Company formation in UAE,
particularly in Dubai, is not as easy as it sounds. Especially if you are a
foreigner, you might not be that familiar with putting up a business in this
wealthy land. For this reason, you would need to acquire as much information as
possible before proceeding. This helps you to save not only money but also time
and energy.
For this reason, you will appreciate knowing these facts
about starting a company in Dubai. Read on so you get a better understanding of
how businesses work in this wealthy region.
1. Jurisdictions in a business setup
There are three jurisdictions in Dubai that you need to know
before you start a business. These are:
·
Mainland – allows businesses to directly trade
in the local market.
·
Offshore – allows businesses to be registered in
Dubai without any physical office.
·
Free zone – allows businesses to only do trade
within the free zone and enjoy tax benefits.
This is just an overview of the business jurisdiction in
Dubai. It is highly advisable that you learn the pros and cons of each option.
This will ensure that you get the best business setup possible for you.
2. Licence type
To legally operate your business, you would need one of
these three types of UAE business license:
·
Professional licence – given to professionals,
practitioners, and experts in various field such as medicine, engineering,
education, and others.
·
Industrial licence – given to companies that
turn raw materials into products.
·
Commercial licence – given to businesses to sell
products to consumers.
Moreover, the issuance of your business licence would also
depend on which industry or field your business fall into. To give you an
example, a financial company need to get approval from the UAE Central Bank
while a medical company from the Health Ministry.
Are you planning to set up a company in the UAE?
- Legal Documents for Every Startup
- Need a lawyer for small business?
- Importance of Hiring a Business Lawyer
- How to Set Up a Business in Dubai
For a quick and easy process of company formation contact or visit us today!
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