Are you tired of being just a mere employee in somebody else’s company? Have you always wanted to be your own boss? If you have the skills to run a business and the budget to finance it, then Dubai is the best city in the world that will make your dream come true. Known as the city of dreams, it serves as a great platform for you to make some good money.
1. Benefits of a Business Setup in Dubai
Here are some of the perks of company formation in Dubai.
- You can have the freedom to choose where to establish your company in the UAE
- Unlimited number of visas are available for you
- The sky is the limit for commercial activities to license
- You will not be subject to any business taxes
2. Reasons to Opt for a Dubai Freezone Business
Do you find it a hassle searching for a UAE national who will act as your sponsor or partner? No worries as you can do company formation in Dubai via a free zone, which enables you to have full ownership of your operation.
Plus, you can enjoy the following benefits:
- Less bureaucratic licensing procedures
- 100% exemptions both on import and export taxes
- 100% repatriation of capital and profits
However, keep in mind that the type of business set up in Dubai and costs will largely depend on the free zone you apply to.
3. Who Can do a business setup in Dubai?
Both locals and expatriates are entitled to company formation in Dubai. However, there are quite a few restrictions for the latter. For instance, only locals are allowed to set up SME licenses, joint liability companies, simple commanding companies, commercial or industrial sole proprietorships, and home-based businesses.
If you are planning a different type of business set up in Dubai, then a UAE national is required to act as a sponsor. Given that he will be acting as such, he or she must have either at least 51% share in the business or be a local service agent, with you having full ownership of the business but paying the LSA a yearly stipend.
4. Cost of Establishing a Business in Dubai
Setting up a business is a risk and requires upfront investment for employee visas, license fees, office space, and many more. The cost will also depend on the type of business you aim to set up. Will it be industrial, commercial or service? The type of legal formation you intend to create will also be another factor for the cost. Would you like to have a branch, a company or an establishment?
Furthermore, the amount of capital needed for a business in the city will also vary based on the form of business. Other types of operation do not have any legal requirements for minimum capital. However, this capital has to be stipulated in the Memorandum of Association and also be an amount that can suffice for the business.
With the Expo 2020 fast approaching, this year is the perfect time for you to have a business set up in Dubai. By having the determination and a positive attitude, you will always be one step away from the success you have always dreamed of.