Security services are a substantial factor in keeping people protected in public areas. These are fundamental to social welfare in these vast, busy openings. Therefore it is an indispensable business as the enterprises and individuals often don’t have the aids to perform their security segment. However, before opening a company in Dubai, it is important to learn about the market demand for your products or services. Here in Dubai, the demand for security services is always strong. Day to day companies and corporations here are looking for ways to keep their properties and interests safe from theft, violence, cyber-attacks, damage, and more. With the surged necessity for security, there are more business opportunities here for those who wish to set up a security company in Dubai.
What are the steps involved in starting a security company in Dubai?
In Dubai, starting a security company is considered relatively easy. However, there are several steps incorporated in the procedure of company formation. So, if you are planning to set up your security company, you are supposed to fulfil that bunch of steps to get It legally enrolled. Now, let’s take a look at the actions involved in setting up of security company:
Select a Name for the Company
The very first step is to determine a name for your company. You should verify that your chosen company name is available to be registered. If you are looking to include your name with your company name, make sure that you are using the full name instead of curbing it into abbreviations or initials. Also, this should not contain any offensive or profane language or have similarities to the name of known organizations and associations.
Cultivate a Business Plan
It is important to make a business plan before starting any new business or company. This should encompass details like how you are planning to start your company, the strategies that you will be used for marketing and the possible risk aspects associated with this business and how you will be dealing with that. Here, you must also contemplate the initial costs, target market, and the supposed time to gain profits.
Choose a favourable Jurisdiction
The next crucial step is to determine whether you need a free zone or mainland setup. If you want your company within the mainland, you get privileges like leeway to trade directly with the local market. Or if you are inclined toward free zones, you will get total exemption from all taxes and even earn full autonomy to repatriate your capital and profits.
Select the appropriate location
Next, you have to choose a location to establish your company. It is always wise to select a location in the urban area so that you can get the maximum number of clients for your services. This is one of the most significant steps because later it will be so difficult to alter the location of your company.
License and Registration of the company
In Dubai, you must get a professional service license to open your own security company. If you plan to start in the mainland, then apply for the license to the Department of Economic Development. Or if you want to set up in the free zone, then apply to the relevant managing authority.
However, you are obliged to submit a few details and some legal documentation for the procedure. This include:
- A completed application form
- A business plan
- NOC of current sponsor
- Letter of intent
- Two colour passport size photos
- Passport copy of the proposed owner or owners
Also, you need police clearance to begin your business activities in Dubai. After completing all the documentation requirements, you can apply for the registration of your company. In the end, you may also need authorization from the UAE’s Security Industry Regulatory Agency (SIRA).
Apply for Visa
Once you have obtained the license and incorporated the company, then you can apply for your visa. This will be valid for up to 3 years and can be renewed as long as you want. And after receiving your visa, now you can sponsor your employees and family members. But keep in mind that this visa does not lead you to gain citizenship.
Open a Bank Account
The final step is to apply for a corporate bank account for your security company in Dubai. It is necessary to possess a bank account here to operate commercially. This will keep the finances organized and make your business appear more professional to your clients.
How much does it cost to set up a security company in Dubai?
In Dubai, the cost of setting up a security company is not that easy to denote as it depends on a range of factors. This includes the location you choose to set up, type of license and registration, number of visas you require and more. If you are looking for setting up in a free zone area, you can expect to pay an average of around AED 22,200 including a visa. The Mainland has a fairly sophisticated system. So if you are looking for a mainland Dubai company formation, it might cost you around 60,000 AED at least. That means the cost of company formation in a free zone is much lower than setting up in the mainland.
The massive success of security companies in Dubai can be traced back to years. This is because the administration proposes numerous incentives o foreign entrepreneurs. However, this will only come off straightforward if your license application is comprehensive at the time of submission and free from mistakes. If you are not sure about the procedures regarding the registration and formation of your company, contact our team to help you with the process. With the right guidance, starting your company in Dubai can turn out to be a smooth and hassle-free operation.