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Start your business in Dubai Word Trade Centre (DWTC) with these easy steps

Start your business in Dubai Word Trade Centre (DWTC) with these easy steps

Located in the heart of Dubai, World Trade Centre (popularly known as ‘DWTC’) is a prominent free zone of the Emirate offering endless opportunities for prospective investors. Since it is surrounded by world-class exhibitions, conferences, etc., setting up a company there will give you a perfect platform to enjoy special access to the latest technology and innovation. The companies will have access to domestic and international markets along with world-class infrastructure, 0% income tax, and complete foreign ownership.

However, it has largely been observed that people are not aware of how to start a business in DWTC. Thus, to clear all the ambiguity, our best lawyers of Dubai are going to discuss the business setup procedure in this ongoing article.

For company formation, it is essential to follow some steps, which are discussed below

  1. Register a trade name

For company formation in DWTC, the first step is to choose a trade name for the company to distinguish it from other business entities. The name of the company is registered with the Economic Department of the Emirates. For deciding the name, you can take the help of company formation lawyers and company formation law firms that have specialized expertise in the area.

However, it is suggested by top lawyers of Dubai to keep in mind some restrictions while choosing the name of the company. The name shouldn’t be offensive; the words referring to Allah, religious groups, political groups, etc should be strictly avoided. Further, the name shouldn’t be identical or resemble any existing company.

  1. Take initial approval

For proceeding ahead in company formation in DWTC, it is essential to take the approval of the government so that it doesn’t have any problem with the setting up of a professional company.

The top lawyers of Dubai have suggested that for a foreign investor, it is essential to obtain the approval of the General Directorate of Residency and Foreigners.

  1. Memorandum of Association (MOA) and local service agent

The MOA is the constitution of the company containing all the essential information about its objective, functioning, share capital, etc. For drafting MOA, you should approach the best company formation lawyers. It is also essential to appoint a local service agent. While drafting the agreement, it is essential to comply with all the applicable legal requirements. The MOA must be attested through a notarized public or the court.

  1. Submit documents and get a business license

The last step in the company formation in DWTC is getting the trade license from the Economic department.  For getting a license, the following documents should be submitted before the department-

  • Receipt of the initial approval from the government;
  • Copy of the lease contract duly attested by the Real Estate Regulatory Agency (RERA) in Dubai;
  • Attested Memorandum of Association and Service Agent Contract.

You need to make a payment within 30 days of receiving the payment voucher to get the license. In case of failure, your application may be cancelled.

Conclusion

The company formation in DWTC is a quick, convenient, and transparent process if you’re as well-versed with the process. BSB Legal is the best law firm of Dubai with top lawyers engaging in company formation, drafting documents, and obtaining necessary approvals.

BSB legal is a specialized company formation law firm of Dubai. Our best lawyers will assist you in drafting agreements, obtaining regulatory approvals, and doing other advisory work pertaining to company formation. To know more information, kindly contact one of our best lawyers in UAE. You can email us at info@bsb.legal or call +97150 8014003.

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