-Do you wish to open a new business?
-Are you confused regarding the place where you are to open your new business?
Well, Dubai is a land of fulfilling dreams and aspirations.
Dubai will provide you with an opportunity to explore the conditions. You could consult a law firm in Dubai to explore business opportunities in Dubai.
In Dubai, you will get a lot of opportunities that act to provide a competitive edge to you. Dubai is the place where you are going to explore your business skills and be a successful business entrepreneur.
The Reasons Why You Are Going To Invest In Dubai
Some certain stats and figures act to vindicate the fact that Dubai is a growing economy. Dubai has earned a niche in business development. The city is also one of the most promising ones commercially.
- Dubai is recognized as amongst the top 10 financial centers in the Global Financial Index.
- Dubai International Financial Centre is climbing to number eight on the list of healthy cities.
- The City grew by around 6% in non-oil external trade to US$272 billion in the first nine-month in the year 2019.
- Foreign Direct Investment in the UAE is recorded to be around US$ 12.7 bn, which is an increase of 135%.
- Around 16.73 million tourists arrived in the year 2019. This is a rise of 5.1% from the previous year.
Business In Dubai: Is It Easy ??
Starting a business in Dubai is fairly an essay. Dubai offers such facilities and amenities to businessmen across the economy that every businessman jumps in for leveraging opportunities. Let’s look at the business environment persisting in Dubai.
Could You Start A Business In The UAE??
You could start a business in the UAE and it is quite easy and convenient. The main thing is that you need to learn business typology.
If you are operating a sole proprietorship form of business, it requires an Emirati partner that owes 51% of the business.
Legal Structure Of Business In The UAE
Let’s look at the ownership structure of businesses persisting in the UAE
Sole Proprietorship
These types of companies are owned 100% by an individual. In this form of business, the person has full control over operations and profits.
Civil Company
Doctors, Lawyers, and Accountants can open civil company businesses in the UAE. For this, it has to procure an Emirati national (owning 51%) of businesses.
Limited Liability Company
A limited liability company must be between two individuals and within 50% shareholders. Again 51% of shares must be owned by UAE nationals.
Other than this there will be free Zone Company, Freelancers and Foreign Company branches.
Obtaining A Business Visa In The Uae is Not Difficult
There are two structures of working as well as living visas available in the UAE. They are 5 years and 10 years old.
There is no need of procuring sponsorship for this visa. To start a business for a 5-year term, you need a minimum capital investment of AED 500,000.
For procuring a 10 years business and living visa, you need around AED 10 million as capital investment.
Registering Business
In order to register your business in the free zone you need to provide the following documents:
- Full Fledged business plan.
- Complete the Application form.
- Specimen Signature.
- Letter of Intent.
This process is not so difficult for businesses to initiate.
Licenses and Permits
Licenses and permits are obtained from the Department of Economic Development or your local Free Zone.
However certain businesses like Manufacturing companies gain approval from the Ministry of Finance and Industry. You need to provide the following in order to obtain the licenses:
- Power of Attorney.
- Memorandum and Article of Associations.
- Photo of Managers.
- Power of Attorney provided by the managers.
- Board Resolution appointing company managers/ Directors.
- Information on share capital.
Licenses and permits are easy to obtain and there is not much of a heckle so far as government regulations and licensing are concerned. No red tape culture will obstruct your business aspirations in the UAE.
Translating Documents
If any of the documents that you have for your business is in a language other than Arabic then you will have to reach out to an Arabic translation service provider. Pick a language service platform that has experience working with the concerned language pair to ensure that they will have experienced translators who can also do localization. According to the website of Tomedes a company that provides professional Arabic translation among others, “In no other industry is language as important as the legal field.” Public and private institutions may require legal translations in Dubai, which is always a sensitive task. Simple errors or omissions can lead to lawsuits, which are not only costly but troublesome. This is why you need reliable professional legal translation services in Dubai.
So Cheer Up!! Dubay Is Easy
Dubai is extremely easy for leveraging business opportunities.
The Government and the authorities in Dubai continue to help the budding businesses to take off.
Therefore Dubai is waiting for you with Golden arms. What you need to do is PLAY FAIR and grow business opportunities.