If you’re someone looking to business setup in the UAE, then these are a few things that you need to know. Carefully read every piece of information provided below to get better clarity.
- Evaluate all the different types of company structure before setting up a business, i.e, Mainland, Offshore, and Free zone. All these structures have their advantages and limitations. Carefully examine the structure that suits your needs.
- The most common form of company in UAE is a Limited Liability Company (LLP). To have this setup you require a local sponsor who is a UAE resident. He will have a minimum of 51% share in your company while providing you a 100% power over the company’s management. Therefore, look for a reliable local sponsor.
- There are three types of trade licenses in the UAE, namely, Professional, Commercial, and Industrial. Each license has its documentation process and license fees. Carefully choose the one which suits your business type.
- Setting a company in Freezone has a lot of advantages: speedy startup, 100% ownership, and duty-free custom duty. But it has no other advantages of the mainland and offshore setup. So decide which type of business you want to set up and select your zone accordingly.
- Get a permit to start a business and live in UAE. This includes investor visas and business visas. Get through the documentation process carefully.
- The business registration process is easy in UAE, but it still requires expert knowledge and guidance. Therefore as a foreign investor, do not try getting the registration work done on your own. Always hire a professional who can help you with it.
- Do not start a business in the UAE if you do not have enough funds. Raising finance for setting up a business is usually difficult in the UAE. Therefore, wait until you have enough funds.
The information provided above is of immense importance for anyone who wishes to set up their business in the UAE. Go through the points carefully and analyze each step before you move ahead with your business plans.