Dubai has always been known to attract aspiring entrepreneurs
and business owners with its steady and stellar growth. However, setting up a
business here from the ground up involves a lot of preparation. There is more
to it than creating a business plan and securing funding.
Your startup to-do list should also include reviewing the
legislation regulating the economy, trade, and investment. Assembling a team of
trusted and experienced legal
consultants in Dubai could help you know what
these laws are and how they can protect you and your commercial interests.
Types of Law
that Protect Business Interests
To give you an overview, we compiled some of the laws and
regulations you have to keep in mind when starting and sustaining your own
business.
Licensing
To legally start business activity, you will likely need a
business license. The Dubai Economic Department is the one in charge of issuing
commercial, professional, and industrial licenses. However, take note that
other licenses require approval from other authorities. To further understand
the procedures and requirements of securing your business licenses, it’s best
to engage corporate
lawyers in Dubai.
Taxes
Under the Dubai Income Tax Ordinance 1969, organizations
conducting business or trade and/or rendering services in the city are liable
to certain tax scales. Generally, the applicable rates would depend on the type
of your business and the range of your income.
Foreign Investment Law
To attract more foreign investors, the foreign investment law
regulates investment procedures, ownership, and employment. With the unified
regulatory framework, entrepreneurs can get around a number of legislative and
administrative obstacles to start their own business or invest in an existing
one.
Intellectual Property
Intellectual property rights are considered legal rights, so
there are laws in place that safeguard your unique pursuits and protect you
against violators and counterfeiters over a certain period of time. While
intellectual property laws can vary depending on the jurisdiction or your place
of business, each law is structured to meet international obligations such as
those set by the World Trade Organization. Although there are no specialist
intellectual property courts in UAE, you can seek advice from local lawyers
on how to protect company property.
Motei and
Associates has the best legal and corporate advocates in Dubai. You
may contact us today for clear and actionable legal advice on the most
straightforward down to the most complex business matters.
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