How to Start a Cyber Security Business in Dubai
Cyber Security Business in Dubai
With the advent of new technology and the escalating cyber threats faced by businesses and individuals, the cyber security market in the United Arab Emirates is witnessing rapid growth. Moreover, the rising necessity to safeguard sensitive data and documents from advanced menaces like malware and ransomware will contribute to the market’s continuous expansion in the forthcoming years. Cyber Security Business in Dubai also going very popular now a days.
By the year 2024, the United Arab Emirates anticipates becoming the preeminent technology hub in the region, commanding a substantial 35% share of the regional market and generating an impressive USD 85 billion in revenue. Hence, if you are contemplating the establishment of a cyber security business, choosing the UAE as your base is indeed an outstanding decision.
Benefits for Establishing Cyber Security firm
Dubai offers numerous benefits for establishing your cyber security firm, making it an ideal choice. The process of setting up your company is quick and hassle-free. Within a span of two hours, you can register your business with the Department of Economic Development (DED), and the overall setup typically takes around four to five days, barring any additional government certifications.
Foreign business owners can enjoy complete ownership of their company by utilizing various corporate structures. Moreover, the UAE provides exemption from both corporation and income taxes for companies. As cyberspace expands to encompass everyday life, social relationships, and economic interactions, cyber-attacks have become increasingly sophisticated and widespread. In the first quarter of 2019 alone, the UAE experienced 1.1 million phishing attacks and 23 million malware intrusion attempts.
The health and banking sectors, given the sensitive data they handle, have become prime targets for cyber-attacks. Additionally, government agencies, including military, labor, immigration, and licensing authorities, may also face hacking attempts. By positioning and marketing your business effectively, you are likely to have a steady stream of clients. Furthermore, Dubai enjoys international recognition, benefits from its favorable geographical location, and fosters a supportive corporate culture, all of which enhance its appeal as an ideal market for cyber security enterprises.
Steps to start a cyber security company in Dubai
There is no denying the immense growth potential of the cyber security industry in Dubai. However, achieving success in this field entails a meticulous and time-intensive process. If you aspire to establish a cyber security enterprise, consider the subsequent guidelines:
Step 1: Select an Appropriate Name for Your Company
The name of your company holds significant importance in the legal proceedings. Unless your company is a subsidiary, it is advisable for the name to reflect the essence of your business. It is crucial to strictly adhere to the naming regulations set forth in the United Arab Emirates. Usage of offensive or derogatory terms related to any religion is strictly prohibited by law.
Step 2: Determine the Jurisdiction
Step 3: Establish the Legal Structure
Selecting an appropriate legal structure is paramount when establishing a business in Dubai. It serves as the foundation for managing profits, losses, and organizing assets and resources. Without defining the legal structure of your company, you cannot proceed with the application for a business license. The following are some of the available legal forms or business structures for registration in Dubai:
- Sole proprietorship
- Limited liability company (LLC)
- Branch of a free zone company
- Branch of a local or foreign company
Step 4: Submit the Required Documentation
The process of establishing a company and obtaining a license occurs concurrently. However, the paperwork and approval process involve multiple stages. Whether you choose to utilize a business formation agency like MARKEF or handle the application yourself, the following documents are essential for setting up your company:
- Completed application form
- Copy of your passport
- No Objection Certificate (if you or any other shareholder is employed by a UAE company)
- Copy of your Emirates ID
- Attested Memorandum of Association
- Certified tenancy contract for your office space
If you have any queries regarding the prerequisites, feel free to contact one of MARKEF’s business setup managers. They will ensure that your company is set up swiftly and in full compliance with the regulations.
Step 5: Process the Visa Applications
Now, moving on to the final stage of establishing a company in Dubai. Concurrently with your visa application, you can also submit visa applications for your employees and family members. Assuming that all the information provided is accurate, the visa application procedure is divided into four stages:
- Obtaining an entry permit
- Changing your visa status
- Undergoing a medical examination
- Obtaining your Emirates ID and visa stamp
Cost of a cyber security license in Dubai
The expenses associated with initiating a cyber security company vary based on several elements. These factors encompass fees for licenses and visas, expenditures for personnel and insurance, as well as the office’s geographical location. In Dubai, obtaining a cyber security license typically incurs a cost ranging from AED 12,000 to AED 30,000.
For an accurate and personalized price estimate, please reach out to MARKEF. Our team will provide you with the most recent pricing information tailored to your specific needs.
Working with MARKEF
Establishing a cyber security enterprise involves adherence to stringent regulations and necessitates the expertise of qualified professionals to handle government-related processes. By engaging the services of a business formation expert such as MARKEF, launching your business can be swift, uncomplicated, and cost-effective.
As the UAE’s oldest and most reliable business setup specialist, MARKEF has facilitated the successful establishment of over 44,000 businesses since our establishment in 2019. Our focus lies in delivering tailored solutions that perfectly align with your requirements, ensuring prompt, reliable, and hassle-free assistance throughout the business setup process. Assisting you in setting up your business in Dubai is merely the initial step. We offer a comprehensive range of services, including tax preparation, legal guidance, and human resources management.
But the advantages extend beyond that. When you become a client of MARKEF, you gain access to our networking tool, CZ Connect, which connects you with a thriving community of fellow entrepreneurs. This enables you to interact, network, and cultivate valuable relationships within the broader business community of the region. Seize the opportunity to benefit from our free consultations today and receive impartial advice on UAE business formation. Our primary objective is to find the best possible fit for your needs.
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MARKEF is a leading Accounting Firm offering wide range of services including Accounting and Bookkeeping, Audit and Assurance, VAT and Corporate Tax, Business Consulting, Management Consulting, and Business Setup Services in Dubai and across United Arab Emirates.
- Office No.1929, Tamani Art's Offices Tower, Business Bay, Dubai, United Arab Emirates
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