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Nestled at the crossroads of the East and the West, Dubai stands as a beacon for entrepreneurs.

It has evolved into a significant economic and commercial hub, attracting businesses seeking development and strategic global positioning.

If you aspire to thrive in a business-friendly environment with cutting-edge infrastructure and avant-garde legal frameworks, this article is for you!

The United Arab Emirates has undeniably become a preferred destination for both startups and multinational corporations.


Who Are We?

Euro-Accounting, operating under the guidance of Shabir Djakiodine from its offices in Paris, Geneva, London, Birmingham, Dublin, and Dubai, is an expert accounting firm offering a diverse range of services to businesses in each of the mentioned countries.


Our firm, deeply rooted in the financial world for several years, excels in its field. Mastering various accounting services, specialized tax advice, and company formation, we distinguish ourselves by providing advanced expertise to our clients in a dynamic European context.


Awards and Recognitions – Shabir Djakiodine Shabir Djakiodine is awarded the title of:


  • Exceptional Entrepreneur of the Year 2023 (Best Business Awards – national level)
  • Entrepreneur of the Year 2023 (Birmingham Awards – regional level)
  • Businessman of the Year 2022 (SME National Business Awards – national level)
  • Entrepreneur of the Year 2022 (CEO Review)


He is a finalist for titles such as:


  • Businessman of the Year 2024 (SME National Business Awards – national level)
  • Global Entrepreneur of the Year 2023 (Great British Entrepreneur Awards – national level)
  • Businessman of the Year 2023 (SME National Business Awards – national level)
  • Birmingham Businessman of the Year 2023 (regional level)


Awards and Recognition – Euro-Accounting Euro-Accounting also receives awards such as:


  • Diversity, Equality, and Inclusion 2023 (Best Business Awards – national level)
  • Best Accounting and Incorporation Services Provider 2023 (Midlands Enterprise Awards – regional) The company reaches the finalist stage in significant categories:
  • International Company of the Year 2023 at the Commonwealth Business Excellence Awards (Commonwealth level)
  • Employer of the Year 2023 at SME National Business Awards (national level)
  • Diversity and Inclusion 2023 with the Federation of Small Businesses (national level)
  • Company of the Year 2022 at SME National Business Awards (national level)
  • Tax Team of the Year 2022 at Accounting Excellence (national level)
  • Employer of the Year 2022 at SME National Business Awards (national level)
  • International Company of the Year 2022 at the Federation of Small Businesses (regional level)
  • Best Organization for Corporate Culture 2022 at the Business Culture Awards (national level)
  • Corporate Culture Team 2022 at the Business Culture Awards (national level)
  • Best Small Organization Under 50 Employees 2022 at the Business Culture Awards (national level)
  • Best Organization for Corporate Culture 2021 at the Business Culture Awards (national level)
  • Best International Organization for Corporate Culture 2021 at the Business Culture Awards (national level)
  • Employer of the Year 2021 with Investors In People (national level)


Why Establish Your Business in Dubai?


Dubai, a member of the United Arab Emirates (UAE), has emerged as a global hub for business and commerce. Its diversified economy spans sectors from oil and gas to financial services, technology, and tourism.


The government of Dubai has implemented business-friendly policies, contributing to steady economic growth. Attractions for foreign investors include:


➢ Strategic Geographic Location: Dubai serves as a gateway between the East and the West, facilitating international trade.


➢ World-Class Infrastructure: Modern infrastructures, well-connected airports, and specialized free zones attract businesses from around the world.


➢ Political and Regulatory Stability: A stable political environment and transparent regulations enhance investor confidence.


➢ Attractive Tax Benefits: Free zones provide significant tax advantages.


➢ Skilled and Diverse Workforce: A multicultural and skilled workforce contributes to productivity and innovation.


➢ Quality of Life: Dubai offers an excellent quality of life with modern infrastructure, recreational facilities, and a safe environment.


Dubai stands out as an exceptionally attractive choice for foreign investors seeking to establish and grow their businesses.


Types of Businesses in the United Arab Emirates


When considering establishing a company in Dubai, careful evaluation of entity options is necessary. Dubai offers three main choices: Free Zone, Mainland, and Offshore. Each option comes with its set of regulations, advantages, and conditions.


Understanding the distinctions between these three entities is essential.


Firstly, the Free Zone:


Creating a company in a Dubai Free Zone involves a structured process. It includes obtaining an operating license, a residence visa in the UAE, and a corporate bank account. This meticulous setup generally takes between one and four weeks. Here are the key steps for a smooth registration process for establishing a company in Dubai:


  1. First, choose the license type based on your activities.
  2. Next, evaluate and select the appropriate Free Zone with professional consultation.
  3. Then, choose the business structure suitable for your objectives.
  4. Propose company names and prepare the required documents.
  5. Once initial approval is obtained, sign the documents with a Free Zone representative.
  6. Additionally, find a commercial property, sign a lease agreement, and obtain the Ejari certificate.
  7. Finally, after approval, payments, and document signing, the operating license and company formation documents in Dubai are issued, marking the end of the process.


Secondly, the Mainland:


Establishing a company in Dubai involves setting up a Mainland company licensed by the Department of Economic Development (DED) in the respective Emirate of the UAE. Mainland companies offer numerous advantages, including 100% ownership, location flexibility, a wide scope of activities, and access to lucrative government contracts.


  1. On one hand, the process involves choosing a commercial activity, selecting an ideal location, determining the legal structure, and obtaining a local sponsor or service agent.
  2. On the other hand, it includes naming the company, applying for a Mainland commercial license, obtaining office space, applying for necessary visas, and establishing a partnership with a business setup consultant.


Thirdly the Offshore Company:


Establishing an offshore company in Dubai is an indispensable choice for businesses seeking tax efficiency, confidentiality, asset protection, and global accessibility. An offshore company is essentially a legal entity operating outside its original jurisdiction, offering a range of advantages.


The process begins with selecting a suitable offshore jurisdiction, each with unique features meeting various business needs.

It’s crucial to choose an appropriate company name for the Dubai company formation, adhering to specific guidelines on legal identity.

This includes incorporating terms like “Limited” or “Ltd” in the company name to signify its offshore nature.


Business Setup Process in Dubai:


  1. Business Type Selection: Determine whether you want an Offshore company, Free-Zone entity, or Mainland business.


  1. Legal Structure Selection: Choose the appropriate legal structure for your company, such as LLC (Limited Liability Company), subsidiary, etc.


  1. Name Reservation: Submit your company name for approval and reservation.


  1. Document Preparation: Gather required documents, including shareholders’ passports, proof of address, etc.


  1. License Application: Submit a commercial license application to the relevant department based on your business type and chosen zone.


  1. Document Signing: Sign necessary legal documents, such as the company’s articles of association and lease agreement.


  1. Visa Acquisition: If needed, apply for visas for shareholders and employees.


  1. Timelines: The process duration varies from a few weeks to several months, depending on the business type and compliance with requirements.


Euro Accounting supports you through these administrative procedures, streamlining the process and ensuring full compliance.


Main Taxes in Dubai:

For individual taxes:

  • No income tax, social charges, or any taxes on individuals in the United Arab Emirates.
  • No tax on income, capital gains, received dividends, or inheritance.

For corporate and professional activities:

  • VAT:

The only applicable tax currently is a 5% VAT, applicable when relevant on invoices issued to the UAE.

  • Corporate Income Tax:

There is a planned introduction of a Corporate Income Tax starting January 2024 (with the first tax declaration due in September 2025) at a rate of 9% if your annual profit exceeds AED 375,000. There is also a tax exemption if the annual turnover is less than AED 3 million until 2026. Received and distributed dividends, as well as realized capital gains, remain untaxed.


  • Customs Duties:

Customs duties for imported goods into the UAE (outside of Free Zones) are at 5%.


Opening a Bank Account for Company Formation in Dubai:


Required Documents:

To open a business bank account in Dubai and the United Arab Emirates, specific documents are essential:

  • A valid commercial license
  • A certificate of incorporation/registration
  • Share certificates
  • Memorandum of Association
  • Articles of Association
  • Copies of passports for shareholders and authorized signatories.


Banks may request additional documents such as contracts, invoices, and reference letters. Due diligence is crucial, as banks need to comply with Know Your Customer (KYC) rules and Anti-Money Laundering (AML) checks.

Impact on Free Zones and Business Types:

Some banks may hesitate to open accounts for companies located in specific jurisdictions or engaging in particular commercial activities.

Adherence to regulations, business facilities, residency, and establishing a relationship with bankers are factors influencing the account approval process.

Here are some examples:


NAMETYPERemote OpeningRequirementsDepositOpening Time
Mashreq Bank Traditional Local BankNoResidence Visa and Emirates ID required + tenancy contract or Ejari (office lease)AED 50 0001 month
Emirates NBDTraditional Local BankNoResidence Visa and Emirates ID required + utility bill in the UAE + leasing a private office for trading licenseAED 200 0001 month
RAK BankTraditional Local BankNoResidence Visa and Emirates ID required + tenancy contract* or Ejari (office lease)AED 25 0003 weeks
Mashreq NeoBizOnline Local Bank – subsidiary of a traditional bankNoResidence Visa and Emirates ID required + utility bill in the UAE or leasing a private officeNo minimum3 weeks
WIOOnline Local BankYesResidence Visa and Emirates ID required + tenancy contract* or Ejari (office lease)No minimum1 week
CurrenXieOnline Foreign BankYesNo specific conditionsNo minimum1 week
PayoneerOnline Foreign BankYesNo specific conditionsNo minimum1 week



Building a Prosperous Company in Dubai

Dubai, strategically positioned at the global crossroads, undoubtedly stands as an enticing hub for entrepreneurs seeking worldwide strategic expansion.

Euro-Accounting, already recognized and awarded in its field, emerges as a key ally by providing tailor-made financial solutions beyond borders. The various entity options, including Free Zones, Mainland, and Offshore companies, demand careful consideration, each accompanied by distinct regulations impacting ownership and operational freedom.

The legal procedures involved in establishing a company in Dubai, ranging from choosing structures to registering trade names, carry paramount significance. Adhering to Dubai’s legal framework ensures sustainable business operations.

In addition to company formation procedures, networking and marketing play vital roles in ensuring business success and longevity. Effective strategies, such as participating in events and leveraging online platforms, serve as catalysts for continuous growth.

In conclusion, creating a company in Dubai is an exciting adventure full of opportunities. With Euro-Accounting’s expertise and strategic planning, entrepreneurs can successfully navigate this dynamic market and pave the way for prosperity in the heart of the Middle East.


Contact Us!



UK Phone Number: +44 (0) 778 986 2405

FR Phone Number: +33 (7) 7 56 91 93 32