Have you ever wondered why entrepreneurs in this world are attracted to UAE? In recent years the growth of the industry, as well as the service sector, has played a very important role in opening up the UAE as a business center of the world economy with the most important leading corporate brands. Starting a business in Dubai requires determining the activities that need to be done and desired, but after that, it is not done. United Arab Emirates company formation is also a financial advisor for strategic investment and formation costs. To start a business in UAE there is an initial investment and the special price for starting a business is an upfront fee. The experts of a professional business consulting firm will help you through the whole procedure.
Dubai is renowned for its cost-effective corporate formation and start-up environment. Many ambitious entrepreneurs around the world believe that it is best to start at Emirates and achieve success by creating a low-cost business world in the UAE. The most important factors influencing starting a business in Dubai are the breakdown of the low cost of starting a business, government approval, initial investment, and choosing the right activity. Call now for the best advice.
Every year, the number of entrepreneurs and investors trying to make foreign investments and start a business in Dubai is increasing. The United Arab Emirates is the ninth-largest recipient of FDI in Asia, according to the Global Investment Report.
Modes of Business Setup in Dubai
The business setup in Dubai has three modes which of these are:
- New Business in Dubai Mainland
- Business in Dubai Free Zones
- Business in Dubai Offshore
In this article, we will talk about starting a business in Dubai Mainland.
What You Need for Starting a New Business in Dubai Mainland
To set up a business in mainland Dubai, the business owner must appoint a local sponsor who holds a majority stake, which is a minimum of 51 percent. Local sponsors can be individuals or companies. Therefore it is very important to have local sponsors. The biggest advantage of having a company based on the mainland is that it can operate in the United Arab Emirates and the rest of the world. The next step is registration with the Dubai Ministry of Economic Development. DED is the main regulator managing the formation of companies in mainland Dubai.
A company must have at least 200 square meters of physical space as an office to register as a company on the mainland. For companies from the mainland, they are also required to prepare an audit at the end of the year. Minimum capital requirements vary depending on the type of business operation and the legal form of the company.
Simple Steps of Starting a Business in Dubai Mainland
The following steps can highlight the business incorporation process in Dubai Mainland:
- Select company name
- Choose the right business and legal form that suits your company
- Choose a local sponsor or local service agent
- Get pre-approved for company name and business
- Notary articles of association/agreement
- Choose the right office space and get a rental agreement
- Get other additional authorizations (if needed)
- Final license application submission
Documents Required for Setting Business in Dubai
Every business organization must have certain documents before it can be arranged for registration and to define its topic in the business ecosystem. A company located in Dubai Mainland requires the following documents:
- External departments approval
- Tenancy contract
- EJARI registration certificate
- Passport copies partners and NOC for partners (if any)
- Dubai Chamber of Commerce and Industry Registration
- License Application
- Attested LLC agreement
- Governmental forms
- Name reservation certificate
- Initial approval certificate
The Benefits of Setting Up Business Company in Mainland
Dubai has the advantage of being easily accessible from anywhere in the world and has the best infrastructure that companies worldwide can afford. It is the gateway to the Persian Gulf or the Middle East and an excellent center for exports and imports. Emirates has the best and most skilled human resources in the world to meet the demands of the economy. Dubai is also one of the safest business centers. Below are the benefits/advantages of starting a business in Dubai Mainland:
- 100 percent income repatriation
- Tax relief due to lack of income tax, corporate tax, import duty and other fees
- Great advantages in establishing and expanding branches in Gulf Cooperation Council countries
- Have permission to work in the United Arab Emirates, the Free Zone and the rest of the world.
- Business subjects are allowed to carry out government projects.
- No currency restrictions for companies
- A very stable local government that works closely with entrepreneurs
Why Choose a Professional Business Setup Consultant Firm?
Most professional business setup consultant firms support small, medium, and large companies in setting up and growing their businesses. They can help you start a business in mainland Dubai, from startup to other business solutions like accounting, payroll, IP, Visa, etc. The team is experienced in business consulting. They also handle legal and documentary matters. Contact them for assistance in starting a business in Dubai.