Numerous people often ask on business perspectives in Dubai. Below are some key facts which you should keep in mind when you decide to start your business here.
First of all, once you decided to open a business in Dubai and made your choice on the business type as such, you need to select the company structure and its place of registration. In most of the cases, if this option is applicable as such for the type business you plan to start, you shall choose a free zone company which permits full foreign ownership.
In the event you need to register an LLC company, make sure you sign the comprehensive side agreement with your local partner – this agreement would give the clear outline of your rights and powers in the company and limitations of influences of your local partner.
In case you only need the UAE only as the base for your international business and do not require any real office in the country – the international business company plus bank account is the most effective solution regarding costs and ease of the administrative matters.
Reasons on why you shall consider UAE as the place to start your business
UAE is one of the highly advanced and future-oriented countries which make a lot of strategical steps to make it be the leading one on the subject of its competitiveness as the great place for business, living and leisure.
As of today, Dubai already has very high level of various international rankings and recognitions. The country offers:
- Business and life state-of-the-art infrastructure
- Highly attractive taxation regime for business and private persons
- It is the leading regional hub for logistics, trade and business
- It offers highly stable economic system supported by perfect legal framework
Which regulations shall you know to start the different types of business operations in the UAE?
There are various levels of regulations which apply to business in the Dubai. These are the laws on the federal level which apply to all companies as well as additional regulations issued by various Emirates as well as free zones.
Once you know the type of activity / business, you plan to open in the UAE, the very first step would be to define the type of company which fits your demands as well as the possible place for its registration. This selection would define the set of rules your company would be subject to fulfil.
This stage of place selection may be rather complicated if you are not aware of all the particulars of Dubai, the UAE and the most effective solution would be to get in touch with our company. We would guide you over the choice of the most appropriate solution and guarantee the full support of its registration and licensing.
Once your firm in Dubai, the UAE is opened, you shall know what shall be done on the yearly basis to keep the company’s validity. For example, you need its yearly renewal, audit reporting (not for all types of legal entities), etc.
On timing required to start a business in the UAE – company incorporation takes on average from a couple of days up to a couple of weeks – it all depends on the type of the activities and the regulatory requirements applicable.
What advantages do Free Zones offer regarding starting a business?
Sometimes we are asked if a certain free trade zones provides some additional support for starting a business. The main support which is provided is the highly effective and attractive system of taxation and import-export duties. Moreover, in general, the regulatory environment for the business is very entrepreneur – friendly and supports and encourages entrepreneurship spirit.
On top of it is it quite easy and fast to get employment visas for your personnel whom you can bring from abroad. This is the great option giving you the possibility to invite best professionals from all over the world.
When we are asked on how to proceed with the start of the business in Dubai, we are also asked about possible restrictions which may apply. The main restrictions apply to certain types of businesses which are not permitted in the UAE, for example, gambling.
Otherwise, certain restrictions apply only to some types of activities and, to start such business, you basically need to obtain the necessary approvals. For example, for medical-related services you need the respective approvals from the ministry of Health, and for education services – from the Ministry of Education or its sub-department which is in charge of licensing and permissions.
To summarize the above – Dubai, the UAE is clearly the great place which you shall consider when you are looking at different countries to start a business.