Are you aiming for a Business Setup in Dubai? Then turn the dream into reality with this article! - MENA startups, innovation, and tech news

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Are you aiming for a Business Setup in Dubai? Then turn the dream into reality with this article!
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Are you aiming for a Business Setup in Dubai? Then turn the dream into reality with this article!

“Dubai will never settle for anything less, less than first place.”-Sheikh Mohammed bin Rashid Al Maktoum. You name it, Dubai has it. Or if it doesn’t have it, it’s building it.

Yes, you have heard it right. Dubai has everything one can dream of. And particularly talking about setting up business in the landscape of Dubai is next to wonder. There are many reasons why so many entrepreneurs from around the world choose to set up business in the UAE. Are you eager to know the reason behind it? Then let’s delve into the article.

A favorable morphology

Dubai, a capital city of the United Arab Emirates, is one of the wealthiest of the seven emirates that includes the federation of UAE. Since Dubai is the city of ports, skyscrapers, beaches, with a tolerant climate, hence big business takes place alongside sun-seeking tourism. The city feels like a Middle Eastern center of attraction. As per Britannica, by 1998 Dubai had begun to permit foreign investors to purchase properties on the lease, allowing the real estate sector to flourish.

UAE: A leading yet favorable business hub

So, to begin with, the favorable conditions in terms of business, first-up we have country’s favorable tax regime which allows levying zero percent on both personal and corporate incomes. Also, the UAE’s planned location at the heart of the Middle East makes it the ideal hub to conduct global trade. Set up in one of the country’s free zones and the profits keep coming -100% exemption from customs tax, no currency restrictions and the ability to deliver all capital and profits are some alluring aspects. Finally, UAE’s incredibly simple company formation process bestows with a familiar way of doing business in this part of the world is all businessperson needed.

UAE has successfully appeared as a global investment and tourism center over the past few decades and it is undoubtedly any businessperson’s dream to start a business here. It is one of the best places in the world to blossom your business as it offers unlimited opportunities to foreign investors, companies, and entrepreneurs. Before starting with the company formation in UAE, you should have a thorough knowledge of the UAE market and the initial costs of business setup in the UAE.

Building a company in UAE can turn out to be a nightmare in case of half-unfinished legal formalities. It requires acceptance from various governmental departments as well. UAE offers 3 types of company formations, which are mainly Free Zone Business Set-up, Business set-up in UAE mainland and Offshore Company Setup UAE. The rules and procedures for setting up a firm are different for all these establishments.

Now, without wasting much time let’s get started with the reasons why the fastest growing city of Dubai is alluring to a businessperson?

Key steps to start a business in Dubai

 Decide your business activities: The first step in forming your UAE business is to decide on your business activities. Since there are thousands of potential activities to choose from, therefore it is advisable to work with a company formation expert while making the decision. These experts are well-acquainted with permitted activities and will be able to recommend what aligns best with your business.

 Choose a company name: Now since you have chosen the forte, it’s time to choose your company’s name. You should avoid any offensive language, names of well-known organizations and abbreviations if naming your company after yourself. You must also check that your chosen name is available to register.

 Choose a setup: The final step before actually applying for your business licence is to decide whether you wish to establish your business in a free zone, the mainland or the offshore. There are many advantages to all.

 Applying for your business license: One of the most significant steps to start a small business and move further is of course a business license. Whether making your application yourself or through a company formation agent, you are only required to provide few details and some basic documentation including a completed application form, passport copy of the proposed owner or owners, and two-color passport size photos.

 Applying for visas: Another key requirement to start a small business is a UAE visa. The procedure for applying for a visa is somewhat straightforward. Again, an expert in UAE company formation can help you with this step. The maximum number of visas you can apply for will depend on the size of your company and chosen setup.

 Opening a corporate bank account: The UAE’s strict money laundering norms make it tough for overseas entrepreneurs to access corporate banking facilities. Again, company formation experts have great links to both local and international banks and can easily put you in touch with the desired ones, even arranging in-person meetings.

Ready to lay the first stone of your business in Dubai?

As we have discussed earlier that setting up anything new does require prior knowledge of the process therefore, it is important to ensure that you work with a company formation specialist when establishing a new company in the UAE. A company formation expert can also help you with the opening of corporate bank accounts and suggest to you the most relevant issue i.e., finance. In short, company formation experts can establish your company on your behalf, make your license and visa applications, and take care of all the necessary admin – leaving you free to concentrate on what you do best.

I hope you gather all the relevant points to get started with your start-up.

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