Benefits of setting up business in Dubai
Dubai is a place where students become part of Dubai Startup Hub and are then empowered to turn their ideas into a tangible reality.
Not only this, Dubai is the commercial capital of the UAE and provides huge business opportunities and innovative commercial elements for businesses around the world.
Are you pondering how to start a business in Dubai?
Dubai has always encouraged millions of business startups and since it has proved its economic stability to the international market, no doubt this commercial capital is attracting the eye of business investors across the world.
If you are planning to start a company in UAE, you need to know the following elements to know where to start.
Business Activity: Once you plan business setup in Dubai, it is important to have proper knowledge of certain limitations since there are various consents required before you start your business in Dubai. Planning your business in UAE is easy but not all business activities are allowed here. Therefore, the foremost thing to do before the planning is to decide whether your business fits in as per Dubai standards.
Location: Your next factor will be your location which means deciding whether you are going to launch on the mainland or in a free zone. However, choosing a setup in a free zone will give you numerous benefits from 0% corporate, personal tax, and 100% company ownership.
Company Name: As per the standards mentioned by the Department of Economic Development, you will need to give a name to your company.
License: Your standard license documents will include a completed application form, shareholder passport copies, and the like.
Bank Account: Once you have your license, you can easily open a UAE corporate bank account.
VISA: The last step in the business setup process is immigration and visa processing.
Since a company set up in UAE is determined by the shareholding structure, it is important for startups to opt for such a structure that is in cohesion to your business operation and preferred jurisdiction. Some of the shareholding structure that you can choose includes:
- Private Shareholding
- Joint Venture
- Sole Proprietorship
- General Partnership
- Partnership in Commendams
- Public Shareholding
- Shared Partnership
- Limited Liability Company
- SME License
- Branch Offices
- Limited Partnership
- Representative Offices
Advantages of starting a business in Dubai
Dubai is home to numerous startup handlers and funding initiatives designed to speed up business growth. Also, it is the second largest economy in the United Arab Emirates and is diverse with endless industries from healthcare and hospitality to technology and trade in the supremacy in this part of the world.
In comparison to other countries, startups in Dubai also get tax benefits and perks on investment. Here is the list of reasons why thousands of entrepreneurs in the world flock to the UAE and Dubai to do business.
- Startup support
- More business activities available for licensing
- Flexibility to do business in any part of the UAE
- Vibrant economy
- No business or personal taxes
- No limit on the number of visas
- Great quality of life
For any further information, feel free to contact us at SORP Group.