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Schedule forSchedule forThings to Know Before Starting a Marine Equipment Business in Dubai
- Steps Involved
- Requirements
- Documents
- Conduct a market study to ascertain growth prospects, potential markets, possibilities of extending presence globally, etc. Make a business plan accordingly.
- Define the business activities like trading of safety and life-saving equipment, ship chandleries, marine engines, marine spares, and port equipment.
- Decide the jurisdiction, either in the Dubai Mainland or any of the ideal Free Zones. A mainland business can trade directly with government entities, shipyards, and ports. On the other hand, free zones allow 100% foreign ownership and smooth import, export, and re-export.
- Select a legal structure for the company, register a trade name that abides by the naming regulations, and obtain initial approval. These steps can be completed in about 2-3 business days ideally.
- Rent or lease an office/ flexi-desk and warehouse (if required), depending on the business activities planned. The lease agreement (Ejari) has to be concluded if required.
- Some marine equipment trading business in Dubai requires external approvals. Confirm the requirement and get the necessary approvals from authorities like the Ministry of Energy and Infrastructure, Dubai Maritime City Authority (DMCA), Port Authorities, etc.
- Apply and obtain a marine trade license for the company in Dubai. DET issues a trade license for the company in the Dubai Mainland. The relevant Free Zone Authority is the authority for issuing a trade license for a business in the free zone.
- Register with the Dubai Customs and obtain the Import Export Code (IEC), which is mandatory for importing marine spare parts, marine equipment, etc.
- The final steps involved, after obtaining the trade license for the marine equipment trade business in Dubai, are opening of a corporate bank account, a visa and labour card, insurance (as required), and VAT registration (if applicable).
- Documents stated by the authority
- Foreign documents must be attested and notarized
- External approvals as required
- Customs registration
- Visa for the owner and the employees
- Initial approval
- Trade name reservation certificate
- Passport copy of owner (s)
- Visa copy (for UAE residents)
- Emirates ID (if applicable)
- Memorandum of Association
- Articles of Association
- Proof of address
- Office space lease agreement
- Warehouse lease agreement (if applicable)
- External approvals (as required)
- Completed trade name application
- Business plan
- Fund source declaration
- Power of Attorney (if applicable)
Schedule forSchedule forKhawajaasif Shehzad
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I engaged with Kiltons, I have been consistently impressed with their commitment to customer satisfaction. The staff members have been not only knowledgeable and professional but also incredibly attentive to my needs. They have gone above and beyond to ensure that my experience with their services has been seamless and enjoyable.... true business consultant.
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