Earlier in March, I made a decision to quit my job and the following day I submitted my resignation with no clear plan in hand.
Four months later, I am now running my own startup consultancy. I have always wanted to be my own boss and often fantasized about building a sustainable business. Anyone who knew me would have heard my 100+ business ideas that I come up with, almost on a daily basis, so when the time came and I felt confident enough to take that leap of faith – I took the plunge.
I will be sharing my journey with you on an on-going basis, the highs and lows, the ups and downs, and the lessons I learn along the way as I fulfill my dream of building my own business and, more importantly, being in control of my life.
The first step in launching a business in the UAE is registering. Registering a company in the UAE can often be daunting, demanding and overwhelming, given the wide options available and all the different requirements. Will you register onshore or offshore through one of the 30 existing Free Zone areas?
While there are great companies who specialize in getting you set up, I really wanted to avoid costs as much as possible, so I looked into several options and opted for the RAK Free Trade Zone, mainly because they have straightforward requirements for the type of license I needed and the service they provided.
Once I called their center, they immediately assigned me my own “Business Investment Consultant”, who promptly e-mailed me and called me to arrange for a meeting. Conveniently, they have a business center in Fairmont Towers in Dubai. He explained the process and we went through the documents there.
A standard procedure across all licensing entities that always had me confused is that you need a bank account to obtain a trade license, but you also needed a license to open a bank account. So this is what I discovered:
- You need to first receive approval on the name of the company.
- You then can start setting up a bank account (which in my case was the longest procedure in setting up the company). After few weeks of filling KYC “Know Your Client” documents, I finally received approval to open my business bank account.
- I then had to take the bank account approval letter from the bank (which I had to request and was not issued automatically) and send it to RAK FREE Zone offices.
- A few days later my trade license was issued.
- I then took the trade license to the bank to activate the account.
If you would like to share your experience in setting up your company and help aspiring entrepreneurs and new startups, I would be happy to cover your story. Get in touch at raboura@gmail.com.
Until next time!
WE SAID THIS: Check out The Smart Way to Start Your Own Business: Time Management Is Key.