So you are thinking about setting up business in Dubai? That could be a good idea. Because the local government is supporting investment and entrepreneurs in a variety of ways, now is an excellent time to jump on board. Foreigners will find doing business in the Emirates to be rather simple. It is simple to establish a business in the UAE, and business is thriving thanks to the government’s recent announcement that long-term visas for investment are now available. Entrepreneurs from all around the world consider it as a home for setting up business in Dubai Year after year, more foreign investors and businesses travel to the emirates to take advantage of its favorable economic climate. Dubai now allows foreigners to own 100% of their businesses in most cases, in addition to a 0% tax rate, a strategic global location, and a simple incorporation procedure. A change that only took place in the last few years.
Dubai, as an international business destination, is home to a diverse range of setting up businesses in Dubai providing expanding economic opportunities for entrepreneurs and investors from around the world. Because of the UAE’s business-friendly regulations and high-quality infrastructure, different types of businesses have been able to bring their ideas to Dubai and benefit from its innovation-based potential through a variety of chances. In Dubai, there has never been a better time for setting up a business Dubai. That statement would have been true at any point in the last decade or so, but the signs are especially encouraging right now. There isn’t a week that goes by without another big project being announced or delivered, and the UAE’s growth expectations indicate that it’s a bandwagon worth riding on right now. According to the International Monetary Fund, the UAE is predicted to dominate economic growth in the Arabian Gulf in 2017, expanding by 2.5 percent, much outpacing the region’s largest economy, Saudi Arabia, which is expected to increase by 0.4 percent.
Questions you may thought about before setting up a business in Dubai
Is it possible for a foreigner to start a business in Dubai? Let’s start with the fundamentals. Yes, and many do, a foreigner can start a business in Dubai. Over 80% of the local population is made up of expatriates, with many of them running their enterprises.
Dubai actively seeks out foreign investors and business owners for setting up a business in Dubai. Many company formation professionals and setup agents have set up shop in the emirate to assist international entrepreneurs with the licensing, visa, and business incorporation formalities. It may seem difficult to start a business in Dubai as a foreigner but Biztrack is here to help and ease the process more than you can think about.
Biztrack knows that setting up a business in Dubai is not an easy task so as a new foreign entrepreneur in the UAE, your priority should be to learn about local business practices and practices. Many people will be unfamiliar with numerous aspects of the company formation procedure. Gaining an early awareness of these processes will make the process go more smoothly.
That’s why your first step should be to choose a firm setup broker who can guide you through each stage while also providing advice and help.
- One of Dubai’s business formation peculiarities, for example, is the company registration procedure. When registering your company in the UAE, keep the following things in mind:
- It is forbidden to violate the country’s public ethics or public order.
- The legal form of the corporation, for example, must be followed (LLC, FZE, etc.)
- Must be appropriate for the sort of activity and legal status.
- It can’t have been registered before.
What Kind of Business Can I Start in the United Arab Emirates?
Almost every form of business can start the company in Dubai, which has a variety of zones under different governments. Engineering, oil and gas, retail, trade and logistics, tourism, education, hospitality, real estate and construction, advertising, market research, technology, media and entertainment, manufacturing, automotive, arts, and many more industries that can help businesses.
How Long Does It Take to Form a Company in the United Arab Emirates?
The approval for Mainland LLC can be completed in two days if you are willing for setting up a business in Dubai. Officially obtaining a business trade license, on the other hand, can take up to two weeks or more. According to the current World Bank report on Ease of Doing Firm, establishing a business in the UAE takes an average of 6 days and 8 procedures. Professional business consultancies like Biztrack will provide you with customized packages with complete A-Z setup solutions to save downtime and save time. Other elements, such as the licenses required for given business activity, the issue of certificates, and other attestation procedures, can affect the time frame.
Is Setting up a business in Dubai is easy:
In the United Arab Emirates, starting a business is rather simple. It’s so simple that almost anyone can do it. This is because the government provides numerous advantages for establishing a business there. The most important thing to remember is that, except for a sole proprietorship, most types of businesses require an Emirati partner who owns 51 percent of the company. After that, you only have to worry about registering and licensing your company. You may also be required to achieve minimum capital requirements in some circumstances.
Free Zones are the ideal part of starting a business in the UAE. These are one-of-a-kind regions that attract foreign investors. This is because they have a 0% corporate and personal tax rate, as well as 100% foreign ownership and tax exemptions on imports and exports.
The company registration process in the United Arab Emirates has been developed with ease in mind — and is open to anyone. However, it does necessitate a thorough understanding of the region’s myriad customs and norms.
That is why it is always a good idea to hire the services of a business setup company for setting up a business in Dubai that can not only advise you on the process but also help you find the best license and setup type for your business.
Setting Up A Business In Dubai Step By Step Procedure:
- Select a business activity.
Which free zones you can or should set up shop in depends on the nature of your business.
When you’re setting up a business in Dubai you will get to know that some free zones, for example, only allow particular sorts of activity, such as media, medicine, or transportation, and despite the restrictions, it often makes sense to be near other firms in the same industry. Take a look at the transportation options as well. If your company is significantly reliant on imports and exports, one of the free zones near an airport or port is likely to be the best option.
- Choose a name for your business.
Before settling on a firm name, double-check that it complies with UAE naming conventions. Any corporate names that involve derogatory language, as well as any names that refer to Allah, Him, or any other religious, sectarian, or political groups, such as the FBI or the Mafia, are prohibited. If you want to name your firm after someone, they must be a partner or owner, and their complete name must be used – no initials or abbreviations.
- Complete the necessary documentation for establishment.
You’ll need to fill out an application for your selected company name and activity before setting up business in Dubai which you’ll need to submit to the appropriate government authorities along with copies of shareholders’ passports. Some free zones will require additional paperwork, such as a business plan or a Non-Objection Certificate (NOC) a letter from your present sponsor indicating that you are permitted to open a new business in the UAE. While the paperwork is the most difficult of all of these stages, it does not have to be too onerous if done with professional assistance. Your company setup partner can guide you through the necessary paperwork and assist you in completing it.
- Set up a bank account
You will have all of the documentation you need to open your corporate bank account once your paperwork is returned. Many local and international banks operate in the UAE, including Emirates NBD, Abu Dhabi Commercial Bank, and the Commercial Bank of Dubai, as well as worldwide brands like HSBC, Citibank, and Barclays. You can either approach your preferred bank or ask your business setup partner to set up meetings with a variety of institutions to assist you in selecting the best alternative.
4. You will be notified about your license status
This is the simplest of all the steps. The government will issue you a business license once your application has been processed. When our clients’ documents are ready to be picked up, they will notify you.
5. Visa Processing
So that brings us to the last step in the Dubai company establishment process. Many free zones allow you to apply for staff and dependents in addition to your visa – the exact number depends on which free zone you choose to establish your business in. So, if you want to sponsor a spouse, child, maid, or driver for a visa, you should get professional assistance to ensure that, first, it is possible to do so in your preferred free zone, and, second, that both you and anyone you want to sponsor for a visa fit all of the entrance conditions. Assuming everything checks out, the procedure consists of four simple steps: obtaining an entry permit, adjusting your status, passing a medical fitness test, and finally registering for an Emirates ID and stamping your visa and for all the legalities Biztrack Business Setup in Dubai will help you from selecting a business activity to apply for visa and processing when you are setting up a business in Dubai.
Legal Structures of the companies in Dubai
In the United Arab Emirates, legal structures for enterprises exist for setting up a business in Dubai. If you want to start a business in the UAE, you need first think about the type of firm you want to form. The UAE, like every other country, has a variety of legal company formations. A handful of the most prevalent, as well as some of their prerequisites, are listed below.
A sole proprietorship
It is a business that is owned and operated by one person. This type of business is owned entirely by a single person. As a result, that individual has complete control over operations and profits. A sole proprietorship firm can be formed by anyone, but only UAE and GCC nationals can have a commercial or industrial company.
In the UAE, professionals such as doctors, accountants, and lawyers can form a civil corporation. A minimum of 51 percent of the company must be owned by an Emirati national.
Limited Liability Corporation (LLC)
A limited liability company (LLC) must have between two and fifty stockholders. As a result, each person is only responsible for their proportionate share of the total. Furthermore, gains and losses are distributed among shareholders based on their stakes. A UAE national must possess 51 percent of the shares once again. An LCC with more than seven partners must also appoint a board of directors consisting of at least three shareholders.
A company that operates in a free zone
When you are up to setting up a business in Dubai you should know that Two to five stakeholders are required for businesses operating in a Free Zone. While there are numerous advantages and incentives to establishing a business in the UAE Free Zones, you should be aware that these businesses are unable to trade directly with the UAE market. As a result, multiple prerequisites for starting a firm may exist that do not require any funding. The Dubai Airport Free Zone, on the other hand, demands a minimum share capital of AED 1,000, whilst a KIZAD LCC requires AED 150,000.
In the UAE, starting a freelance business is surprisingly simple. You’ll need to fill up an application form, a CV, a bank reference, and a notarized Registry Identification Code Form to register in a Free Zone. You’ll be able to apply for a visa as well.
Choosing Biztrack for setting up business in Dubai
There are various advantages of hiring a company for setting up business in Dubai. If you wish to start your own business, you should consider hiring one of them. They are well-trained individuals with a wealth of experience who can assist you in planning the process of forming a new business. At the end of the day, you’ll be glad you hired a pro rather than going it alone. Thousands of people have benefited from Biztrack business consulting services. Choosing Biztrack as Company setup expert in Dubai has resulted in many people making millions of dollars.
Biztrack was founded to deliver superior legal representation in the United Arab Emirates. The firm has a track record of success and a thorough understanding of the legal system and its framework. This achievement is based on the principle of providing customers with support and expert counsel while also treating each issue with cultural sensitivity.
Regardless of the area of law, Biztrack is committed to helping our clients achieve the best possible results by providing advanced yet practical legal advice that avoids additional hassles and stress. The firm has always been able to meet expanding demand while preserving integrity and professionalism, thanks to continuing and regular expansion plans.
Biztrack understands the importance of Business Setup in Dubai because that Middle East and international investors consider the United Arab Emirates (UAE) to be an important part of their activities. It is well-known as a top location for multinational corporations to establish a regional base and service the Middle East, Africa, and South Asia’s high-growth markets.
We help make decisions by guiding you down a realistic strategy and business setup in Dubai by presenting cost-effective planned solutions, and giving full-time support until your company is registered. We have extensive experience with all elements of Dubai company registration. We’ll help you identify a friendly local service agent and the types of business permits you’ll need to grasp the limits. The administration of Dubai is very pro-entrepreneurial and encourages citizens to start their businesses. But you don’t have to worry about anything because biztrack is here to handle all of the legalities for your Dubai business setup.
When you work with us at Biztrack, all you have to do is give some simple documents and some information about your company’s nature. Then relax and let the professionals do the rest, including maintaining your license and visa applications, liaising with the appropriate departments and authorities, and reporting back when you’re ready to begin operating. That’s all there is it?