What you should know about company set-up in Dubai, UAE
There are people in abundance who yearn to begin their own business but to achieve a triumph in the commercial world is easier said than done. If you are looking for a truly dynamic market, Dubai is the next destination for your new company set up.
Investors around the world often consider Dubai for their start-ups, small or medium sized businesses or for expanding their multinational corporations, however, they are not usually accustomed with the legal requirements of setting up and running the business in UAE.
Leaping into a competitive market without covering your legal bases can be detrimental to your business and its future. Company formation in Dubai offers multiple benefits for instance, zero taxes, lowest criminal rates, luxury lifestyle, state of the art facilities and a pool of opportunities. In addition, it offers a wide consumer base along with easy access to international markets through different channels.
UAE’s economic growth has always been an attracting factor for the upcoming business entities. In addition to this, what attract the companies in the country is it’s uncomplicated and hassle free procedure which can be daunting at the same time in absence of the right supervision. We at BSB Legal Consultants not only assist you in setting up your company in Dubai, but will offer our legal advice on some pertinent matters related to your corporation, which is our unique quality amongst other business consultants in UAE.
Where to Invest – Free zone or Mainland?
UAE offers three main jurisdictions to set up the business that is Mainland, Free zone and Offshore. If you are considering trading within UAE, Mainland and Free zone company set-up will suit your business aspirations.
Your activity speaks for your Business and is exactly why you should choose your business activity wisely, when setting up your business in Dubai. One of the primary decisions that an entrepreneur has to make for his business is to decide the activity that you are going to trade in for instance retail trade, import-export of a certain product or professional services. If you have already decided that product or service that you are going to provide in UAE, it is a fairly simple process, however, if you haven’t then you need to be aware of certain conditions that are associated with some activities by the regulatory authority.
The activity chosen for your company will not only decide the type of business that you will be running in UAE, but in most cases, it will further help you to decide the area which will be best suitable for your business. Importantly, some activities would require additional approval from a regulatory authority that will allow your company to trade in UAE. More importantly, for some activities it is always preferrable to choose the appropriate free zone for business set-up for instance DIFC (Dubai international Free Centre) is best suitable for financial activities and law firms, whereas Dubai Internet City is specialized for telecommunications related activities. Therefore, it is always advisable to reach out to Legal Consultants at BSB legal to advise you on the activities and areas that best suitable for your business.
BSB legal consultants provides with the best lawyers who rightly apprehend that for the ones who make up a mind to inaugurate their unique business ideas in UAE, it is paramount to perceive the ambit of their entities, this is where our civil lawyers step in, so that the entrepreneur can focus his spotlight on the growth and development of the firm, relieving him from the tension of fulfilling the administrative and legal requirements of setting up the business.
We often come across several Free Zones that offer you company set-up for as minimum as AED 5,000, however, restricted to several terms and conditions and often this license cost is just for one year. Therefore, it is important to know the actual cost associated with setting up your company in Dubai which is dependent on the size and type of the company, number of partners, number of visas that you wish to seek and the requirement of office space or a warehouse.
Importantly, the cost of setting up company in Dubai varies from Mainland to Freezone and the Emirate you wish to register your Company. Another important aspect is the share capital of your company, which is dependent on the type of activity that your business in Dubai is conducting and the structure of your company. Leasing an office or having a flexi desk for your business in Dubai can alter your budget. Depending on your activity and size of your business you can opt from a virtual office space to flexi desk, big office space or a warehouse which are often provided for a minimum of 1 year lease contracts and to be renewed annually.
In short, your budget for setting up your business in Dubai should include license cost, office space, number of visas, share capital and attestation of documents. BSB team of Business Consultants can assist you in finding the perfect and cost-effective Free Zone to cater your needs with our extremely affordable business packages. Our team will assist in fulfilling the tasks that are required to be completed during the process of company formation such as filling of forms, compiling of documents, lawfully engaging various stakeholders at various stages of formation of business as well as managing the business at its initial stage.