Staying and business setup in UAE has many prospects. All amounts to great opportunities to invest: 0% corporate and personal income tax, explicit procedures in preparing business, the absence of bureaucracy, reliable and secure banking system, surrounding economy, and politics.
It’s much easier to decide where it invests money based on facts. Utilizing more than 11 years of experience in the business setting market in the UAE. We have developed a unique UAE 2019 market review.
How to business setup in UAE?
Setting up a company can look like a minefield. With regulations, essential documents, and various overhead, it can be a bit scary. However, the settings in the free zone in the UAE are much easier than you think and, if your company is following the criteria, you can reap a series of benefits.
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Select Business Activity
It is essential to determine what type of business you want to set as rules and regulations will differ. It would help if you had an Emirati partner who will have at least 51% of business ownership, or partner with local service agents, with 100% ownership of your business as an investor. Be sure to check the law on entrepreneurship with the Emirati Authority.
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Select Business Name/ Trade Name
Then comes another crucial step: Choose a company name. There are several main things to remember: many will not apply anywhere in the world.
Know that you must adhere to a rigorous set of naming conventions. In short, you must avoid mentioned or blasphemous languages. Avoid famous organizational names and avoid stands. You also have to check that the name you choose is available to register.
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Apply For License
One of the important steps is to decide on a business or trade name for business setup in Dubai and get a trade license in Dubai.
There are various types of business licenses to choose from. If your business activities fall into the industrial or manufacturing category. You will need an industrial supply you are in the commercial sector – i.e., The purchase and sale of goods – you will need a commercial license. Similarly, those who offer professional services will require professional support.
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Apply for Visa
You will also need a visa to work in the UAE – just like your employees, you must have. Again, with the right guide, the visa application process can be is easy.
As the UAE business permit holder, you can sponsor other people for their visas too. It can be a partner, a parent or child, or a domestic worker like a housemaid. The maximum number of visas that you can apply for will depend on your company’s size, the settings you choose, and, for the dependent access, your income.
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If You Are Opening a New Branch
If you open a foreign company branch, you first need to get a certified letter from the parent company. After that, get approval from the UAE Economy Ministry. This system involves the same term as the previous one. However, service agents can be directly involved in the company’s business activities and can receive income.
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Select The Jurisdiction for business Setup
Firstly decide the location for business setup in UAE before moving your application forward and decide between the mainland or free zone.
The mainland offers excellence, such as the ability to trade directly with the local market without using agent services and organizing anywhere in the UAE. But in many cases, the formation of a free zone company is the most cost-effective and profitable approach.
Dubai is home to many free zones that offer affordable license packages and fast company setting options. Outside Dubai, you will find more. Free zones like Fujairah Creative City, for example, offer benefits, including a quick and easy merger process, ongoing business support, and financial incentives such as tax exemptions and zero currency restrictions. It is better to start your business with a company set up expert’s help to ensure a fast and smooth process in both cases.
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Cost of business setup in UAE
The total amount of starting a new business in Dubai will depend on a range of factors, including whether you begin a mainland or free zone company and your organization’s size.
If you choose for the mainland, require additional visas, or use large premises, you can expect this number to increase.
Conclusion
Hopefully, this guide has explained that if you are armed with the right knowledge, preparing a Dubai business does not have to be too complicated. It requires a level of previous knowledge about the process. Choose a Business Setup consultant in UAE for smooth business setup process.
