After an investor registers their company in Dubai, what happens next? Is there anything else that needs to be done? These are common questions among newcomers to the country who are unfamiliar with the rules and procedures. The post-incorporation requirements are as follows:
Rent Business Premises: Every business in Dubai is required to have a physical presence. Following the submission of the tenancy agreement, EJARI, and Real Estate Regulation Authority (RERA) documents, the DED grants initial approval during the business registration process.
Open a Business Bank Account: Many banks, both local and international, are located in Dubai. The requirements for opening a bank account in Dubai differ by a bank, but all require the presence of a director and a shareholder.
Apply for an Establishment Card: The Ministry of Labor in Dubai issues an establishment card (MoL). This card allows a company to hire employees, obtain work permits, and apply for visas on their behalf. The card verifies that the business is registered with the Ministry of Labor and has a number.
Visa Application: After receiving the establishment card, employees and dependents can apply for a visa in Dubai. This benefit is available in any of Dubai's free zones, but the number of applications required varies depending on which free zone is chosen.
Register Employees with Social Security: In the United Arab Emirates, social security refers to the old-age pension for retired workers and employees. When a person reaches the official retirement age, they are eligible for a pension. It is calculated using their average salary over their few years of employment as well as the number of years they have contributed.
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