Dubai is not only the hottest tourist destination in the Middle East, but is also a hot spot for entrepreneurs who want to start their business in a strong and progressive economy. There are many factors that attract foreign investors to invest in Dubai. One of the biggest factors that make investors consider business setup in UAE is the investment and business friendly policies of the Dubai government. Another major factor for Dubai to become a popular business center for new businesses is the strong economy and healthy business environment. If you are also planning to start a business in Dubai, you must have complete information about business setup in Dubai. Following are the important points that you should know before setting up your business in this Emirate:
The first thing that you will have to consider is that of which economic jurisdiction suits best for your business. If you don’t know already, you will have two choices with you to pick from. You can setup your business through the Dubai Economic Department or you can choose one of the many free economic trade zones to start your business without worrying about taxes and duties. You will have to choose the right economic jurisdiction for your business, keeping its needs and requirements in mind. If you are considering the benefits of a specific economic zone and not the needs of your business, it can prove to be the worst decision for your business.
Legal form of business
The next thing that you must be sure about is that what legal form of business is best for you to operate it successfully. There are three different types of legal forms available for businesses in Dubai. If you want to run your business alone, then you can register it as sole proprietorship. If you are not a GCC citizen, you cannot register a sole proprietorship company in Dubai Economic Department. Either you will have to choose a free zone authority for that or you will have to look for a local service agent to fulfill legal requirements. If you want to register a partnership firm, then you will have to include at least one local partner with minimum 51 percent share of the company. There are no such requirements if you are going to register your company in a free zone. For the record, public companies can only be formed by local individuals. It is highly recommended for you to look for the best company formation consultants in abu dhabi to register your business without any stress and trouble.