Dubai, one of the world’s most vibrant city has mastered itself in business building and has successfully established itself with a multitude of options ranging from job opportunities to company formation. The city provides a number of trade-free zones that provokes working individuals to direct their thought-process towards building their own business, and is a great platform for both startups and established business that motivates the working class to come up with their own dream business. Now, you must be wondering how? Can working employees initiate their own business? Well, the reply to your question is a big ‘YES’.
Let’s See How an Employee Can Start a Business in UAE
UAE has established itself as an investment friendly country globally with its trade free zones that allows foreign nationals to open business. Any company needs to have at least one national member. The nation has got more than 30 free zones that have boosted the economy of UAE and has transformed it into an investment hub.
The big thing for working professionals to initiate the process of setting up their business is, to obtain a No Objection Certificate (NOC) from their current company. Now that turns out to be a complicated process. Most of the companies don’t allow its employees to hold a NOC. To ease out the process, the emirates have got five zones that don’t require a NOC.
The five NOC free zones are:
How to Obtain a NOC to Start a Business in UAE?
An employee who wants to obtain a NOC needs to undergo the following steps:
File a request through Dubai Trade Portal Submit the required documents,
Pay the NOC issuance fee of AED 500Obtain a NOC approval from the Department of Economic Development
Once the NOC has been approved, the document shall be stored in the current company’s record. In case a company doesn’t provide NOC, the client still has a second option of setting up a company on his/her spouse’s name and appoint them as the Managing Director.
Essential Documents for Obtaining a NOC
The documents required to be submitted for getting a NOC from the current company are:
Passport copies of all the partners .
A copy of the company’s name reservation.
Copy of company’s Articles of Association (AOA) and Memorandum of Association (MOA) Bank or cash guarantee of AED 50,000.
Undertaking letter signed by the UAE national partner.
If one successfully obtains a NOC from the current company, he/she has got the flexibility to initiate their business in any part of UAE. If not, one doesn’t need to worry – there still exists free zones that don’t require a NOC.
So, whether an employee possesses a NOC or not is not the question. The real question lies whether one is ready to lead the journey as an investor or not.