If you have successfully set up an offshore company in the United Arab Emirates (UAE), the next step is to activate the company. This process involves obtaining various approvals and permits before you can start doing business.
Here are the steps involved in activating a UAE offshore company:
- Obtain a Medical Certificate – You will need to obtain a medical certificate from a UAE government-approved medical center. This certificate is required to obtain a UAE residency visa, which is necessary to open a bank account and conduct business in the country.
- Apply for a Residency Visa – Once you have your medical certificate, you can apply for a UAE residency visa. You will need to submit your passport, medical certificate, and other required documents to the General Directorate of Residency and Foreigners Affairs (GDRFA).
- Open a Bank Account – You will need to open a bank account in the UAE to conduct business. To do this, you will need to provide the bank with your residency visa, passport, and other required documents.
- Obtain Other Required Approvals – Depending on the nature of your business, you may need to obtain additional approvals or permits from various government agencies. For example, if you are involved in the construction industry, you will need to obtain a construction permit from the Dubai Municipality.
- Set up Your Office – You will need to rent office space for your company and obtain any necessary permits or licenses to operate from that location.
The amount of time required to activate your offshore company in the UAE will depend on a number of factors, such as the complexity of your business and the speed of processing by government agencies. It is recommended to work with a local business setup consultant who can guide you through the process and help expedite approvals. The length of time required to set up initially may also vary depending on the specific requirements of the bank where you open your account and the availability of office space in your desired location.