Many people dream of starting their own business but they never get around to doing it because they don't know where to start and what all is involved in it. Well, the good news is that there are plenty of real estate options available to anyone who wishes to open his own venture. Dubai is such a hot tourist spot nowadays that almost everyone wants to be involved in the various activities and hence has to move to the city. Dubai has a very high demand for office space and that has driven up the price of real estate in Dubai skyrocketing. This has made it all the more attractive for people who want to get started in this sector.
Dubai is a wonderful business destination with so much to offer to its new entrepreneurs. The main reason why most people move to Dubai is that it is easy to establish a business here as well as reap the benefits of free trade. This emirate is home to many multi-national companies that make it an ideal place for offshore entrepreneurs to set up a business. However, before you jump into starting your own business in Dubai, let's take a look at some of the considerations you have to think about when starting and registering your company in the emirate. This will help you understand the legal issues you will face while setting up your business.
There are several ways on how to
start a business in Dubai, but the most popular is to get registered in the country through a commercial registration company. However, registering in Dubai through an international commercial company formation firm is the preferred choice of most overseas entrepreneurs. There are several reasons why it is better to use these firms. Firstly, these companies offer services that typical attorney-based company formation experts cannot provide; they offer professional advice on various legal matters, including those dealing with foreign countries. Another benefit is that they can provide you with professional assistance during the process of company formation.
The legal requirement when planning to open a business in Dubai is to get a license. This is necessary in order to operate a business legally. The requirements vary depending on the nature of your planned business activity. For instance, if you want to open a hotel, you will have to acquire a hotel operations license. If you plan to run an educational institution, you will need a business license for that as well.
The first step in the process of how to start a business in Dubai is to submit an application for a commercial license. When doing so, ensure that you submit all the required documents required by the law. These include a completed application form, a copy of your passport, and a list of all the employees in your company (they include your chef and housekeeping staff). Remember to attach the scanned copy of the business plan you prepared in order to speed up the processing of your application.
Another significant step on the road to
starting a business in Dubai is the visa sponsorship. You may have to visit the emirate prior to submitting your visa, so it is best to arrange for this well in advance. The emirate government has been known to approve tourist visas quickly, so don't delay if you are planning to stay in the city for business purposes. If you are not qualified for a visa, you can apply for sponsorship from UAE national or foreign investors. Many wealthy individuals in Dubai sponsor entrepreneurs who wish to open businesses in the emirate.
Once you have obtained the necessary licenses, you can now submit your application to the Dubai Commerce and Trading Office. You can expect to receive a business permit within 30 days. Your business name will be registered with the Dubai SCC, and you will also be required to present a copy of your passport for the purposes of proving your identity. Trade licenses can take one year to be processed depending on the type of merchandise you intend to sell in the emirate. The trade license you obtain will be valid for three years, after which you can apply for another one.
Taxation is another important consideration in Dubai. This is where most local and international businessmen lose out. Although most companies pay a specified amount in taxes each month, some do not pay any taxes at all. A good strategy to avoid the penalty is to register your company with a Dubai relief company, which will charge you a fee for its services. After you file all necessary documents with the customs, you can enjoy the financial freedom that comes with owning a company in the free zone of the Dubai stock exchange.