entrepreneur’s Guide to Business Setup in Dubai’ and has been launched by Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers

With Dubai Chamber of Digital Economy gearing up to host this year’s Expand North Star as part of GITEX, the event offers the perfect platform to release the guide, it said in a statement.

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Saeed Al Gergawi, Vice President of Dubai Chamber of Digital Economy, said the launch of the guide “supports our ongoing efforts to attract and assist entrepreneurs in the digital industries to set up in Dubai, in line with the chamber’s drive to achieve the goals of the Dubai Economic Agenda (D33).”