Setting up a Business in Dubai: Tips, Tricks, and Expert Advice
With the growing popularity of Dubai as a business and economy hub, more and more people are setting up in the country. The contribution of the real estate, financial, tourism and trade industry in the revenue of the country is huge. It is strategically located with an environment that ensures complete trade freedom.
The business friendly policies and diversification is all you need to step up your business’s growth rate. And who doesn’t want tax benefits when starting with their company formation Dubai? Why would anyone want to lose such a chance? You are just a step away from your company setup in Dubai with our experts at RadiantBiz. company formation in Dubai
Essential steps to setting up a business in Dubai
With more and more people setting up their business in Dubai, there has been a common query on how to set up your business in the Emirate. The steps are quite simple and can be followed by the individual themselves or with the help of a trusted business setup consultant in Dubai
Please keep in mind that every step of the process is essential and should be followed with care to ensure that nothing is left. Leaving even a single document can cause your business license to get rejected in Dubai.
In recent times, people have noticed a high rate of growth in the economy of the emirate as well as their business. Due to this upward trend in companies’ revenue, more and more people are going for business setup in Dubai. The emirate has now become the first choice for foreign investors and entrepreneurs.
Open economy and sector oriented trade are the key factors that draw people to this place.By setting up your business in Dubai you get the following benefits
Business setup in UAE is an easy process. You can setup in one of the following jurisdictions
A Free zone is an area where you can do business while getting tax exemption and custom duty benefits even as an expatriate. The following are the benefits of setting up your business in a freezone:
The mainland includes the area except the free zones and business activities here are regulated by the Department of Economic Development. The benefits of setting up here are as follows:
Offshore companies are registered in Dubai but set up their base outside Dubai. The benefits of setting up your business in Offshore are the following:
Company formation in Dubai gives you the advantage of being able to run your company in the investment and business hub. With a business friendly environment, it is one of the best choices for anyone who wants to get started with their business setup process and reach great heights.
Here are the list of documents required at the time of business setup in Dubai:
The structure of your company decides where you can operate and the types of business activities you can take up. It also determines the stakeholders, ownership and the board of directors of your company. The following are the types of corporate setup entities in Dubai-
Only one individual may own sole proprietorship. When it comes to the business, the owner has 100% Ownership in Dubai Mainland. Any person of any nationality may own a sole proprietorship of any professional kind.
A general partnership is formed when two or more UAE citizens come together and assume joint responsibility for the partnership’s debts. Transferring a partnership stake requires the consent of all partners.
Up to 50 shareholders may be part of a limited liability company (LLC). Each shareholder is accountable for their respective firm shares. Following death, the shares are given to the heir. They have to choose 1–5 managers.
A representative office is not the same as a branch office. Foreign businesses can establish representative offices in the UAE to spread the word about their products, but they are not allowed to conduct business here.
The public must have access to at least 25% of the shares. A board of directors with a term limit of three years should be in charge of managing the organization, and a minimum of ten founding members are necessary.
Any type of business or sector may incorporate a private shareholding company. It must have at least three GCC or UAE citizens present in order to form. Two years or more after their formation, they may go public.