As a hub for innovation, the United Arab Emirates is warmly embracing the new technologies. The UAE is adapting the clean energy initiative to transform to the green energy mediums. Accordingly, investors can start a solar power business in Dubai to participate in this revolution.
Globally, making a new business successful is never an easy task. If you are beginning from scratch, then it becomes even more challenging to succeed. However, the open corporate culture of the UAE is very friendly for new entrepreneurs.
Establishing a solar panel business in the UAE is a promising venture that is bound for sustainability. Also, it aligns with the international market trends and the initiative of the future net zero carbon emissions. With positive government support, a growing acceptance of this source of clean energy is highly substantial.
Process for starting a solar energy business in Dubai
This is the step-by-step procedure to start a solar power business in Dubai.
- Plan your solar power business
- Build a strong team to work with
- Choose legal structure of solar energy business
- Submit all necessary documents
- Acquire initial approvals for solar business
- Register corporate banking account
- Get the business license
Now, we briefly look upon these steps that enable you to start a solar power business in Dubai.
Plan your solar power business
It is a must to make a proper plan before launching a new solar energy business in Dubai. Therefore, you must clearly understand the type of customers that you want to service with your solar power business. You can attract residential customers, commercial customers, or both.
While planning, it is essential to focus on the total operational expenses of your solar project. Also, keep note of the solar infrastructure installation costs on the premises of the clients. After all, it will help you to grasp the probability of the profits from the investment.
Build a strong team to work with
Key in going about and starting any business is having a fully capable team. Assemble a strong team that understands your goals, and who is ready to deliver from the get go. Because, a professional team with a full commitment, can strive your solar energy business to new heights.
Choose legal structure of solar energy business
Decide the legal structure of solar power business in Dubai, and apply with the Ministry of Energy and Infrastructure (MOEI). Forming a company as an LLC in Dubai is a much better option, to keep all legalities in check. Otherwise, there are chances of your company facing litigation in the UAE.
Submit all necessary documents
Prepare these obligatory documents and submit them to the regulatory authorities in Dubai.
- Copy of the passport
- Photocopy of the valid visa
- Business plan
- Memorandum of Association (MoA)
- Lease agreement or Ijari certificate (if applicable)
- Articles of Association (AoA), if necessary
Acquire initial approvals for solar business
Obtain the initial approval for your solar power business from the Ministry of Energy and Infrastructure (MOEI). Get the regulatory approval from the Dubai Electricity and Water Authority (DEWA) for your solar energy business. Moreover, secure the NOC from the Regulatory and Supervisory Bureau (RSB) in Dubai, if necessary.
Register corporate banking account
Streamline your financial transactions by opening a business bank account in Dubai. Remember, a corporate banking account increases the trustworthiness of a business across the UAE. Furthermore, it assists in executing corporate tax fillings at the end of the taxation year.
Get the business license
In case, the regulators ascertain that your solar power business meets all the requirements, you get the approval. After this final approval, your company gets the license from DEWA. In the event, your application faces rejection, you can appeal and solve the discrepancies to seek approval again.
Tip: Start Renewable Energy Company in Dubai
Conclusion
Solar energy plants can lead to a decrease of 15,000 tons of carbon dioxide annually in the UAE. Consequently, it can greatly benefit the United Arab Emirates with the quality clean air. UAE’s focus on the green energy initiatives is enabling entrepreneurs to start solar power business in Dubai.
High demand for alternative energy mix can result in the success of photovoltaic businesses too. Growing consumption of the solar panels can make a new venture successful in no time. An expert team can contribute to a sustainable future while also achieving profit in the UAE market.
Your prospective solar power business in Dubai can thrive quite quickly. Hence, make the most of the opportunity for clean energy initiatives in the UAE. Undergo timely registration with the regulatory authorities with the help of professional business consultancy firm like KWS Middle East.
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