Dubai is not just a country with the top-class infrastructure and well-developed economy but is also a country which provides an unparalleled opportunity to carry on the business for the foreign investors. Small and big investors from all over the world find this country perfect to set up their business. If you are among one of the investors who is looking for a business hub, then consider Dubai. For knowing the procedure to set up Business in Dubai, please refer to the list below:
1. Select the type of business you want to start
The first and foremost step to set up business in Dubai is to select the type of business in which you want to carry your trade. The type of business that you select will determine whether you would require a commercial or a professional license. There are businesses such as jewelry business that requires special approval from the government to operate.
2. Select the type of ownership
The next step is to decide if you want to have full ownership of the business or want to have some percentage of shares. If you want to have full ownership, then you will have to set up your business in the Free Zones of Dubai. You will get a variety of other benefits such as tax exemption for the first few years if you set up your business in the Free Zones.
3. Select the name of your company
Selecting the name of your company is a crucial task. While selecting the name, you will be asked to choose the names which clearly specify the nature of your business. Then it would be checked that the names you have provided are not already being used. In most of the cases, the first preference of the name is provided.
4. Select the most appropriate business
The next important step is to choose an ideal location. You should choose a location which is most appropriate for your business type. For example, if you want to run a food shop then you should set your business in the market area. But, if you want to set up an IT company then free zones are the best choice because you will get lots of benefits like internet, water and electricity facilities.
5. Hire a local agent
For some business types, it is compulsory to hire a local sponsor or a local agent. The advice of your local agent would be very valuable because they have the full knowledge and experience of their country’s economy. Local agents have to be paid only a small remuneration which can be negotiated. However, it is not always compulsory for you to hire a local sponsor but it is advisable to have one so that there is always a local support system present with you if you face any legal trouble.
Setting up the business in Dubai would take one or two weeks after the completion of all the legal procedures. If you like this article, then be sure to share it.