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A trade name is truly the backbone of your company. It helps your business to stand out, guiding other people to define what your company is all about.
What's the purpose of a trade name?
A legal company should register its trade name, this is not optional. It helps others differentiate your business from others and define its purpose. Your trade name should be registered with the Department of Economic Development, this has complied with the established guidelines.
Which guidelines should you follow?
Your trade name should follow the following guidelines:
- It should not contain any religion, name or logo of external bodies or governing authority
- It should not violate the public morals and the public order of the UAE
- Any other company should not have previously registered it
- It should lean on the type of activity and the legal status of the company or business entity
- It should not contain any special characters
- Should be strictly followed by the business structure
What does this process look like?
A trade name is valid for 6 months, so it has to be renewed by then. This renewal only comes with one cost and that is the registration fees, if you still have outstanding fees by then, they need to be paid too.
Before we even jump into the whole renewal process, you'll need to start the registration of your trade name first. First, it's important to visit the DED or the Department of Economic Development in the Emirates in which your company is registered. Once there the application needs to be filled in and registration fees must be paid at the counter. Your business trade name gets registered within 24 hours.
Corporate bank accounts may be one of the thorniest processes you will go through while setting up your business in Dubai. While you won't have to worry about a thing as we will arrange everything for you, it's still handy to know how everything sets in place. This bank account is going to help you observe all of your transactions, deposits and loans if required. With challenges like:
- Requiring a physical office
- Should prove credibility at all times
- Not easy to open when you come from a high-risk country
To open a bank account for an LLC of Free Zone each bank has its own timeline, all in all, it will take up to four weeks to complete this process.
Opening your bank account in Dubai
The UAE doesn't allow the do business with a personal bank account, so aside from that, you will need to open a corporate bank account as well.
Your corporate account should be a current one, this means that this has to be a transaction account.This type of account comes with the ideal way to make daily transactions, this provides a chequebook, debit card, no limit on your withdrawals, and many other strong points.
Current accounts are the main ones that will be used for corporate accounts, this comes with one obvious reason and that is: the ability of many daily transactions.
When we open your bank account we will need a few documents, these documents contain:
- Trade license which we already have provided for you
- Certificate of the company's registration
- Your and the shareholder's visas and passports
- The company's memorandum and articles of association
What about credit cards?
Credit cards are very handy to be used for businesses, this allows you to make small or big purchases on credit, they are only to be used for business purposes only, any personal purchase is not allowed here. This card is very important and can be used as a metric that is associated with your company's prosperous health.
It's also crucial to know that this card can be used for emergencies within the company, however, we do suggest you to obtain a credit card for you to build a credit score for your business.
Other than this, choosing the right credit card for you is a valuable decision to make as an entrepreneur as many banks do have different settlements. We assist you in this decision, making sure your choice will meet up to your wants and needs. With this process, you will also have to fall in on some criteria.
- A valid trade license
- Your age
- Income
Getting started on this is an exciting journey where we are at support and assist at all times, making it a trouble-free process for you. We will arrange this in a time span of 2 to 4 weeks, are you ready to jump in?
