With the UAE’s fitness and health market estimated to surpass Thirty billion dollars in 2022, it is no wonder that Dubai has set its eyes on paving the ways to uplift the medical industry. The medical professionals from the world over are coming to the UAE, in masses.
Many people are tired of the traditional methods of earning their livelihood and preferring to become their own boss. And the recent initiatives are proving to be a much-needed boost for the medical industry.
Dubai Healthcare City — DHCC—’s Appreciable Incentive:
Dubai Healthcare City (DHCC) is garnering plenty of attention in recent times– and it is not hard to see what all the fuss is about. Dubai’s healthcare sector is predicted to exceed twenty-eight billion dollars by 2021, according to the latest report published by MENA Research Partners. DHCC Free Zone is home to two world-class hospitals, ninety outpatient medical centres and diagnostic labs. Besides that, it has more than two thousand licensed medical professionals. Hence making it the perfect place for entrepreneurs eager to make their mark and grab a slice of this fast-growing market.
DHCC is responsible for issuing the requisite license needed for the medical business setup in the UAE. Recently, as part of promoting foreign investment in the healthcare industry, DHCC is set to welcome doctors, dentists and other medical professionals from ten new countries. That will increase the existing number of licensed professionals currently practising in Dubai to a whopping 4,200!
The ten new countries and regions under consideration by DHCC are:
- West Africa
- And the West Indies
The move will raise the demand for medical centres, and as a result, the business opportunity in the healthcare sector will shoot up.
Worth mentioning: the UAE offers multiple suitable locations where you can establish a business such as:
- Sheikh Khalifa Medical City
- Dubai Healthcare City
- Sharjah Healthcare City
- Dubai Healthcare City
- Dubai Science Park
- Jebel Ali Free Zone
How to Start a Healthcare Business in Dubai?
If you work as a medical professional – or in any other field related to healthcare – and you are considering setting up a company in Dubai Healthcare City, here’s everything you need to know before you get started.
Essentials of Starting a Healthcare Business in Dubai:
The prerequisites of starting a healthcare business in Dubai are listed below:
- Passport and Visa of the stakeholders and the investors.
- Drafted MOA and AOA of your company.
- Duly filled application form for the attainment of the business license.
- A minimum capital of AED 300,000 to start a free zone company.
- A minimum capital of AED 50,000 to open a commercial office.
Procedure for Establishing a Healthcare Business in Dubai:
Starting a healthcare business in Dubai? Here are the necessary steps that should be kept in mind:
1. Choose the Suitable Business Structure:
Choosing the appropriate business structure is the first task. This task is critical as it will be the deciding factor of your business’ success. You need to carefully select a business structure based on your business requirements. The preferred choice is the LLC as it requires the local sponsor to hold fifty-one per cent of the company’s shares.
2. Decide and Reserve the Company Trade Name:
Next, you need to decide on a company trade name for your business. After choosing a proper name, you need to get it registered through the Department of Economic Development (DED).
3. Select an Appropriate Location:
Choose an appropriate location before signing any binding contracts with the Government. Do your research and find out which of the places offered by the Dubai land authority is suited to your business requirements.
4. Apply for DED initial Approval:
After undergoing the steps mentioned above, you are now ready to apply for approval from the Department of Economic Development (DED). You need to present the exact information regarding the shareholders of your company to the concerned department.
5. Apply for DHA Initial Approval:
Another approval you need before starting a business setup in Dubai is the approval of the Dubai Health Authority (DHA). The approval will be granted after a thorough analysis of your business activity and its nature.
6. Obtain the Respective Licenses from DED and DHA:
The final step is that after obtaining the approvals from DED and DHA, respectively, you need to get licenses from the same regulatory authorities. Once you get that, then there is no stopping you. Now you can easily commence your business activities without any hindrance.
Finally, after obtaining the approvals, you need to collect the respective licenses from both DED and DHA.
The entire business setup process can quickly become time-consuming and tedious if you are not familiar with the incorporation procedure. Therefore, the best way to begin this hectic process is to consult a business setup consultant. Who is well-versed in the incorporation process and hence can quickly understand what your business requires for its legal and smooth operation.
Business Setup Dubai provides a broad range of business incorporation services. We have been a helping hand to multiple clients across the UAE. Our business setup consultants are professionals and skilled enough to handle all of the business setup related tasks. They can provide the necessary help to you so that you can have a hassle-free business setup experience.
In case of any queries, feel free to contact us we’d be glad to assist.