Starting a new enterprise anywhere in the world can be a costly business. To help lighten this load and support cashflow in these early stages, Business Incorporation Zone (BIZ) has developed a brand new, simple payment plan called BIZ Pay As You Go.
This way, entrepreneurs can spread the cost of licensing and other business facilities, reducing upfront costs during startup.
In this article, we’ll cover the advantages and key considerations of Dubai company setup with BIZ Pay As You Go, including:
- BIZ Pay As You Go – What is it?
- Benefits of the pay as you go payment plan
- Business license payment plan – step by step
- Advantages of starting a business in the UAE
BIZ Pay As You Go – What is it?
Traditionally, company formation fees had to be paid upfront. This meant that early-stage entrepreneurs had to find anywhere between AED 20,000-24,000 before they had so much as raised an invoice.
To make this process more cashflow friendly, BIZ developed a new offering, BIZ Pay As You Go, giving entrepreneurs a Dubai company setup service with an instalment plan. This differs from a standard monthly instalment plan in that there is no credit involved. In a traditional instalment plan, the entrepreneur would pay the whole amount upfront with a credit card from an approved partner bank and then split the payment into 12 instalments.
With our new BIZ Pay As You Go service, entrepreneurs make payments at key milestones in the formation process.
BIZ is the first company in the industry to offer this type of payment solution. For a detailed and personalised quote for setting up your business, get in touch with our expert team today.
Benefits of the BIZ Pay As You Go payment plan
The main benefit of the BIZ Pay As Go Payment Plan is that it affords entrepreneurs greater financial freedom during the early days of startup.
Reducing upfront costs in any way can help to secure the longevity of an enterprise, and this style of payment plan does exactly that. By making payments at key stages of the formation process, entrepreneurs also get peace of mind that all is going to plan, rather than laying out a considerable amount at the very beginning of the process.
Business license payment plan – step by step
When you start a business with us via our new BIZ Pay As You Go Dubai trade license instalment plan, we will guide you through the following company formation process.
Stage 1: Name reservation
At this stage we will help you choose and register your company name. Here in the UAE, there are a few extra considerations to keep in mind.
In short, you should avoid any offensive or blasphemous language. Avoid names of well-known organisations and avoid abbreviations if naming your company after yourself – i.e., Dave Mann Consulting, rather than D Mann Consulting. You must also check that your chosen name is available to register.
Stage 2: Apply for initial approval
Next, we’ll manage your application for approval to start your business. At this stage, we’ll ensure that your application form, company documents and other paperwork are in order, helping to speed up the process further down the line.
Stage 3: Apply for payment voucher
You’ll also need to apply for your payment voucher. This allows you to make the required payment to the Department of Economic Development or other relevant authority to start your business.
Stage 4: Apply for external approvals
As well as permission from the licensing authority, you may also need approval from external departments. This could be an industry body such as the financial authority or a local municipality.
Once again, BIZ will manage this entire process for you.
Stage 5: Apply for immigration card
Before the final all-important step, you’ll first need to apply for your UAE immigration card. This allows your company to recruit staff from overseas and apply for foreign investor, partner and employment visas. The immigration card must be renewed every year.
Stage 6: Receive trade license and apply for visas
Finally, we will manage your license and visa applications. The license application is made either to the local Department of Economic Development or Municipality or your free zone authority.
As part of the licensing process, you will need to submit your personal and company documents, including copies of your passport and visa. The visa application process includes a fitness test, medical and biometric scanning.
Advantages of starting a business in the UAE
The UAE offers a long list of advantages to the entrepreneurs and businesses that set up out here. You can trade from its incredible location at the heart of the Middle East, within easy reach of the vast markets of Asia, Africa and Europe.
The country is also home to an incredibly welcoming business environment with numerous incubators, support schemes and initiatives aimed at helping startups flourish. Our tax regime is another attractive factor, still standing at 0% on both corporate and personal income.
Why start your company with BIZ Pay As You Go?
From startup to launch and beyond, Business Incorporation Zone (BIZ) is your perfect partner for everything relating to business setup in Dubai. We are always on hand to guide you through the processes detailed above and provide you with everything you need to launch, grow and compete out here in the UAE.
From visas and licensing to business support services, everything we do is designed to give you the best possible start to company ownership. We’ll always take the time to get to know you, your requirements and your goals before we advise on the most beneficial way forward.
As well as setting you up with our new offering BIZ Pay As You Go, we’ll also help with visa applications, company administration, access to banking services, and the relocation process. Plus, our support extends across the life of your business with our wide range of concierge services.
Ready to get started? Get in touch with our expert team today on 800 BIZ (249), email [email protected], or pop in and visit us at our offices in Dubai and Fujairah.