Opening a business in Dubai is a good chance that can attract Russian citizens. It is rightly said that Dubai’s strategic location and business growth policies create a fertile ground for Russians in Dubai seeking their business ventures.
It has a solid economy, giant skyscrapers, and a huge population, necessitating new and innovative product and service solutions. This makes Dubai one of the best places to start up any business.
Another way to establish a business in Dubai is through mainland companies. One of the great things about a company on the Mainland is that with it, you can conduct business anywhere in Dubai and the rest of the UAE.
This is win win situation! because you can get more customers with your product or service. However, if the business is a mainland company, you might need a local partner with a 51% stake.
Of course, being compelled to share may be problematic, but having a local partner may be pretty beneficial here. They can assist and provide information on how the local market functions.
That’s why It is the best company setup in Dubai for Russians to start and achieve their businesses in Dubai. Therefore, if you ever considered becoming an entrepreneur, Dubai may be the place to go.
Let’s dive deep into the business setup Russian investors in Dubai.
How Can a Russian Investor Start a Company in Dubai?
Launching a business can be a captivating investment, particularly for Russians in Dubai with a business vision. Dubai is a country that offers many opportunities to do business and develop.
It has new architecture, a developed and growing economy, and numerous consumers who seek new and enticing offers. Let me explain the easiest business setup in Dubai for Russian investors to start a company in Dubai.
Step 1: Choose Your Business Activity
This is what is known as your business activity. It could be as simple as clothing, starting a restaurant, or providing any service such as washing or mending. The next steps depend on the type of business activity you have selected.
Step 2: Select the Right Company Type
Establishing a company to incorporate differs depending on the country; therefore, you will find the following types of companies in Dubai. The two main categories for trading in Dubai are Free Zone and Mainland companies.
Free Zone Company:
You can also fully own your business in a free zone. This implies that one does not require a local partner, an element that simplifies business establishment. Free Zones for each region have policies and incentives; therefore, the candidate can select the most appropriate Free Zone for the business.
Also read: Which is the cheapest free zone in UAE
Mainland Company:
A licensed company from the Mainland enables you to conduct business across Dubai and the whole of the UAE. This means the reach is extended, enabling one to cover more customers.
However, you may require a local partner in case the company is from the Mainland and has a 51% stake in the business. A local partner can serve as your market analyst and provide many suggestions.
Step 3: Choose a Company Name
Selecting the name of the company is a unique step. The company name should be distinct like Nam Corporate business setup in UAE. Further, the company should choose the name depending on the type of business it is undertaking.
Step 4: Apply for a Business License for Russians in Dubai
Every company needs permission, and the business license of Dubai grants several types of licenses that you want based on the type of business activity you are planning to launch:
The business licenses can also be of different categories according to the kind of business they possess, and these are the commercial, industrial, and professional licenses.
This may be with consideration to an application for a license from the DED in the case of the companies on the mainland or at the Free Zone Authority in the case of companies in the Free Zone.
Read our best article: The Ultimate Guide of Mainland License Dubai
Step 5: Get Your Approvals and Paperwork Done
Finally, after applying for your business, you require all permits. This may refer to approvals from different ministries depending on the business activity of a particular firm. You will also need to bring copies of your passport, your business plan, and proof of your registered address.
Step 6: Find a Place for Your Business
You will need to secure a business space for your physical operation. This could be an office, a shop, or a warehouse, depending on your business’s needs in relation to the property. If it is in a Free Zone, they will usually offer you an office space where you can set up. A Mainland Company can rent its own space anywhere in Dubai.
Step 7: Open a Bank Account
You should get a business bank account after securing all the necessary permissions and providing the necessary documents. This is important in handling your financial needs and undertaking financial transactions. Dubai has many local and international banks from which you can choose when opening your trading account.
Step 8: Start Your Business
After getting your business license, location, bank account, or employee(s), you can start your business in Dubai. To get clients, advertise your business, and do all you can to ensure its success.
Documents Needed to Start a Business Setup for Russians in Dubai
Dubai is an excellent place to start a business, but one needs some important papers.
Passport Copy:
Photocopy of your passport, which should be clean or not blurred.
Visa Copy:
A copy of a visa that also shows how long one is allowed to stay in Dubai.
Passport-Sized Photos:
Recent photos of you, such as the last two or three you posted on your page.
Business Plan:
Briefly describe what your business will offer consumers and the public.
No Objection Certificate (NOC):
A letter (NOC) from your current employer stating that they are not opposed to you running a business.
Trade Name Approval:
An official receipt from the Dubai Department of Economic Development showing your business name was approved.
Initial Approval Certificate:
This is the first approval from DED, which will be a paper allowing you to begin your line of business.
Lease Agreement:
An invoice as evidence of renting a place for your business.
Why Dubai is Best for Russians to Start a New Business?
The UAE government fosters a supportive environment for entrepreneurs Russians in Dubai. Here are some simple reasons why:
Strong Economy:
Dubai’s economic position is very cordial and emerging to be even better. This means there are many opportunities for business persons to make wealth and are, hence, success-oriented.
No Taxes:
This can be because, in many Free Zones, it is possible for firms not to be accountable for taxes. It further allows you to cut costs and expand your business much quicker.
Full Ownership:
Another fantastic incentive within the Free Zones is that you do not have to share your business with anyone; you can own it entirely.
Modern Infrastructure:
I have found that Dubai is a city with ultra-modern architecture, comprising towering buildings, well-developed roads, and facilities.
Safety:
Dubai’s unique qualities include its safe city with low crime rates, which make it a perfect place to find a home, do business, and carry out one’s operations.
Supportive Government:
The government of Dubai supports business, making it easy to begin and operate a business. The assistance they provide to start-ups makes it easier for them to accommodate new businesses.
High Quality of Life:
Dubai also offers ample job opportunities, good schools, well-equipped hospitals, and great entertainment facilities. These make it a great place to live while fixing the business and still being able to provide for one’s family needs.
These reasons make Dubai, thrilling among other emirates, the hub for Russians who want to start a new business and achieve success.
Final words
Starting a new business in Dubai would be ideal for the Russian people because there would be no taxation in the Free Zone, and more importantly, there would be full foreign ownership of the businesses in this country. It also helps that the city is contemporary, well-protected, and a global city to get to numerous clients.
Compared to many countries, Russia is Seeking better opportunities to succeed, UAE streamlined business setup makes it an attractive option for Russians in Dubai to do business ventures.
Nam Corporate provides top Business Setup Services in Dubai, UAE ultimately helps owners in building strong foundation of their businesses. Furthermore, our team of experts is always ready to help you out with all the necessary requirements in setting up your businesses in UAE.
FAQs About Business setup in Dubai for Russians
Why is Dubai the best place to start a business?
It has a sound economy, no taxes in FTZs, total foreign ownership allowed, state-of-the-art facilities, and a secure business climate. Business development: It is a good place to expand your company.
Is it necessary to have a local partner to start a business in Dubai?
There is no restriction on the requirement of having a local partner, as illustrated in Free Zones. For mainland companies, you may require a local collaborator with a controlling stake in the venture and 51% shareholding.
Is it safe for a business startup for Russians in Dubai?
Dubai is relatively safe, with few crimes, which makes it convenient to establish and operate a business.
Which type of business can I start in Dubai if I am a Russian?
One can open different ventures, for instance, selling products, providing services, or starting a food establishment. Choose the business activity you are least willing to do and the area you consider most skilled in.
