Business Setup In Dubai Dragon Mart Free Zone
Business Formation in Dubai Dragon Mart
The Dragon Mart or Dubai China Town is the home of Chinese products in the United Arab Emirates (UAE). It gives the traders of Chinese goods a platform wherein they can market within the Middle East and North African markets.
This Dubai free zone authority has been growing fast as business setup in Dubai Dragon Mart keeps on increasing. This has been considered now as the largest Chinese trading hub outside China. It’s now home to 4,000 mostly Chinese-owned shops with a lot of goods to offer. There are various sectors and industries in Dragon Mart making it a huge hub for businesses.
Business setup in Dubai Dragon Mart, which is quite the same as the other business setup in Dubai free zones, is processed through Dragon Mart’s own way of dealing with this kind of matter. To ensure that everything goes to plan and everything is properly done, the investors are expected to adhere to their procedures for the business setup in UAE free zones.
Some people might think that business setup in Dubai is a simple matter that should be taken lightly. But it comes with it some intricacies when not dealt properly. This is why business setup consultants in Dubai are available to help. They are the ones who have made almost all business setup in Dubai free zones to be found with success. So, since they are knowledgeable about this field, they should be the ones that investors need to get in contact with.
The advices that company formation consultants in Dubai can provide will be helpful for your decision-making. To be able to have a documentation on how much you would need to prepare for your first step in establishing a business, the consultans can give you the estimated Dubai freezone company setup cost and Dubai free zone license cost. With this, you can make a forecast on the amount that your company would have to incur in the first half or year of the company’s operation and when it could be gained back as per your study. Moreover, to add to a detailed report, they can also provide the estimation for Dubai free zone company registration fees to closely figure out the amount you should prepare.
Business consultants in Dubai, however, do not only answer your questions on Dubai free zone company formation cost or documents required for trade license renewal in Dubai (in case you need this document for your future purposes). They are available for you to not be too burdened with your plan to have a business setup in Dubai free zones. They will be responsible for taking care of everything.
Because of this, it is important to choose the right team for you since the success of your business formation in Dubai Dragon Mart Free zone lies in their hands.
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Following industries you can setup in Dubai Dragon Mart
We covers all the following industries, even if your industry not in list you can consult with us we can help you setup.
Benefits of Business Setup in Dubai Dragon Mart
UAE and Dubai freezone companies are relatively rising in number. It shows that a lot of investors are finding the UAE to be one of the best locations to invest in or expand their organizations in. More and more business owners tend to open a company in Dubai free zone.
For businessmen who are planning to be part of a huge trading hub for Chinese goods, Dubai Dragon Mart is a perfect place because it is the second biggest in the world outside China.
Dubai freezone companies located at DDM are benefiting from the solutions, facilities, and amenities that are being offered by this zone. They are also enjoying the Dubai free zone benefits that are listed below.
- No import duties
- 100% repatriation of profit and capital
- World-class business facilities and warehouses
- Access to air, water, and land routes
- Access to Middle East and North African markets
Business Setup Requirements & Procedure
Requirements for Setting up a Company in Dubai Dragon Mart
- Passport copies of the shareholders
- Passport copies and CV (resume) of the manager
- Personal information sheet of each shareholder and manager (template will be forwarded by Farhat Office & Co.)
- Proof of trade name reservation (part of the process—task of Farhat Office & Co.)
- Proof of initial approval for the activities (part of the process— task of Farhat Office & Co.
- Notarized Memorandum of Association (MOA), Article of Association (AOA) (Farhat Office & Co. will draft it for you and will assist you in order to get them notarized by a local notary public); in case the shareholders cannot appear in front of the local notary, they can appoint us (Farhat Office & Co.) as a legal representative so that we will be able to act on their behalf
- Notarized and attested Power of Attorney appointing Farhat Office & Co. as your legal representative so that they can act on your behalf/on behalf of the shareholders (template will be forwarded by Farhat Office & Co).
- Lease agreement (a document) showing a physical address for your new business—Having a physical address is mandatory for onshore business in the UAE. The minimum space required is 550 sq. ft. (around 60 sq. m). Your registration agent Farhat Office & Co. can assist you while searching for your physical address. Clients should not enter into any lease contract before we get the initially required approvals.
- Capital—we suggest a minimum authorized capital of AED 150,000 (USD 41,000 approximately). The capital structure is as follows: 51% to be registered for the name of the local citizen “partner” and 49% to be registered with the foreign partners. This formula can be changed by the Ministry of Economy upon the request of the investors, and the Ministry will look into the matter. The Ministry will assess and evaluate, and they will agree in case the business/the project will add material value to the state/country’s economy. Depositing/paying the authorized capital is not mandatory in most cases.
Additional Requirement Applicable to Corporate Shareholders (Legal Person)
- Board resolution to be resolute by the board of directors of your existing company/entity at the place of origin, expressing their intent for establishing a new setup abroad—it must be attested by the UAE Embassy (template will be forwarded by Farhat Office & Co.).
- Certificate of registration or business license or certificate of incorporation of your existing company/entity at the place of origin—it must be attested by the UAE Embassy.
- Memorandum of Association (MOA) of your existing company/entity at the place of origin—it must be attested by the UAE Embassy.
- Article of Association (AOA) (if any) of your existing company/entity at the place of origin—it must be attested and notarized by the UAE Embassy.
- There are cases that a concerned party may require documents and other requirements
- In some business activities, such as health care, law firm, education training, transportation, construction and contracting, engineering consulting, etc., no objection and permission will be required as mandatory requirements. If your business requires such pre-approvals and/or permissions, there will be an additional cost and additional professional fee for Farhat Office & Co.
The procedure of processing your business setup in Dragon Mart will range from 2 to 4 weeks.
Support Services Offered in Dubai Dragon Mart
FAR Consulting Middle East is one of the leading consulting companies in Dubai that deal with corporate business services Dubai. We assist people who have questions on how to open a business in Dubai.
We can provide the following services when you let us handle your affairs when it comes to company setup in Dubai:
- Applying and following up on behalf of the client until the collection of the Certificate of Business Registration (Trade License)
- Representing the client in front of the authorities
- Assisting the client in bank account opening
- Assisting the client in account opening with the Ministry of Labour
- Assisting the client in account opening with the UAE immigration
- Assisting the client in leasing a premise as an address for the business
Business Setup Cost in Dubai Dragon Mart
The below table shows the estimated Dubai freezone company setup cost in Dubai Dragon Mart, which also includes the Dubai free zone license cost. If need be, you can contact us for further clarification and information.
Dubai Free Zone Company Formation Cost – Dubai Dragon Mart
Table of Estimated Government Cost and Professional Fees
Trade License Option/Activity Cost in USD Cost in AED Industrial License USD 2,570 AED 9,375 Commercial License Specific Trading USD 2,570 AED 9,375 Oil & Gas USD 3,425 AED 12,500 Real Estate USD 5,135 AED 18,750 Aviation USD 5,135 AED 18,750 General Trading License USD 5,135 AED 18,750 Service License Specific Services USD 2,570 AED 9,375 Oil & Gas USD 3,425 AED 12,500 Freight Forwarding USD 2,910 AED 10,625 Real Estate USD 5,135 AED 18,750 Aviation USD 5,135 AED 18,750 Our Firm’s Professional Fees USD 5,000 AED 18,365