To begin a business in UAE is apparently quite simple. With a number of investors eager to attract the multitudes of clients and reach out the lucrative markets at a stone’s throw distance from the nation, the stature of Dubai as well as the entire UAE has grown tremendously in the last few years. UAE has started being referred to as the most happening place to do business in at present and the economic situation is thought to be stable as well.
However, you just cannot up and start a profitable enterprise without checking and following a few regulations in place. Here are a few facts pertaining to how to go about the entire process in simplistic terms. Do check them out and begin in earnest. Good Luck!
Rules to follow
- Local Sponsor- Well, it definitely makes sense to gauge the business market in the Emirates before approaching a local resident who needs to act as your sponsor. Your partner will actually own 51% of the LLC business that must be registered locally. This will enable you to select from a huge number of lucrative locations to kick start your enterprise. Fret not, you can go ahead by agreeing to pay an annual retainer to your sponsor. It is important to share a good rapport with him though as his presence may help you to solve a number of issues that you may face eventually with local rules as well as the authorities.
- Free Zone- Another profitable option that you may choose is setting up your business within one of free zones in UAE. While there are enormous advantages of operating in a free zone such as bypassing a local sponsor and owning 100% of the business yourself and enjoying duty free custom options along with a quick setting up, you may lose out on a huge number of clientele on account of the location that is sure to be removed from the heart of the city.
- Location- It is advisable to select the premises of your business operations carefully keeping all the facts that matter firmly in mind. Set up your shop or an office in such an area of the city where you can easily be noticed by the target populace. Do try to keep your overheads within the budget and opt for a tenancy contract and do not forget to take the basic costs of availing the amenities you need into account.
- Eligibility to Stay- Next, you must ensure your continued presence in UAE by applying for a valid VISA as per the norms. However, you may have to request your local sponsor to apply on your behalf, if your company is to be local one. Do keep your passport and other required documents handy and inform your investor about yourself so that process of obtaining a visa can proceed smoothly without any hitch. Your employees need visas too and you can certainly request your local sponsor to authorize you or allow him to take care of all the formalities for you.
- Engaging an Agent - It might not be too easy for you to handle everything without depending on any assistance. The best way to get your business up and running ASAP is to approach a company that specializes in business registration for their clients. The firm is sure to assist you at every juncture including keeping all documents handy and dealing with government representatives as well as follow the entire process through from start to finish for a cost.
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