Dubai is undoubtedly a well-known city in the UAE. The city of ‘Liquid Gold’ offers opportunities for setting up businesses in plentitude. Innovative business modules from all over the world swarm to Dubai to enjoy startup perks and tax advantages. Moreover, the Emirate of Dubai is investor-friendly and offers the maximum world-class exposure that motivates entrepreneurs to commence with their business. However, there are several steps that hold importance for company formation in Dubai.
HJ Accounting Services is the name that you should remember for handling the company formation requirements in Dubai. At Hussain & Jujar Accounting Services, a team of diligent assists clients in setting up companies of different domains across Dubai. We assure the supreme facilitation of paperwork, filing application, acquiring approvals, certificates, and more. For more, you can schedule an appointment by dialing the numbers that flash on the website.
Gather All Facts Before Proceeding
Though the norms for setting up a business are lenient, understanding them can be a hard nut to crack. Here’s a list of steps that should be followed:
Before forming a company in Dubai, all entrepreneurs must decide and understand all policies to the nature of their business. Not all business activities are allowed in Dubai and the allowed activities come with limitations. Multiple consents are required for setting up a business. Thus, thoroughly understand the norms for overseas company formation in Dubai.
Dubai has zonal jurisdiction for different businesses. This module has been adopted for enhancing the competence and proficiency among businesses. Opting for the right jurisdiction solely lies on the nature of a business and activities related to it. The authentication for jurisdiction plays a key role in understanding the company formation requirements in Dubai.
The Department of Economic Development plays a key role in approving the identity of a company being set up in Dubai. For this, the entrepreneur is expected to provide all details of the company along with the name chosen for the same to DED. It takes 36-48 hours to get the trade name registered and remains valid for six months. Not to miss, the trade name should emphasis on the association of the name with license type. One wrong move and things have to start from the blackboard.
For setting up a business or forming a company in Dubai, it is mandatory to form a partnership with a reliable UAE national. The partner would hold 51% partnership in the business, and in terms of free-zone, a local service agent will be provided as an apprentice to the company working at a nominal fee. Company formation services in Dubai stress upon signing the agreement with a silent partner to have complete control over the business.
Another major step for company formation includes opening a bank account. The Emirate of Dubai houses several banks, both national and international. Once the paperwork for the company formation is completed, the entrepreneur should open a corporate bank account. One can approach the bank for any query or consult the UAE national business partner for arranging a meeting.
A company set up in Dubai is usually determined according to its shareholding structure. This will distinguish the legal form of the business and bond with the preferred jurisdiction. The shareholding structure can be chosen from the following:
As mentioned previously, there are limited business activities allowed in Dubai. Unless the complete documentation is executed, acquiring the approval and license for operation is not possible. These approvals can be acquired from all non-governmental and semi-governmental authorities active in Dubai.
The Bottom Line
Over the years, company formation in Dubai has become facile for entrepreneurs worldwide. By following the steps listed above, anyone can start a fresh business or form a company in Dubai. Despite investor-friendly norms, it becomes essential for the person to get professional guidance. Approaching company formation service providers is the solution to find the perfect resolution.