Russian company owners and investors can either set up an LLC on the Dubai mainland or establish a Free Zone Company in any of Dubai’s Free Trade Zones. The process of Business setup in Dubai for Russians is not as difficult as you think. You'll see about that in this article. However, with dedicated Business Setup services in UAE, BMS Auditing can guide you through the complete company formation process in Dubai even if you are a Russian.
In the present scenario, where a geo-political situation prevails in Russia, most companies fail to operate their daily business in a flawless manner. Dubai is an ideal business center for Russian investors to easily start a business. These investors can continue their business operations without obstacles.
Russian entrepreneurs and investors have two main options in Dubai. First, open a limited liability company on the mainland of Dubai. Second, set up an establishment in Free Trade Zones in Dubai.
Why Russians should choose Dubai to Set Up a Company?
Dubai has over 20 Free Trade Zones where Russian investors could choose their desired business activities and start a company. Dubai is an ideal business hub to establish global trade. The city is one of the safest places to live, work and settle.
Dubai owns a well-established framework with a strong government, e-governance, an efficient network of banks, and a dynamic business environment. The arab currency, Dirham is converted to US Dollars, thus maintaining a stable position in the financial markets.
How can a Russian Investor start a Company in Dubai
Russians can establish a Free Zone Establishment or Free Zone Company in Dubai's Free Trade Zones, depending on the number of shareholders on the company's board of directors. The choice of business activities should be made based on the nature of the intended business operations.
A Russian investor can start a company in Dubai by following these steps:
- Choose a business activity: Select the type of business activity you want to start in Dubai. Ensure that the activity is in line with the regulations and laws of Dubai.
- Select a business structure: Decide on the type of business structure you want to form, such as a limited liability company (LLC) or a free zone company.
- Obtain trade license: Apply for a trade license from the Department of Economic Development (DED) in Dubai or from a Dubai-free zone authority.
- Register the company: Complete the company registration process with the relevant authority. This will involve providing necessary documentation, such as passport copies and proof of residency.
- Obtain visas: Apply for visas for any foreign employees and for yourself, if you plan to reside in Dubai.
- Rent office space: Rent office space in Dubai, either in the mainland or in a free zone, depending on the type of business you are starting.
- Open a bank account: Open a bank account in Dubai for your company.
- Comply with regulations: Ensure that with all the relevant regulations and laws in Dubai, such as obtaining necessary permits and licenses, paying taxes, and following labor laws.
It is advisable to seek the assistance of a local legal advisor or a business setup service provider to guide you through the process and ensure that everything is done correctly.
Can a Russian start a Company on UAE Mainland?
Yes, Russians can start a business in the UAE mainland, however, they may need to partner with a UAE national or a company fully owned by UAE nationals in order to comply with the country's foreign ownership restrictions. They can also choose to set up a representative office or branch of their foreign company. It is recommended to consult with a local business setup specialist to understand the legal requirements and procedures involved.
The procedure to open a company in Dubai for Russian investors is definite. It is performed with the help of an expert business consultant. A Russian investor can remotely open a company in Dubai through the business consultants at BMS. We can guide Russian investors through the entire company formation process in Dubai, UAE.
Businesses in Russia can also form a Branch of the parent company or start a new company on the mainland, continuing the business operation without barriers.
There are various choices for Russian investors for the company formation in Dubai. The Free Zones of Dubai enable complete ownership, access to a broad range of business services, world-class facilities, and easy business set-up, along with a UAE Residence Visa for investors.
Company Formation in UAE for Russians
Dubai has vast business opportunities in store for foreign investors to set up their businesses of any kind. The city has extensive opportunities that ensure the constant development of trade and business in the region. Besides, Dubai has economic diversity that resulted in less than 1% oil production.
Dubai has enhanced the pace of development and strong economic growth. Dubai issued over 45000 new business licenses at the beginning of 2022, which was notably higher than the ones issued during 2021, i.e, 35600, showing an increase of 25% in the company registration. The key factor for the growth is the business-friendly policies introduced by the government, tax systems, and the framework.
Company Registration Process in Dubai
To start a company in Dubai, Russian investors should follow a set of guidelines on the company registration process:
- Deciding on the legal framework
- Choosing and retaining the trade name
- Business license application
- Deciding on the authority or the location
- Obtaining office space
- Obtaining a proper business license from the corresponding authorities
- Opening a corporate bank account in the company’s name
Documents Required For Company Registration
- Application form to reserve the name and license approval
- A well-designed business plan
- Copy of the registration certificate/ trade license (for existing company)
- Audited financial reports of the corporate entity from the last 2 years and board resolution
- Corporate documents of the shareholder
- Colored Passport copies of the company’s shareholders as well as the appointed director/ managers of the new company
- Sample signature of the shareholders and of the director/ managers of the new company
- Details of the business activities
- NOC from the local sponsor
- Form related to registry identification for Director/Manager (Original as well as notarized)
- 3 options for company name
- Visa page
- Passport copy
- Passport size photographs
The Freelancers should submit the following documents:
- Completed application form
- Curriculum Vitae (CV) of the freelancer
- Reference letter from the bank
- Original and notarized RIC
For Registration of the company
Once they obtain the initial approval, the next is the payment of the registration fee and license fee. The fee is based on the commercial activity and the required license type. Hence, they should submit these documents:
- Completely filled application form for registration
- Capital information details
Business Setup Services in Dubai
BMS Auditing Dubai offers comprehensive business setup services in Dubai, UAE to help entrepreneurs and businesses establish a strong foundation for success. Our team of experts will guide you through the entire process of setting up your business, from selecting the right legal structure to obtaining necessary licenses and permits, and more.
BMS has highly qualified and experienced business consultants who assist foreign investors with the company registration process. With our comprehensive and tailored services, you can focus on what matters most - growing your business. Trust BMS Auditing to handle the rest. Contact us today to learn more about our business setup services and start your journey to success.
Looking for assistance to start a company in Dubai? Call BMS for queries.
