Indeed, UAE is an insanely dynamic corporate destination. Subsequently, many enthusiastic business owners might feel a little intimated to explore the endless opportunities of business setup in UAE.
Thus if you plan to go deeper into going into these business formation avenues, then we suggest continuing reading. This guide incorporates all the essential 5W’s and 1H for the subject matter at hand. Moreover, we highlight some of the crucial concerns of aspiring entrepreneurs.
Perks of Business Setup in UAE
Owing to a vastly thriving economy, UAE offers the most dynamic, favorable, and the most beneficially multicultural environment to form a business setup. Apart from this, it also ensures to provide some undeniable perks which include the following:
- Growing and thriving economy
- Variety of options: mainland, free zone, or offshore
- Favorable tax policies
- Highly-developed infrastructure
- Helpful and foreigner-friendly government
How to best go about the idea of a Business Setup in UAE successfully?
The art of UAE Business Formation can be a tedious and tricky process. Thus, we have formulated this guide to help you go through the process seamlessly. Read on further for more clarity on how to best go about various UAE Business Formation opportunities to achieve substantial corporate growth. These guidelines are listed below:
1- File an application
First and foremost, you must be wondering how to best master the art of business setup in UAE. You have to apply for an authorized office space. This application must be submitted to the Ministry of Economy.
Without a doubt, there are some standardized associated costs of both the application and the process of opening an office. It all depends on what area you choose to set up your business. Essentially, there are three zones from which you can choose anyone to set up your business. They include the following:
- Free zone
2- Get the national approval
Secondly, what is the most important thing that you need to get the setup going? Once you have applied to the UAE Business setup, you are bound to get a confirmation from the local emirate body.
Following this approval, you are required to get consent from the UAE Federal Foreign Companies Committee. This might seem like a challenging process but don’t worry, it’s not as stressful as it seems.
3- Obtain the correct business registration license
Third, you must obtain the following three licenses/registrations:
- Ministry of Economy License
Provided by the Ministry of Economy, this license will apply specifically to the area in which your company will conduct business.
- Business License
Once your branch office has been registered by the Economic Department of the region, a business license will be officially issued.
- Commercial Authorities Registration
Lastly, you can take all the above-listed paperwork and licenses and register your company with the Commercial Authorities. In UAE, companies must be registered with the Ministry of Economic Register and the UAE Chamber. This eventually ensures a successful process of business setup in UAE.
4- Open a valid bank account
Following the registration process, if you wish to make the most of the available business opportunities in UAE, you need to ensure a seamless banking system for the company. For this reason, it is recommended to open an offshore bank account.
Furthermore, this valid account allows all international ex-pats to manage their funds in multiple currencies. In addition to that, this also allows you to sell the company’s shares and introduce investors in the UAE.
5- Comply with the financial requirements
Last, but not least, learn to comply with the local financial requirements during your journey of business setup in UAE. It is essential to do so to avoid all kinds of possible risks. Offshore banking operations can be risky, indeed.
Therefore, it is highly recommended to follow these tips:
- Check how competitive your bank’s currency exchange rate is.
- Check whether there is a lock-in period with penalties for early withdrawal.
- Check extra charges that apply when using your cards in a different currency or a different country.
Now that you are familiar with the whole art of endless business formation opportunities in UAE, it is time to get in touch with the leading business setup consultants in the Gulf region.
GCC Solutions offer a robust and extensive experience in making the best out of the available opportunities of a business setup in UAE. Moreover, we take pride in offering tailor-made solutions that best comply with your company vision and your business as a whole.
Get in touch with us today and achieve the greatest heights of corporate success. We’re waiting to hear from you!