Have you been thinking about setting up your business in Dubai but wish you had a little guidance? Perhaps, you are wondering about the complexities involved and are contemplating changing your mind.
While it may seem daunting, it really isn't as complicated and implausible as you might be thinking.
Having helped entrepreneurs like you start businesses in Dubai for over a decade, we know it's easier than you think.
It all boils down to following a set of time-tested processes and steps. In this blog, we discuss a few key things you should keep in mind before setting up your business in Dubai.
Why Setup Your Business in Dubai?
You can set up either an onshore or offshore company in Dubai but free zones are particularly popular with foreign entrepreneurs. Among the incentives include zero corporation and personal tax, 100% company ownership, complete repatriation of capital and profits, no currency restrictions, and total import and export tax exemption.
In addition, Dubai offers a vibrant multicultural environment. As a foreigner, it won't take long for you to feel at home in Dubai because of its cosmopolitan culture. Furthermore, Dubai has a highly skilled labor market.
Here Are Some Key Things To Keep In Mind
1. If you are looking to start a locally registered LLC company, it offers you the freedom to move your business to any place within the city. However as per the new law local partner is no longer mandatory, But some activities still require a local partner.
2. You would also need a visa for you, your family, and even your employees. Almost every type of business can apply for a visa in the UAE. Nevertheless, you should check the requirements and eligibility of your business.
4. Getting a business visa in Dubai is not hard because of a transparent and visa application efficient process.
5. Make sure you have all the relevant documents you have before you apply for company registration and visa.
6. Before you register your company at a Dubai free zone, make sure that you check for available office spaces and preconditions in the free zone that align with your budgets and requirements.
7. Rules and regulations governing free zones are subject to change. Make sure you consult an advisor who is knowledgeable and up to date on the latest rules and requirements before you zero in on a free zone to start a business.
8. Before opening a local bank account, make sure you confirm the minimum requirements and charges. Choose a bank that offers flexibility, convenience, and freedom to conduct your business at a reasonable rate.
9.Choose your business license category wisely. You don't want your business operations to be restricted just because you chose the wrong category. Your business license should align with your business model.
That being said, we highly recommend that you hire an experienced business consultant to help you to set up your company in Dubai.
Danburite's experienced team can guide you through the company formation process so that you don't miss any steps. Here are some of the things our experts can help you with:
- Plan and Strategize your business plan
- Advise you on the free zone that best suits your requirements
- Estimate business costs
- Help you with obtaining a business license, office space, and visa.
- Offer solutions for potential issues that may arise
