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Dubai has always been the top choice for international investors who are looking to start a new business or expand an existing one. This is because of its prime location and connectivity to all the major countries worldwide. Furthermore, Dubai mainland is a very popular location throughout the UAE, when it comes to setting up a business in the Emirates. Business setup in Dubai Mainland should be at the top of your list if you are a budding entrepreneur because it offers a flexible legal system as per the UAE government policies.
The Dubai mainland symbolizes the most developed economies that are efficient at offering resources needed to carry out smooth business activities. However, you need to obtain a license to begin with the Mainland Company formation in Dubai. The license can be acquired from the Department of Economic Development (DED), Dubai.
Submitting the right documents is essential to ensure that you get your business setup license for setting up in the mainland. Here is the list of documents needed.
Get the benefits of owning a mainland business license in Dubai. One of the key benefits of forming a mainland company in the UAE is that it allows for 100% foreign ownership. This means that non-UAE citizens or entities can fully own and operate the company without the need for a local sponsor or partner.
HH Sheikh Mohammed bin Rashid Al Maktoum has lately permitted 100% foreign ownership of mainland UAE companies.
With mainland license business investors can enter other GCC nations, this advantage will help in the growth of business.
Easy Import & Export
Easy access to neighbouring and global markets by land, sea and air to help with the business
No Limit on Visa
Unlike other activities, there is no limit on visa applications for business owners in Dubai Mainland.
100% tax exemption on personal or corporate income or gains.100% repatriation of capital and profits.
Eligibility for UAE Govt. Contracts
Companies with mainland licenses can apply for UAE government contracts & can work on Government projects.
if you are looking for the steps to start a business in Mainland, follow the ones given below: A business setup in Dubai Mainland is one of the most famous choices for people all over the world. Trade freedom is what attracts people to set up here. Furthermore ,the amendment allowing 100% ownership of Dubai mainland business for an expat is a plus point. If you are looking for steps to start a business in Mainland, follow the ones given below:
Select business activities
Choose an appropriate legal form
Register your trade name and request for initial approval
Drafting a MOA and local service agent agreement.
Choose preferred business location.
Acquire all the necessary government approvals.
Submit your paperwork/document to the respective authorities.
Pay the license fee for company formation in Dubai mainland
Get trade license from Department of Economic Development (Dubai) within 24 hours.
With the new amendments issued by the UAE government, we can conclude that the emerging companies can now hold a 100% Ownership in Dubai Mainland. Therefore, any foreign or local individual can now fully own a mainland business setup in Dubai.
As per new law, no foreigners are required a local emirati to form their company under mainland license.
Now any joint stock business can sell 70% of its shares in an IPO (Initial Public Offering). This was 30% earlier.
Shareholders now have the right to take legal action if the enterprise participates in an activity that causes the company to lose money.
All the company meetings are now no longer necessary to be officiated by an Emirati. Hence it is open to all expatriates.
The annual general meetings can now include a new way of voting, i.e. the electronic voting (due to the pandemic).
If leading officers or company chairpersons abuse their power, they can be removed from their positions.
There are various things that a person should keep in mind while they are opting for their Business setup in Dubai mainland. Since the company decides the future of your business and even yours in the emirates, keeping in mind a few factors would be beneficial.
Selecting the legal form your company can be challenging and demanding. Owning the sole proprietorship is a necessity that can help the business setup in the long run.