The world is witnessing a massive boom in the healthcare industry. Dubai is no exception to this. This may be because of increasing lifestyle diseases or on a positive note, the increasing attitude towards health and wellness. By 2025, the healthcare sector of the UAE is expected to surpass $536.5 million. This is a giant growth at a rate of 25 percent CAGR. If you are someone who is planning company formation in Dubai, this can be one of your considerations. To learn more about this field, continue reading the blog ‘How to Establish a Healthcare Business in Dubai’.
What are the Steps to Establish a Healthcare Business in Dubai
Here is the process you have been searching for a long time! The following is a detailed step-by-step explanation of the whole process of establishing a healthcare business in Dubai.
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Determine the Legal Structure
Determine what form your healthcare business is going to take on a legal level. This could be an LLC or a branch of a preexisting company. The formation of an LLC provides the limitation of liability and is very typical among the formation of many entrepreneurs. A branch allows an existing company to expand into Dubai without the need to create a separate legal entity.
Register Your Trade Name
You can think of a unique, relevant name for your healthcare facility. Ensure that the name you have chosen adheres to the DED naming policy. Once you have decided on the name, reserve it to protect your business identity.
Document Preparation and Submission
Create a comprehensive and detailed business plan that defines the healthcare business’s goals, services, financial projections, and operational strategy. Prepare all other documents that will be required for the registration process, such as identification papers, professional qualifications, proof of address, etc., together with the business plan. Submit them to the concerned free zone authority.
Board Resolution Submission
If you have more than one shareholder in your business, you must prepare a document for a board resolution. This would specify the resolutions of shareholders concerning opening a healthcare business. Submit this resolution to the appropriate authorities for review.
File Foundational Documents
The company’s MOA and AOA are the two documents containing the structure, functions, and management of the business. The two will be signed by every shareholder. Engage in proper notarization and submission to the concerned authorities.
Sign Legal Agreements
The legal agreements can be signed within the office of the Health Data and Coding Centre. Such agreements may include the use of healthcare data, compliance with medical regulations, and other areas related to running a healthcare facility in Dubai.
Apply for a Clinic License
Get a copy of the application form for licensing a private clinic from the Dubai Health Authority. The application should include detailed information about the services offered by your clinic, the qualifications of the staff, and facility standards. Make sure you comply with all the regulatory requirements so as not to delay the process.
Approval Fees
When the application and business proposals are strongly approved and reviewed after a while, the applicant will have to pay the fees due. These fees are mandatory and may involve licensing, administration, inspections, or other processes. After the payment is made, one is then offered an official license to let one conduct a business transaction under healthcare in Dubai.
What are the Documents Required to Establish a Healthcare Business in Dubai?
To obtain the license to set up a healthcare business in Dubai, certain documents are indeed essential. So, please make sure that all the documents given below are prepared.
- Proof of trade name reservation.
- Copies of passports for all shareholders and the manager.
- Certificate of initial approval for the business activities.
- Documents regarding the personal information of each shareholder and the manager.
- A copy of the manager’s resume.
- Notarized Memorandum of Association.
- Lease agreement proof.
- Articles of Association endorsed by the UAE Embassy at the current location.
- Power of attorney for appointing the business advisor.
- The physical address of your medical set-up.
What are the Major Types of Healthcare Business in Dubai?
The importance of each healthcare business setup may vary from individual goals, market demand, and the prospect of investing in them. However, in the general case, the following types are more important and turn out to be most critical for making a big statement in the sector of healthcare in Dubai:
Private Clinics and Hospitals
These become highly in demand owing to Dubai’s high standards of healthcare. Private clinics and hospitals offering premium care with advanced medical services are, therefore, an important part of the healthcare scenario.
Healthcare Investment Management
To sustain and grow healthcare institutions, management of their financial resources and investments is very important. This kind of business fosters the financial soundness and strategic planning of hospitals and clinics.
Healthcare Educational Institutes
Educational institutes in the form of medical colleges and training centers need to be raised to meet this ever-growing requirement of qualified professionals in the field of healthcare. Such institutes would ensure that there is an adequate supply of the next generation of healthcare workers.
Healthcare Consultancy
The very rapid evolution in healthcare makes consultancy services an integral part of the functioning of medical facilities. It helps the facility to accept the change and remain in competition. Consultants bring experience in managing changes in the industry smoothly and ingeniously.
Professional Development and Training
Continuous professional development is indispensable in maintaining high standards of healthcare. Any training program in clinical skills and other areas would ensure the current practice is updated per the changing world in practices and technology.