Setting up a yacht rental business in Dubai is the perfect opportunity for you to combine your entrepreneurial spirit and passion for yachting. Moreover, the city’s status as the entertainment and leisure capital of the Middle East has made the landscape of business setup in Dubai appealing for yacht service entrepreneurs. All you need to do is to make a sound business plan and apply for a license through the best business setup consultants in Dubai.
Apart from the skyscrapers and opulent malls, Dubai is also famous for its Yacht Cruises where tourists can enjoy the warm blue waters of the Arabian Gulf. Yacht rental service is a lucrative opportunity as tourists from different parts of the world visit Dubai every year to spend quality time with their loved ones. Such tourists, celebrities and other wealthy individuals are especially attracted to the thriving yachting scene in Dubai.
However, you need to know certain regulatory requirements before starting a yacht rental business in Dubai. For example, you need to have a Dubai Maritime City Authority license to own a yacht in Dubai. In this article, we will talk about the process, requirements, license and approvals associated with the process of opening a yacht rental company in Dubai.
Trade License for a Yacht Rental Business in Dubai
You need to first obtain a commercial license issued by the Department of Economic Development (DED) to start a yacht rental company in Dubai. The Leisure Yachts & Boats Rental license in Dubai is being issued for companies that rent out boats, small vessels and fully equipped yachts for individuals or tourist groups for sightseeing inside the cities or from one to another. However, the license does not permit the provision of overnight accommodation. The license is included in the activity group of Tourism Activities with the activity code 5021002. Business setup consultants in Dubai can take care of the license application process on your behalf.
How to Obtain a Yacht Rental License in Dubai Mainland?
You need to closely follow the relevant steps of business setup in Dubai to obtain a yacht rental license. The DED has designed a set of highly streamlined steps of which some are complex and some are simple. However, business setup consultants in Dubai can help foreign investors navigate each of these steps effectively. The following are the key steps in setting up a yacht rental service in Dubai:
- Choose the right activities
- Name your company
- Select a legal structure depending on the number of shareholders
- Obtain DED initial approval
- Lease space or premise and obtain Ejari
- Obtain approval from Dubai Maritime City Authority
- Submit all the documents to DED including the external approvals
- Pay the relevant fees and receive the trade license
- Apply for UAE residency visas
- Open a bank account
How to Obtain Approval from Dubai Maritime City Authority?
Since yachting is a special activity, entrepreneurs need to obtain approval from the Dubai Maritime City Authority. Dubai Maritime City is the competent authority that regulates the practice of maritime activities in all areas of Dubai, including the maritime activities of the free zone and mainland companies. The authority ensures that individuals and company owners comply with all the requirements related to maritime activities, regulations and laws applicable in Dubai. The authority aims to ensure that the rented yachts are safe for navigation and comply with all safety requirements as per its standards.
The following steps must be executed to receive approval from the Dubai Maritime City Authority:
- Submit all the relevant documents (Stage 1 Initial Approval)
- Book an appointment for a site visit and pay the fees for license issuance (Stage 2, Final Approval)
Documents Required for Approval
The following documents must be submitted to receive the initial approval from the authority:
- Copy of Emirates ID card, passport and valid residence visa
- Copy of DED initial approval
- Location plan of the renting site
- Copy of signed contract with marine club or marina allowing anchorage.
- List of marine yachts (including types, specifications and number of yachts to be used)
- Statement with names, qualifications and experience of all employees and the manager to be submitted by companies
- Dubai Maritime City’s licenses of yachts and crew that will be used in the business
- Complaints and suggestion box (forms to be used must be in both Arabic and English)
- Directional signage with service offering timings, and rental charges for public
Consult with the Best Business Setup Consultants in Dubai
The process of business setup in Dubai is ideal to start a highly lucrative business such as yacht rental services. Entrepreneurs need not worry about the procedures as business setup consultants in Dubai such as Jitendra Business Setup Consultants (JBC) can do it for them. JBC has a highly qualified team of consultants who can advise you on the licensing process, paperwork and other key requirements.
We offer bespoke business setup services in Dubai including free zone license, mainland license, offshore license, visa processing, and bank account opening. Our allied services include Economic Substance Regulations (ESR), Ultimate Beneficial Ownership (UBO), Corporate Tax and Anti-Money laundering (AML) compliance services. Set your dream business in Dubai with affordable packages offered by JBC.