How to Set Up a Business in the UAE?
There are many small and big business firms in UAE. That part of the Middle East has made its own significant value in the eyes of the people. That’s why it is the most effective and high paying territory in the business perspective. The tour and travel continues all the 12 months in that part of the world. So businesses, whether they are small or large ones, don’t face any difficulties in earning profits.
Profit and loss is actually the lateral part of a business firm. The first and foremost step is its formation. So for the Business Formation in Dubai and many other parts of the UAE, you need to know the important factors playing its role in that regards. After that, you would be able to form a firm which will benefit you long term. Some of the important things that you must know before forming your business firm in UAE will be discussed in this article.
Types of Business in Dubai:
Before the formation of your business, you must know the types of business and their benefits. You must also know what can you achieve by doing business in these areas of the UAE. There are a couple of business types for you to opt from, these are:
Free Zone Business
Offshore Business
Free Zone:
There are free zone areas in UAE. So an individual can also set a business in those zones. The businesses are 100% owned by the owners. There is no need of a sponsor or agent for the formation of companies in that area. The other main characteristics of these areas are:
The business formed by you is 100% owned by you. There is no partner, investor or what so ever.
You can single personally open a business.
You would be able to create a bank account in Dubai.
The secrecy is maintained 100%.
You are imposed with 0% tax.
The renewal charges of the business are less.
You can hold multiple properties in UAE.
You can also hold multiple businesses.
You are also eligible to do business internationally without any restrictions.
Offshore Business:
This is such a type of business, like if there is a business in the UK and it forms the same enterprise in the UAE. The benefits that you can stand by forming an offshore business in the UAE are:
You don’t need to set any office mandatory for that reason.
There is no minimum limit for the capital returns for these companies.
You would need to register only one director per particular business.
These types of firms need to arrange an annual meeting just like the normal companies.
These are the couple of business types available in the UAE if you are interested in forming your own corporation there. But for Business Formation in Dubai you need to know these details before you take an initial step.