Company setup or business setup in Dubai, there has never been a better time. This is a statement which is probably true at any time in the last decade or so, but the signs are very promising right now.
Only one week passes by without the declaration or launch of a further ambitious project and the growth projections of the UAE indicate that it is worth a bandwagon at the moment.
According to the IMF, the United Arabs are projected to be the world’s largest economy, Saudi Arabia; to boost the rise in the Gulf of Arabia by 2.5%, ahead of its 0.4% predicted development.
Such numbers, along with impressive growth in previous years, have drawn a rising number of companies. If you believe you will be joining, the good news is that the establishment of a Dubai corporation in particular in the UAE’s free zone is a relatively simple and quick phase with strong incentives.
There are other opportunities onshore or offshore for the kind of company you may set up in the UAE, but free zone areas are especially popular with international business people for good reason. The benefits given include 0% business and personal tax, 100% corporate ownership, 100% profits and profit repatriation, no fiscal restrictions and a 100% exemption from importation and sales tax.
Tempted?-Tempted? Who isn’t going to be? And how are you going to do it?
Freezone – The step by step process
Although the technological, logistical and financial facets of business growth in Dubai may seem overwhelming, it is much simpler and more manageable through following a simple, step-by-step procedure sponsored. Numerous businesses have found themselves in different free areas and are able to break up the cycle in the following six stages.
- Choose your business idea
Your company’s existence will influence which freezone company setup areas you can or should have created. Many free zones, for instance, may provide those forms of operation, like newspapers, medication or transportation, and it often makes sense to work next to enterprises in the same industry, apart from constraints. See also the ties to travel. You would definitely want to pick one of the free zones located near the airport, if your business depends heavily on importing and exporting.
Later in the preparation process, the final decision can be made, but establishment of your company can definitely provide you with an advice and can help eliminate certain choices early on. Nevertheless, you do not need to fill up your organization, as multiple business operations can be reported on one commercial license.
- finalize your business profile and name
The UAE has some stringent naming rules, but make sure it is legal before you stick to a company name. All the logos of any organizations that apply to God, Him, or any other religious groups, such as the CIA or the FBI, are prohibited to include offensive language. They are banned. When you want to name a business after an individual, the person must be a spouse or company member, and the full name–no names or abbreviations –must be used.
You will be issued a chapter and section from a company set-up specialist on all classification conventions. From putting the new name around them, you will avoid a lot of energy and money and ensure if it fails and that they are not going to support you with one that does.
- Get your paperwork finalized
Application for the name and activity of your selected company must be submitted to the relevant government bodies along with copies of the shareholders ‘ passports. Free zones require additional paperwork, such as a business plan or a NOC–letter from an approved partner stating that a company in the UAE is available to you. While perhaps the most daunting of these measures, the reporting must not be too budgetary if it is carried out with professional assistance. Your business establishment associate will guide and support you to complete the necessary documents.
- Get your license
This is the easiest step of everything. The government must grant your business license after the application has been approved. At Virtuzone, we educate our consumers about the collection of documents.
- Open an account in the bank
You will have all the documents needed to open your bank account after your paperwork has been returned. The UAE is host to several foreign as well as local banks including the Emirates NBD and Abu Dhabi Commercial Bank as well as multinational brands, including HSBC, Citibank and Barclays. You can either get to the bank of your choosing or ask your partner to arrange meetings with a number of institutions to help you select the right one.
- Start your visa process
So to the final step to setup your business in Dubai is by getting your visa. As well as filing for your own visas, you may also apply for workers and dependents in many freezone areas-the precise number of applications you may file depends on the free zone you choose to create. Therefore, it is best to look for expert advice if you are applying for the visa of your partner, kid, maid or driver, in the first place in the designated free zone and in the second place, you and everyone else wishing to be able to sponsor a Visa fulfill all of the access requirements.
The process consists of four single stages assuming all of these checks: entry allowance, status adjustment, medical fitness test, and the registration of Emirates ID and visa stamp.
This is it! You are good enough to go do business in your selected UAE free zone with these six stages completed.
Making it easy through a corporate business setup partner is a better idea. Learning in Dubai is not just quick because of the settling conditions of the free regions, but the training can be done in just over one week with the appropriate professional assistance with the help of a business setup company.