If you want to Set Up Your Business in Dubai, do it now. This is the best time to invest in and get benefits from Dubai. For the past years, Dubai has gained a lot of prominence in the field of business. Every other day we keep on getting informed about new and amazing projects in Dubai. The growth in UAE is really impressive as it really appeals the people from all around the world for starting their own companies.
There are a lot of business options in the UAE. With these business options are a number of business incentives. Company ownership, repatriation from taxes, no currency restrictions are some of the business incentives related to the company formation in UAE.
Steps to Set Up Business in Dubai
To go for company formation in Dubai, there are different steps that should be followed by business investors and owners. These easy steps can make your business formation as easy as possible.
So, here is what you need to do;
Plan your business
Business planning is important because you must first figure out what you want to deliver and where you want to form your company.
A business plan is important for the business formation because some jurisdictions might ask you for your business plan
The business plan must contain information about the
- Markets you want to serve
- Products you want to serve
- Number of employees you’d have
- Required space for office
- Success factors
It is totally up to you about where you want to serve in and how do you want to carry the things out. All you need is to follow the basic steps to give your business a good start.
Consult with an agent
Consulting an agent for company registration is a very crucial step. So, make sure that you take the wisest decision about the agent.
There are numerous licenses and jurisdictions a person can choose from for business registration.
There are different domains a person can serve in but one person cannot serve in all of them. different specialties in different jurisdictions.
Make sure to choose the best company form and license for you.
A company registration agent in UAE may help the person in providing a clear path for business registration. This can make the business registration process quite easier for the person. This is because the registration of the trading license for the business set up in Dubai may be difficult for a person. The complex rules and necessary requirements may confuse the person. That’s why the business consultants in Dubai help the people in fulfilling all the business set-up requirements.
Select the business activity
There are different types of trading licenses you can choose from
A specific trading license would let you carry out a specific number of activities whereas a general trading license would help you in carrying out the more extensive activities. Note that the general trading license is more expensive than the specific trading license.
Mainland or Free zone Company
Dubai is not only a pioneer in UAE to introduce free zone for business setup but also has more free zones than the combined free zone in all other Emirates of the UAE. Each free zone is established for specific business activities. Healthcare to technology, media and advertising to academics, Sports to finance, you name it and you can have a specialized free zone in Dubai for the activity. Yet each of them offers many other activities as well. If you aim to work in a free zone, you can get 100% ownership of your business whereas, in case of a mainland company, you would be needing a sponsor who will be the owner of 51% of your company.
Sharing your business may cause hesitation to set up a Dubai mainland business but those who have already formed the same knows the benefits of forming a mainland company in Dubai. A city that is center of attraction not only in the UAE and the middle east but in the whole world, with a population that represents more than 190 nationalities helps your business boost within no time. It is because of the mainland businesses in Dubai that it has always been considered a land of opportunities by the expats.
Find a Sponsor for a local company
For the formation of a local company in Dubai, three types of sponsors are there
- The ones who sign your documents and do the sponsorship through professional companies. They expect that you take care of your own problems.
- The ones who act as government functionaries who help you when you are stuck. They may charge more than the former ones.
- The ones who are the sponsors of high brand names. They may have high charges but can provide great support to your business to flourish and expand.
Get detailed costs for your business setup in Dubai
You will get detailed costs of the company by the registration firms. They will take a relatively shorter time to register the business on your behalf and open your bank accounts for you.