Stating that the IT industry is one of the most valuable industries in the world of today is as good as stating the obvious. The IT services industry is expected to be worth a whopping USD 748bn by the year 2020. This industry grows so fast that it has become an instant attraction for entrepreneurs. Like every other part of the world, the UAE IT market is just as lucrative. At a current estimate of USD 8bn, it is rated to be the most attractive IT market in the MEA region. All these facts provide enough reason for anyone with the right knowledge of the industry to start an IT company in Dubai.
If you’re thinking of starting an IT company in the UAE, there are a few steps to follow in order to get it all right. The very first step is to decide on what to choose as your company name. This should be done while bearing it in mind that the UAE has a few rules guiding the business naming process. Your chosen company name must not contain any offensive or blasphemous language or refer to any popular organization. If the business name has your personal name in it, you must make sure that is without abbreviations of any sort. However, all of that can be done for you by a company formation expert.
When you’re done choosing a name, it becomes necessary to decide on where to setup the business. The available options are the mainland and the free zones. The mainland allows you to trade directly with the UAE market and also affords you the freedom to apply for lucrative government contracts.
On the other hand, the free zones offer you a range of benefits that are just right for a startup. Some of these benefits include 100% customs tax exemption, the freedom to repatriate all invested capital and profits. Also, you get no currency restrictions and foreign exchange controls.
To finalize your startup process, you have to apply for a license. If you opted to establish in any of the free zones, then your application must go to the authority in charge of such zone. If you chose the mainland, then you have to apply to the Dubai Department of Economic Development or its equivalent department around. However, the required documentation for both cases is the same. You are required to provide some documents, including a completed application form, passport copy of the proposed owner or owners and two color passport size photos.
A lot of startup founders choose to establish their companies in the free zones. However, you must ensure that you choose a free zone that perfectly suits your budget. Every one of these free zones have their own merits. The Fujairah Creative City helps get your business moving by assisting with visa applications, document attestation and bank account opening.
The total cost of a facility management license varies depending on a few factors, but is estimated to be between AED 22,000 – 24,775 in a free zone like the Fujairah Creative City. That being said, the most important part of the whole process is to ensure that the application is absolutely free from errors as at the time of submission. This is why it is best to work with a company formation specialist such as Business Incorporation Zone (BIZ) for favorable outcomes. Working with BIZ guarantees you the best business advice and adequate assistance with visa and immigration services and all other government formalities.