How to start a renewable energy business in Dubai?
Do you know that the future of energy is renewables? UAE being the business hub of the world is ready for renewable energy companies. Entrepreneurs are in a rush to start the business to upgrade the energy supply techniques.
Simple steps on how to set up a renewable energy business in UAE
Doing renewable energy business in UAE is highly profitable. Even though it seems to be a tedious process you can seek help from the best business setup consultants to make it easy for you. Now let’s see what we have to do to set up the business.
Choose and understand the legal form of business and ownership
To start a business in Dubai, you will have to face certain rules and regulations. You need a certain level of local ownership for you to freely register for an energy company.
Choosing a trading name
While choosing a trading name, avoid using the names that are already used. Don’t use any form of vulgar or bad words when choosing the name. Also using words that have religious references is not preferred. If you like to register your name under yourself then use the full name instead of abbreviations.
Choosing an office
Choose a location that is apt for your business. Please make sure to follow all the rules and regulations set by the UAE government. To operate well and register the business, you need a physical location that fits your budget.
Incorporate DED or The Department of Economic Development is the one that helps you incorporate.
Apply for a trade licence
The next step is to apply for a trade license and without it, nothing can happen in the business world. It is the standard thing to do when we think about establishing a business.
Yet another important step for a company setup Dubai, is to get approvals from prestigious authorities. This mainly includes getting approvals on power generation licenses.
Registration of the labours
It is important to take care of the laborers and their registration process. So you should be completely dedicated to registering with the Labour and immigration department.
Opening a Bank account
Last but not least, you should open a business bank account for the smooth running of the business. It’s always good to open a new bank account for your business to separate personal finances from business finances. The mixing up of the finances can bring you a lot of trouble.
The documents for an energy sector company
Documents for the energy sector company are almost the same as what you need for other companies but there are certain licenses you need and cant be obtained as simple as that.
Even if you try, there are chances you might miss a document or two. This lags your initial planning of the business and can even disrupt the budget you were planning on. This can seriously affect your business and cause lag for months to years. So we recommend you work with experts to guide you throughout the tedious process and so you won’t miss a thing for the business setup.
Things to understand while setting up the renewable energy business in Dubai
It is an easy process to set up the business with the help of the UAE business environment. You should have a commercial license with you to start the business. With the license, you can either begin the business on a mainland or in free zones.
If you want your company on the mainland then you can directly approach the Department of Economic Development for application online. It only takes you 90 minutes to get done with the job. Only if you are eligible along and are presenting all the applications.
If you are looking for a permanent place then it is okay but you don’t need office space to start a company for renewable energy businesses. You can work remotely and most people love to work in a flexible environment in free zone areas. In most of these areas, you can get Flexi desk packages. These packages include all the necessary office items like desk space, meeting room hire, and other office equipment. It’s a great option for the long run of business.
Set up with multiple shareholders
Usually, people take care of the business alone but there is also a chance of setting up your renewable business with multiple shareholders. These shareholders may be individuals or corporate entities. Sometimes a combination of two.
Accessibility to multiple visas
If you aim for big business then you can apply for multiple visas. If the business is not small you may apply for visas for the employees apart from yourself. One thing to note is the limit of the number of visas you can apply for because in the free zone it’s connected with the size of your premises if you have one. On the other hand, there is no maximum cap but it also depends upon the size of the premises. The rule goes like this that one via is provided for 100 sq ft of office space.
To be honest, it’s just easy to apply or get access to visas for your employees. Not only that, you can sponsor the visas through you. Do you need a visa for your spouse, kids or domestic staff? You can easily get your hands over it. Only that you have to provide them with an entry permit, status adjustment, a medical fitness test, then Emirates ID registration and visa stamping. We recommend you to approach business setup consultants in Dubai who are experts in setting up a business. They can guide you through the visa application and the sponsoring. They make the process even more hassle-free and which is why people choose them for business guidance.
Arranging the corporate bank account
Do you have a license in your hand to trade in the UAE? Then let’s move on with opening a corporate bank account. The process is extremely simple as you have the necessary documents.
Staff from the free zone guides you to the best bank and also does things like arranges meetings. A company creation professional can also help you with many things. You can confidently approach them to contact a local or foreign bank or go ahead if you prefer to do it yourself.
UAE aims to create half of the country’s energy through renewable resources by 2050 and hence the government is working hard to invest an amount of $ 163 million for renewable energy business alone. So UAE is a promising place for business aspirants of this kind