Dubai, being one of the fastest growing cities in the world boasts of having some of the most elaborate works of construction ever seen. Standing hundreds of feet into the sky, these grand projects are very hard to miss as they don the nooks and crannies of the city. Each one of these buildings houses an array of commercial and residential spaces. The large presence of these structures makes facility management a very popular business in the UAE. The facilities management industry in the UAE is estimated to be worth a whopping $6.6bn.
This situation presents unlimited opportunities to entrepreneurs who have the skills and desire to start a facility management company in Dubai. But, like every other business, starting such a business has its own rules.
The very first step is to decide on what to choose as your company name. This should be done while bearing it in mind that the UAE has a few rules guiding the business naming process. Your chosen company name must not contain any offensive or blasphemous language or refer to any popular organization. If the business name has your personal name in it, you must make sure that is without abbreviations of any sort. Also, the name must have been confirmed to be available for registration. However, all of that can be done for you by a company formation expert.
Also, you need to decide whether to set up in a free zone or on the mainland. The mainland offers you the freedom to trade directly with the local market, without need the services of a local agent. It also makes you eligible to bid for government contracts which are most lucrative. The free zone offers you 100% exemption from customs tax and also the ability to repatriate all capital and profit without repercussion. These free zones also have no currency restrictions and zero control on foreign exchange.
To get a facility management license in Dubai, there are a few steps to be taken. The first step is to apply for a trade license. If you plan to set up in a free zone, you should apply to the authority in charge. If you intend to set up on the mainland instead, you should apply to the Dubai Department of Economic Development.
The application process for both cases is quite similar as you’re required to provide some important details and some documentation that includes a filled application form, passport copy of the proposed owner or owners and two color passport size photos. Also, you should apply for visas for all members of staff and family that you intend to sponsor. Finally, you must apply for a corporate bank account. The whole application process can be handled by reputable company formation specialists like Business Incorporation Zone and that allows you time to concentrate on other things.
However, your facility management company may need to be graded by the Real Estate Regulatory Agency (RERA). This helps determine the level of expertise and specialization. The grading eventually determines the kind and magnitude of projects your company is allowed to take on.The total cost of a facility management license varies depending on a few factors, but is estimated to be between AED 22,000 – 24,775 in a free zone like the Fujairah Creative City.
With all that being said, the most important part of the whole process is to ensure that the application is absolutely free from errors as at the time of submission. This is why it is best to work with a company formation specialist such as Business Incorporation Zone for best outcomes.