Dubai is a city with more than 200 ethnicities and a global hub of the Middle East. With increasing economic growth every year, Dubai has become a hotspot for investors and entrepreneurs. It has world’s fastest-growing economy. The main services partaking to its growth are trading, real estate, tourism, and financial services. If there is any good time to start and setup your business in Dubai, it is now. This is the perfect time to jump in the bandwagon of growth and start increasing revenues.
Keeping in mind all the advantages of setting up a business in Dubai, it is a very lucrative proposition. Setting up a business in foreign land has always been a difficult task with regard tothe legal complication, official process, and fees, etc. But to your surprise, and you can setup and start your business in Dubai in just 7 days. Yes you heard it right if you have all documentation ready and approvals have taken.
Once you have decided to start your business in Dubai, it is very important that you select which structures suites best to your business requirements. These business structures are:
- Free trade zone
If you are looking to start your business in one of the above zones, you will have to consider following conditions in mind.
- Local Sponsor
If you want to setup a business in Dubai mainland, you would need a local sponsor (a UAE national) to sponsor your business. He will also act as a sleeping partner. A local sponsor will take an annual fee agreed by both the parties.
- Business Ownership
As a forging national, if you want to own your business 100%, you need to get a trading license in one of the many free zones in UAE. There are almost 45 free zones in the UAE. You can find the one that suits best to your business requirements.
- Trade Name
The name of the company should reflect the nature of your business. If it is a branch, there are certain rules to follow. The DED department reserves the right to approve or reject the company name if there are already any company running with the same name.
- Leasean Office
Once you are done with legal work, you can find and settle your office location. There are many variables such as cost, location, etc. find the one that suits best to your needs.
- Hire Employees
In most of the legal formalities of DED, you need to hire a manager to oversee your business even before your registration is approved. But in some cases, you are not allowed to hire any staff at all. Each zone has its own terms and conditions to follow. Check them out before you start.
There are various categories of business setup in Dubai for almost every nature of business. Every category has its own terms and legal procedures to follow. To avoid any kind of legal complications, Lookout for them before you start or hire a professional.