There are different companies in Dubai. Every company varies in its legislation and jurisdiction. Dubai offers 3 different zones. All these zones are different in terms of requirements and offers. You can easily set up a business in the offshore zones as a remote working company. On the other hand, you cannot register an offshore company in the Freezone or mainland zone. Emirates Loan is here every time to sort out your problems with business loans in Dubai.
It gives an idea of how complicated it could sometimes be to register a business setup in Dubai. You need to have a good know-how of the market. Besides that, you also need to have a good knowledge of the legislative body. Otherwise, you might not be able to start a business in Dubai. To compensate for these consequences, you can consult a consultancy agency. Those agents guide you from root tips to the final steps of your business.
As a result, you can start a business setup in Dubai in a very minimal period. However, all this starts with a bunch of steps. Those steps could be categorized in order.
First things First
First, you need to decide upon the desired zone of business setup. Decide a name for your company. Next, plan your business activities. It would give you a further roadmap for your company’s future. You’d know what is coming up in the journey. With this, you can be ready beforehand.
For example, if you have decided on the zone for your business setup, you’d know the legal requirements. This way, you won’t need any sudden documentation. Consequently, you’d be prepared beforehand.
After deciding on the company’s name and initial documentation, submit an application for the company’s registration. It might take a few days, and you’d hear back from the governing bodies.
Find a Sponsor
After completing the initial documentation, you’d be finding a local sponsor. It depends upon your zone of business. If you’re willing to start a business setup in Dubai’s free zone, this will not be required because 100% business ownership is legal in the free zone. But mainland and offshore zones require 51% local shareholders.
It is essential to a partnership with a trustworthy person. Otherwise, you might be facing day-to-day trouble regarding your business activities.
Benefits of UAE
Starting a business setup in Dubai or any other Emirate is very beneficial. You can earn as much as possible because the UAE government promotes foreign investment. They have grown many times than their initial GDP in the 1970s. This progress is the result of the confidence of foreign investors in the UAE market. They feel a sense of certainty in this market. As a result, they invest their reserves here.
In addition to that, the UAE government also supports and welcomes investors. There are several concessions for foreign investors. For example, they are given a permanent visa. Also, they can sponsor residence visas for their family members. However, those family members cannot work on that residence visa.
UAE is a Strong Economy
There’s no chance of bankruptcy in the UAE’s market. Furthermore, its currency is one of the safest currencies in the world. Conclusively, company formation in Dubai is a win-win situation. From the benefits and concessions, Dubai is wholly justified as a business hub. Also, it won’t be wrong to call it a haven for businessmen around the globe.
A business company has huge revenue to process daily. However, in Dubai’s market, it might be even more significant. You can open a corporate bank account to manage this free flow of money. It would help you in daily transactions and taxation issues.
Some people keep dreaming; however, very few start working on them. As a result, they become a success story while others become the audience to their story. So, buckle up and stop dreaming. Become the storyteller by choosing the right consultancy agency as your business partner.