The future is all about sustainability. Therefore, you must be assured that opening a renewable energy company in UAE would be quite a profitable option to undertake. With changing times, the world has made the shift to renewable energy. The UAE too has left no stone unturned in this regard.
A renewable energy company today allows for better revenue, whilst also helping better the environment. According to reports by Visit Dubai, UAE’s renewable energy sector is filled to the brim with opportunities for entrepreneurs and investors.
The UAE is investing massive amounts to allow renewable energy to take off. According to Zawya, UAE has spent over $40 billion in clean energy across the past 15 years and intends to invest $160 billion in clean energy in the coming three decades. With this settled, a business in this field is sure to bring in much revenue.
What are the Sources of Renewable Energy?
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Solar Energy
One of the most common sources of renewable energy, solar power is the most abundantly available source that can be generated even during cloudy weather.
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Wind Energy
Wind energy is produced in an interesting way. Moving air turns the wind turbine blades a few times which works around a rotor. This rotor spins a generator within which creates energy.
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Geothermal Energy
A type of energy that is extracted from the Earth’s core, it is formed naturally and was generated during the formation of the planet. It is stored in rocks found in Earth’s entre.
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Hydropower
Also known as waterpower, this source produces electricity through fast-running water. Dams are an example of one such structure that uses hydropower to create energy.
Benefits of Opening a Renewable Energy Company in the UAE
The benefits of establishing a renewable energy company are many. The most prominent one, of course, is how beneficial your company will be to UAE’s environment.
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Incentives from the Government
UAE is committed to investing in and encouraging renewable and sustainable energy. Therefore, the government is constantly on the lookout for newer businesses within the same sector that can be given the boost they need. This may come in the form of monetary grants or flexibility in trading and more.
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Loan Programs
As a business that is expected to strengthen not only the economy but also serve to be beneficial to the environment, the UAE government will be easing the technicalities of your venture by providing you with financial support for the same.
The Solar Innovation Center, a clean technology innovation hub to promote a sustainable energy future in Dubai and beyond. Image Credits 📸: @alaziz.px #traveldubai #travelphotography #solarinnovation #betterfuture #greenfuture #uaediaries #sustainablearchitecture pic.twitter.com/fXZTDv5IhK
— Holitoor (@holitoor) December 30, 2021
Process of Setting up a Renewable Energy Company in UAE
Keeping in mind just how beneficial a renewable energy company can be, with the right assistance and market research, opening a business for the same is not much of a big deal.
- The first step is to determine the type of legal entity you plan to establish. This is a crucial step as the type of entity further decides the documents required and how different the process will be.
- Along with this, it is also vital for you to choose a jurisdiction where your business will operate from. Whether you choose the Mainland or a Free Zone, you should ideally choose what fits your needs the best.
- Register a trade name for your business. It is well-known that the UAE works according to strict guidelines. Due to this, choose a trade name that does not offend any section of society.
- Locate an office space as your next step – this could be in the Mainland or Free Zone. This is crucial for the issuance of your business license.
- Once the above is sorted, you may proceed with submitting documents for the same to your jurisdiction’s authority to obtain your business license.
- Upon the issuance of your business license, you must then seek additional approvals from concerned government entities. The entities you will be required to seek approval from will be dependent on your business activities.
- To successfully begin with the operations of your renewable energy company, you are also required to open a corporate bank account.
If you are interested in making an impactful change in the environment, a renewable energy company in Dubai is for you. To get started with your venture, reach out to our qualified consultants, and let us manage your tasks for you!
