Are you a full-time working employee thinking about starting your own business in the UAE? If so, you are not alone. Around 50% of the people residing in the UAE prefer to start a new business with a full-time job that pays a regular salary and benefits in the background. A stable, dependable source of income will give you the confidence in testing the waters with a new business that has a higher likelihood of failure in the first year. According to Google, the world searched for how to start a business more than how to get a job in 2021. The UAE and in particular Dubai as a city is making an immense effort to make it the most favourable place in the world to open a business.
What are the requirements to start a business while you are employed? Well, there are a few options;
Getting a No Objection Letter (NOC) from the current company is the mandatory requirement if you are planning a mainland company setup.
Steps to get a NOC from the working company:
1. File a request visa Dubai Trade Portal
2. Submit the below-mentioned documents
– Copy of passport, company’s name reservation, AOA and MOA
– Bank or cash guarantee of AED 50,000
– Undertaking letter signed by the UAE partner
3. Pay AED 500 as NOC issuance fee
4. Get approval from DED
After the NOC is received you need to save this on the company’s records.
If you are unable to get this NOC, you can still start your business in the UAE either by forming a company on the name of spouse and naming them as Managing Director or you can start with free trade zones that do not require a NOC from employees.
Have any questions on how to start a business while you are employed in the UAE?
Business setup consultants at Decisive Zone with years of experience in helping entrepreneurs to guide through the legal process of business setup in Dubai, UAE. Get your business trade license and professional support for your business setup. Contact us for a free consultation now at +971 4 581 3618 or firstname.lastname@example.org.