UAE and Dubai have attracted a great number of business tycoons and entrepreneurs. The main element of these fresher’s coming to one of the greatest cities in the world is the business opportunities scattered all over the United Arab Emirates. People get a small business loan in Dubai and then later bring the whole team to expand their business globally.
The only issue some start-up businessmen face is the unawareness of the criteria for getting a business startup loan Dubai. The banking system in Dubai is very lenient towards entrepreneurs. To get a business loan, they ask for very important documents and licenses to help your small-scale business run.
Some eligibility principles in Dubai must be fulfilled to get your loan.
Eligibility for Small Business Loan in Dubai and UAE
The most common benchmarks for getting a business startup loan Dubai are usually these:
- You are either a sole proprietorship or have a partnership with other business members.
- If your branch belongs to an off-shore company, then getting a business is loan is extremely easy.
- Your business should be working for one year or more than a year.
- The liability of your company should be limited.
When you complete this requirement then the most essential factor is the trade license.
You cannot continue to work in Dubai until you acquired a trade license and any bank of Dubai will neglect your loan offer if they can’t search for any legit license in your business track record. Trade license is a priority every major business company small or large must get it according to their business type.
There are five major license types in Dubai,
- General License
- Commercial license
- Industrial license
- Professional license
- Tourism License
When you complete your desired license requests, there are some additional demands which are not complicated but still essential for approving your business loan.
Those documents are:
- UAE/Dubai ID card.
- All the documents about business deals and agreements with third parties.
- Passport and their photocopies.
- Previous bank statements but there should be a clean record.
When you submitted all the crucial documents and registered with the Dubai Department of Economy, getting business loan in Dubai steps will be much simpler and an easier progression for starting a small business.
Advantages of Business Loan in Dubai and UAE.
- You can get credit cards and life insurance also covered with the loan package.
- You don’t need to provide security for the loan.
- A small business can be set up to get maximum profit.
- Another chance for applying for the UAE VISA to become a permeant citizen of Dubai.
Business Loan in Dubai for Small Business
The Startup Loan is the ideal kind that can help you to give a push to your fresh business. Entrepreneurs’ most favorable category among loans is Start-Up, it has fewer complications and you will receive the money within weeks. The interest rate value is from 0-18%, this small business loan will give you a chance to build your office or a small store in the most active state of UAE.
This loan can cover all the required inventory for your business. You can get furniture, expand your staff, pay bills and promote your company through the best social media marketing teams. This loan can be used for more than 10-15 years if proper agreements are done between you and your bank. To decide your future, it is best to get suggestions from professional business consultants who can give you appropriate guidelines that can be used to make a profitable investment.
Speaking of business consultants, the KWS Middle East are among the top best teams who are shaping the future of many entrepreneurs with their astonishing business dealings and services. KWSME knows the technical bits about Banks of UAE/Dubai. They know which bank can provide entrepreneurs the safest small loans without any fraud.
They have experienced staff who are dealing with every latest information or requirements bank demands or display in their loan statements.
Why KWS-ME Ideal?
Provide free of charge information. A clear understanding of their client’s demands and requests. Online updates of all actions between client and bank. Detailed knowledge about UAE, Dubai Banks policies, and costs. Don’t waste this opportunity and avoid fake loan promotions, visit kwsme to hire the best consultants who can deliver you those banks which are giving the best packages linked with a business loan in Dubai.
Mr. Mack john is a passionate writer and occasionally writes about different topics including Search Engine Optimization, E-Commerce, Web Design, Online customer behavior, etc.