Starting a company in Dubai: Things to be considered.
Like all other destinations, Dubai also has few rules for new and established businesses and it is mandatory for them to follow them fully. Some times it becomes difficult for them to cope with the situation and it results in the failure of their startup in Dubai. But most of the time, the reason for their failure is not understanding important factors that they will face before and after setting up their business in this emirate. Dubai’s reputation as a business hub is universally acknowledged. Business opportunities are always available for entrepreneurs from around the globe in any field and in any trade. Every year, big and small companies start their business in Dubai. There is no doubt that many of these companies continue their business. But this surely doesn’t happen for everyone.
Important things to be considered before starting a company.
Trade Name: Your trade name is a very important part of the legal procedure. The company name should ideally indicate the nature of the business unless it is a branch of another company.
Choose Appropriate Location: Another important step in planning a business startup in Dubai is to determine the most suitable location for the business. Setting up a profit-based enterprise in the city wouldn’t do you much good despite the growing economy if you’re customers or clients can’t reach you. You need to set up your business in an area that is most profitable for your business or most convenient for your business.
Visa Eligibility & Requirements: For a business startup in the UAE, a visa permitting you and employees to live in UAE is essential to run your business. Visas are allowed for almost all businesses.
However, their number varies according to a variety of criteria such as the size of the office, nature of the business, the category of the employee or the investor.
TAX Requirements: UAE was once a tax haven but the situation has completely changed now. There is a 5% VAT applied to most of the businesses. But there are still few sectors that have been exempted from VAT. But if you are setting up your new business in Dubai mainland, then there are more chances that it will be affected by VAT. In this case, you must contact VAT consultants in Dubai. If your desired destination for a startup is a free zone in Dubai, then there are Free zones that are exempted from VAT in UAE. in that you need not worry, Otherwise, you need to take help from VAT consultant running your business smoothly.
Information from Main Authorities: Another important aspect that has to be considered for startups is to know about main authorities that are required to deal with before and after establishing their business in Dubai. Main authority for almost all types of businesses in the Dubai Department of Economic Department (DED). If you are a trader and deal with the import and export of goods, then your concerned authority is Dubai Municipality (DM).
Prohibited & Restricted Items: Dubai is one of the world’s most business friendly places that allow most of the business activities and trading of products. But even then, there are few restrictions in Dubai for businesses. Apart from that, not all products can be imported and manufactured in Dubai as well. It is necessary for startups to get the detailed information regarding this feature. It will help you in avoiding later problems or indulging in any illegal activity.
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