Dubai has already become the eyeball of business investors from all around the globe with its enough economic stability for the international market. The current market trend of Dubai is highly encouraging for foreign investors in export and import of various commodities. Moreover, with the growing tourism in the city, every business has a vast potential to grow here. Every individual place has its own set of norms and rules for foreign entrepreneurs, and same is the case here with Dubai.
Here are some facts that you need to take care before you start with your company incorporation in Dubai.
Get a UAE national as local sponsor: To start company incorporation in Dubai, you need to have a ‘local sponsor’ who would be a 51% shareholder. Dubai allows a local company for business relocations anywhere in the city. The sponsor needs to be paid a yearly fee which is negotiable.
If you want it 100%, go for a Free Zone: You would not require a localite to act as your partner in business setup in Dubai only when you have your business in one of the city’s Free Zones. Free Zone also supports with fast start-up and Duty-free customs boundary as well.
Select the location carefully: The site you select for your company incorporation in Dubai, must be finalised based upon several points like costs, distance, and suitability for your product, trade requirements and of course the business model.
Check for the Visa eligibility and get ready the requirements: To run the business smoothly, you need to have a visa that allows you to live in UAE. Visa is granted quickly once you fulfill all the prerequisites.
Get help from a registration agent: It is wiser to hire a registered agent when you plan to go for company incorporation in Dubai. They are the best ones to deal with the Local Government Bureaucracies and Free Zone authorities for issues related to the business start-up costs and other formalities.
Check for the office sizes and preconditions before you register for a Free Zone: Avoid deciding on published news about rules and regulations related to Free Zone. The actual scenario of Free Zone booking keeps changing. So, take a look at the preconditions, size and space before you sign.
Select a license category considering your business model: Go for a license that would allow minor and necessary alterations in your business model. Take care and avoid choosing a License category that is narrow to allow necessary tweaking.
Confirm the bank charges before opening an account: Do not go after the reputation of a bank only but choose one based on your requirements and costs before opening an account. Because banks keep on levying variable charges, you need to take care of beforehand.
Get into a written legal agreement with local sponsor: When signing with a local sponsor always remember to have a legal written document of what they could expect from each other. Never rely on verbal commitments.
Take careful steps because small negligence in checking the terms and conditions related to company incorporation in Dubai may lead you to biggest trouble abroad.
