Tuesday, July 23, 2013

Taking Advantage Of The Ease Of Business Set Up Dubai

Numerous investors have been enticed to set up a business in Dubai because of the numerous advantages. The city boasts of a free enterprise system along with world-class infrastructure and facilities. Also, many investors find the United Arab Emirates as an ideal business location because of cheap energy supply, accessible sea and airports, competitively priced import duties and freight charges. Business set up Dubai also has additional perks like the lack of personal income, capital and corporate taxation along with full repatriation of capital and profits.

 

Taking Advantage Of The Ease Of Business Set Up Dubai

Like most of its neighbours, Dubai built its wealth through the oil industry. Through the vision of its leaders, it has transformed itself as one of the top business and cultural hubs in the Middle Eastern region, drawing in both tourists and investors.

 

Just like setting up a business in your home country, ample research and preparation must be done in order to sustain your venture and maximise your profits.

 

One of the first things you should know is that outside of the free zones, foreigners are not allowed to be majority shareholders of a business. A foreign investor is only allowed a maximum of 49% share in the business with the majority going to a local. In this regard, you will have to find a local partner, an individual or business, which will assist you in obtaining the necessary paper work required for starting your business.

 

In order to protect your interests as well as to give you local legal advice, you should hire the services of a lawyer. This is particularly helpful knowing that you have a partner that has majority control over the business, albeit without contributing capital.

 

Your next step in business set up in Dubai is to find the ideal business model; determine whether you should set it up as a general partnership, a limited liability company or as joint venture. Your choice of legal structure for your business may be influenced by the fact that the Department of Economic Development has different capital requirements for each model.

 

Afterwards, you will need to lease a space for your office. Note that the DED does not allow "virtual offices" and requires businesses to have an actual physical office.

 

Your business' successful entry into Dubai is hinged on finding a reliable and trustworthy partner. An effective partner can help you breeze past barriers while providing you solutions to company formation and introducing you to vital contacts.

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