What to pay attention to after registering a business in Dubai, UAE

Obtaining a business license in the United Arab Emirates is only the first step on the road to success. It is followed by a series of procedures that will ensure the smooth operation of your company and compliance with local legislation. Neglecting these steps can result in fines, suspension of operations, and ultimately, closure of the business. Let's take a closer look at these key stages.

1. Opening a corporate bank account

This step allows you to start full-fledged operations. Choose a bank based on the needs and size of your business. The process of opening an account often requires the provision of the company's founding documents, licenses, shareholders' passports, and other documentation. Be prepared for the banker to request additional information and conduct a thorough check. Choosing the right bank is an investment in the long-term financial well-being of your company.

2. Application for a resident visa

Obtaining a visa for the founder is a pleasant bonus for long-term residence in the country and for the convenience of managing the company. The visa application procedure includes fingerprinting, a medical examination, and obtaining a plastic ID card – Emirates ID. Legalization in the country also gives the right to sponsor relatives.

3. Organization of accounting

Maintaining accurate and timely accounting records is a critical aspect of doing business in the UAE. You can work with a local accountant or a full-service firm, or hire your own specialist. Compliance with requirements in this area helps ensure the transparency of the company's financial activities. Keep in mind that there are local financial reporting standards, so we recommend that you familiarize yourself with the specifics of the legislation and requirements in this area in advance.

4. Registration with the tax authorities

Within three months of receiving your license, you must register with the Federal Tax Authority (FTA). This procedure includes obtaining a tax reference number (TRN) and submitting the necessary documents. Timely registration will help you avoid penalties.

5. Registration with the Ministry of Labor (MOHRE)

If you plan to hire employees, registration with MOHRE is mandatory. This is necessary to obtain visa quotas, register contracts, and issue work visas. Failure to comply with all rules relating to labor relations in the UAE can result in serious fines and damage to the company's reputation.

6. Registration in the Wage Protection System (WPS)

WPS is an electronic payment system that guarantees timely and secure payment of salaries to employees. Registration with WPS is mandatory for all employers in the UAE. This ensures transparency and protects the rights of employees.

7. Continuous compliance with UAE legislation requirements

The UAE's legal framework is always changing. It's important to stay on top of all the changes and updates so your business is always compliant. Keep up with the news, update your company, founder, and employee info on time, and talk to lawyers to avoid any legal issues.

Successful business operations in the UAE require familiarity with local characteristics to ensure that all necessary procedures are followed thoroughly. Professional advice at every stage is an investment that can ensure the long-term success and stability of your company.