Setting up your company in an amazing country like the United Arab Emirates is the dream of many new entrepreneurs. Especially the ones who have been to the UAE know exactly what it is like to have a business of your own in UAE, which has become the hub of regional trade activities in a short span of time. However, there are many factors which break the ambition of many budding entrepreneurs in Dubai and other states, especially when they are not aware of the local laws and regulations pertaining to DWC company setup and establishing companies in other free zones across the Emirates. In such a scenario, what they need is a reliable person or consultancy company which walks them through to the whole process without any hassle.
Let’s take a look at some of the tips to set up your business in Dubai and other state of the United Arab Emirates.
- You must be absolutely clear in your mind about which product or service you’re going to sell. Once you have identified the nature of your business, it would become easier for you to take further decisions. Dubai is an attractive place for entrepreneurs who want to establish businesses in the field of exports, real estate, tourism, hospitality, recruitment agencies, daycare, education, nightclubs, etc.
- The thing that bamboozles many entrepreneurs is the ownership rule in the UAE. Always be sure that if you’re going to set up a manufacturing unit in one of the free zones, you don’t need to have a local partner and you can 100 percent shares of your company. However, if you’re planning to set up an outlet in mainland Dubai, you need a local partner who will have 51 percent stakes in your business. Many people, who are unaware of the ownership rules, lose their heart on their way to setting up their company in the UAE. It is always better to consult a professional PRO official or company to get a clearer picture of the requirements.
- You can’t do any business without a business license. You may obtain one of the three business licenses in Dubai and if you want to sell your services you need professional license while in case of trading goods you need a trading license. There are licenses for different categories which require approval from specific regulatory authorities in Dubai.
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