How Vietnamese Citizens Can Start a 100% Foreign-Owned Company in Dubai

The best cities to operate their businesses in the world today have included Dubai as one of them, and it has lured highly enterprising individuals deported from all over the world into its borders. In Vietnam, the city attracted its unique winning space of 100% foreign ownership, strategic location, and investor-oriented policies that make company setup very quick and rewarding. 

This guide will cover everything you need to know, from the benefits of owning your business outright to the step-by-step process, required documents, and costs, so that you can confidently launch your company in Dubai.

Why Dubai is Attractive for Vietnamese Entrepreneurs

Dubai is considered the world’s capital for developing business on the basis of its business-friendly policies and infrastructure, with its typical view in technology that renders it a strategic location. For Vietnamese entrepreneurs, this is the major entry point for markets across Asia, Africa, and Europe, opening newer doors for them to grow and expand.

Making it very easy to start a new business or continue with an already-established business has been attributed to a full national ownership option, low taxes, and easy company formation. The international community of expats makes Dubai a better place than many others for starting an international venture, along with the pro-business nature of the government.

Understanding 100% Foreign Ownership in Dubai

Previously, foreign investors had to partner with a local partner holding at least a 51 percent share in mainland Dubai companies. However, various reforms have been made for the entire business environment, allowing foreign nationals, including Vietnamese entrepreneurs, to own their companies in many sectors without needing a local partner. 

This applies to both mainland and free zone businesses, depending on the chosen activity. Ownership of the new business is complete; the expatriate has the right to take home all profits and is free to make independent business decisions, making Dubai an extraordinarily attractive option for foreign investors.

Step-by-Step Guide to Starting Your Company

Getting started with a 100% foreign-owned company in Dubai is easy with knowledge of the processes. If Vietnamese entrepreneurs conduct their affairs according to the steps listed, the time consumed may be minimized, and the establishment of their business could proceed without much delay.

Step 1: Choose your business activity

Identify the exact nature of the business activity for trading, consultancy, manufacturing, or technology services. Your chosen activity will determine the type of license you need and the legal requirements to follow. 

Step 2: Choose a Jurisdiction (mainland or free zone)

Decide on collecting in the mainland or the free zone. A mainland company is free to operate anywhere in Dubai and the rest of the UAE, while a free zone offers tax benefits, 100% ownership, and a more straightforward setup process. 

Step 3: Trade Name Reservation

At this point, one must choose a unique and appropriate trade name according to Dubai’s name regulation. The name must reflect the business activity and must have formal approval by the relevant authority prior to registration. 

Step 4: Initial Approval Application

Apply to the licensing authority for preliminary approval. This would mean that the government has no objection to you starting the business, and you can go ahead with the rest of the requirements. 

Step 5: Office Space or Business Address Arrangement

Arrange for a physical office or a flexi-desk in a business center. A genuine address is required for the company’s birth, while the lease agreement (Ejari) or tenancy contract will be one of your documents. 

Step 6: Submission of Documents and Payment of Fees

The applicant will submit all required documents, such as passport copies, the completed application form, and tenancy agreements, to the authority, along with the required registration and licensing fees.

Step 7: Obtaining the Business License

The business license approved under legal conditions is then issued for conducting business activities in Dubai.

Step 8: Apply for Visas And Open a Bank Account

When all licensing duties are fulfilled, you will now apply for residence visas for yourself, employees, and dependents, and open a corporate bank account to easily manage your business transactions.

Benefits of Owning 100% of Your Company in Dubai

For Vietnamese business owners in Dubai, complete ownership means control and flexibility over all operations. The newly introduced changes have opened possibilities that previously lay behind closed doors, making Dubai a more appealing haven for international business owners. 

Major Advantages Include:

• Complete control over business decisions without a joint local partner
• Full repatriation of profits and capital
• Access to lucrative UAE and international markets
• Qualifications for long-term residency visas
• Ability to operate in multiple sectors and industries
• Favorable tax environment with low or zero corporate tax in certain zones
• Enhanced credibility with international clients and investors
• Opportunity for scaling and expansion without ownership restrictions

Start Your Dubai Company with Setupmate

Some start-ups in Dubai, which are 100% foreign-owned, offer Vietnamese entrepreneurs greater opportunities for growth and profit, and reaching an international clientele. With an investor-friendly climate, great infrastructure, and a strategic location, Dubai is the perfect place to set up or expand a business opportunity. However, the setup procedure is quite complicated and requires the assistance of an advisor. 

Setupmate specializes in the accelerated establishment of entrepreneurial ventures by Vietnamese and global entrepreneurs in Dubai. Setupmate will walk you through selecting your appropriate structure, getting your licenses and visas, so you can concentrate on growing your business confidently.