Setting Up A Business In Dubai – How To Get Your Own Company Formation
There are several reasons behind this lucrative decision to establish a business in Dubai, the UAE. Firstly, Dubai hosts frequent international business conferences and exhibitions, making it a hub of international business. Secondly, Dubai brings in foreign investment because of its strategic location and friendly business-friendly policies. These are both the major driving forces behind those wishing to set up a business in Dubai.
Besides, there is immense ease with which entrepreneurs can set up a business in Dubai as compared to establishing a business anywhere in the Middle East or North Africa. Setting up a business in Dubai has been perceived as a quicker process compared to other countries in the Middle East. The main reason behind this perception is that the regulations here are much relaxed than those governing activities in the Middle East. An entrepreneur can easily set up his/her own company without much hassle, whereas setting up in the Middle East is a time-consuming process involving too much red tape. Besides, the laws governing the movement of funds in the UAE are comparatively lenient and business opportunities in Dubai are far more attractive than in the Middle East. The main factor that imparts all this ease in the process of setting up a business in Dubai is the uninterrupted connectivity with the rest of the world by air, sea and land.
Moreover, entrepreneurs are offered many attractive tax benefits, further facilitating the process of setting up a business in Dubai. The laws governing the free zones are very simple, whereas dealing in the free zones requires you to have a considerable amount of experience and expertise. The minimal capital requirement is also quite low, making it easier for businesses to start-up and expand.
On the contrary, when it comes to the cases of laws regarding land ownership in Dubai, one must remember that there is no legal ownership by a foreign individual or entity, rather, all land owned by the government is automatically owned by the residents of Dubai, unless compulsorily acquired. Consequently, there is nothing to obtain in terms of free land or property in Dubai. For an entrepreneur looking to set up a business in Dubai, this lack of ownership has become a great advantage. Since there are no foreign laws dictating the ownership of property in the free zones, a business owner can move his/her company anywhere in the city and can invite investors from any corners of the world. This aspect alone has made Dubai an extremely attractive option for many business owners.
Another vital aspect of the free zone in Dubai is that of the ease with which an entrepreneur can start his/her business. Unlike the Middle East, where entrepreneurs have to undergo the red tape of the government before they can set up a business, in the free zones of Dubai, entrepreneurs can set their stall as soon as they land in the said location. Furthermore, once an entrepreneur is established in the business, he/she does not need to be concerned about government requirements before starting operations. As a matter of fact, all that an entrepreneur needs to have is a valid contact phone number and a legal age of 18 years. All other requirements are taken care of by the concerned authorities. Thus, making things easier for the entrepreneurs of use, especially for those who are yet to acquire the required legal skills to run a business.
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With regards to the kind of business an individual would like to engage in, there are plenty of choices available for entrepreneurs of all kinds. In addition, while setting up a business in Dubai, no extra formalities have to be complied with. Irrespective of whether you are looking to start a restaurant in a mall, a shopping store on the street, a furniture shop, a hotel or a multinational enterprise, you will find everything here. As a matter of fact, even if you wish to engage in any activity that goes beyond the free zones of Dubai, you will find all your requirements are fulfilled.
However, with regards to the requirements needed by a UAE national to set up a business in Dubai, things seem to be different. For example, an individual who wants to open a restaurant in a mall has to apply for a licence from the concerned government agency. He/she has also to register the business with the relevant authority in the emirate and obtain the relevant permits. On top of all this, a UAE national who wants to open a salon must submit three years of accounting and marketing documents which the concerned authorities in Dubai require before they sanction the business.
Setting up a business through the services of a company formation in Dubai specialist will certainly save you from all these hassles. Such a company formation service will first of all process your application for the required license. After obtaining all the required documents from the concerned authorities in the concerned emirate, the company formation service company will then process your personal profile, which contains all the necessary information on your part. After this, the company formation service will carry out the necessary background checks needed to ensure that you do not have any criminal record or any other blemishes on your profile. This entire process of processing your application for the required licenses and doing the background checks will cost you about twenty-four hundred dollars or thereabouts.