Many companies, startups, and foreigners are considering their opportunities in the country. Over the years, the UAE, and Dubai in particular, experienced incredible transformation. The nation of pearls and fishing is now the finance powerhouse of the world, with thriving industries. Diversity is also the leading factor here in the UAE. Hence, the basis of having your business setup in Dubai is justified.
The First Leap
The first step to setting up your business in Dubai is to understand the culture of the UAE. While the local government encourages startups and investments in various ways, people from any part of the world are widely accepted.
Moreover, the country is easy with foreigners. International businesses can set up their company and even leverage long-term visa offers for investment.
However, the local business culture of Dubai is hierarchical and conservative. Nevertheless, it makes navigation easier. Personal relationships and direct communications are greatly valued. As a result, well-behaved people can succeed in any business in this country.
Before starting a business here in Dubai, spend some time to understand the market, the popular goods, and industries, the sectors in demand, and then make a plan. Dubai has an excellent market for aerospace and automotive industries like gas and oil. Likewise, the food industry has a scope too. Similarly, the advertising and marketing industries are doing well.
In Dubai, investors also have Free Zones or unique areas. These areas offer 0% personal and corporation tax, with 100% ownership to foreigners with an exemption from import-export tax.
Legal Structure of Business in Dubai
If you want to start a business setup in Dubai, you have to consider the type of business/company to form. For professional assistance, you can consider Emirabiz services to set up your business. Considering that there are some legalities involved, hiring professional services would change the course of the company.
The legal structure of a business setup in Dubai includes the following:
- Sole Proprietorship: In this case, an individual has 100% ownership of the company. As a result, an individual gets full control of the profits and operations. Even though nationalities can have a sole proprietorship, only GCC and UAE nationals can have an industrial or commercial company.
- Limited Liability Company: An LLC has 2 to 50 shareholders. Each shareholder is liable for their share percentage. In addition, the gains and losses are further divided between the shareholders as per the holdings. Once again, 51% of these shares should belong to a UAE national. If an LCC has 7 or more partners, a board is appointed with a minimum of 3 shareholders.
- Civil Company: Professionals like accountants, lawyers, and doctors can also start a typical civil company in Dubai. The only parameter is that 51% of business should be owned by a Dubai national.
There are other options like a branch of a foreign company, free zone business, and freelancers.
To start a business in Dubai, here’s what you should do:
- Obtain a business visa in Dubai
- Register the business in Dubai
- Get necessary permits and license
- Open a bank account in UAE
To get started, consult an Emirabiz expert for a seamless procedure.