Business Setup In Dubai Flip The Coin With Confidence

Introduction:

Setting up a new venture in UAE markets should not take you more than a week provided you are on top of all the legal procedures and requirements.

But before you jump in and engage yourself with the legalities, you will need to consider the following elements for a smooth transition:

Type of Business:

This will help you in determining the type of license that you may need to initiate things. Your business operations will be defined by the nature of your business, i.e. whether it’s an industrial, commercial or professional license that you require.

In an event you where you are keen in setting up a business in Dubai that focus more on activities like jewellery, veterinary and food trading, you will need to acquire further approvals from the government bodies.

A good resource to utilise here would be the Department of Economic Development (DED) based in Dubai which offers a comprehensive list of more than 2100 business activities one can choose from.

Ownership:

Being a foreign national if one would want to have 100% ownership of the intended new company, one would need to acquire a license plus location in any of the free zones if UAE.

Legal form:

Rules may vary depending on the type of business that you are intending to initiate. Here it is important to know that each free zone has its own set of rules and restrictions regarding business structures.

Trade Name:

This is a critical part as far as the legal procedure is concerned. A name that indicates the nature of the business is usually preferred, unless it is subsidiary or branch of another company.

Share Capital:

Minimum share capital while business setup in Dubai is normally set out in MoA (memorandum of Association) of one’s proposed venture. However, in most cases one may not need to set up a minimum capital while setting up the venture.

Premises:

After all the hard work has been done and legal procedures have been met fully, one would need to shortlist some business premises. In free zones, one may get help in finding reasonable premises that are backed with internet connectivity, power, water and other required amenities.

Personnel:

In most legal forms set by the DED, one would need to hire a manager to run the show and this hiring would be required even before the approval of registration. While in some cases, one may not be allowed to hire at all.

Local Support:

To acquire a DED license it is compulsory that one must be backed with a local agent, sponsor or partner. While operating in free zones, such backup may enable one to move on with business activities in a much effective passion.

Final words:

All the points mentioned above would require serious consideration. Corresponding to them will make it a win-win situation no matter which side comes up, after the coin has been flipped.