There are many reasons why entrepreneurs from around the world choose to do business in the UAE. The country’s favorable tax regime is a considerable draw, levying zero percent on both personal and corporate incomes. There’s also the UAE’s strategic location at the heart of the Middle East which makes it the perfect hub from which to conduct global trade. Set up in one of the country’s free zones and the advantages keep coming. Here are the six simple steps of opening a business:
1: Decide your business activities
The first step in forming your UAE business is to decide on your business activities. There are thousands of potential activities to choose from and it’s vital that you list any you intend to carry out on your license application.
2: Choose a company name
With your business activities outlined, choose your company name. There are a few things to keep in mind when naming a business in the UAE. Here you must abide by a strict, yet easy to follow, set of naming conventions.
3: Choose a setup – free zone or mainland?
The final step before making your license application is to decide whether you wish to establish your business in a freezone or on the mainland. There are many advantages to both. Freezones have advantages such as quick and easy incorporation process, ongoing business support, and financial incentives such as tax exemptions and zero currency restrictions. Mainland business, on the other hand, allows you to trade directly with the UAE market and take on potentially lucrative government contracts.
4: Applying for your business license
One of the most important requirements to start a small business is of course a business license. Obtaining a license for a small business is a simple process for both free zone and mainland companies. The requirements to start a small business in the mainland is, apply for your license directly to the Department of Economic Development or the Municipality in the Emirate in which you are setting up. For Business in a freezone, you’ll need to apply directly to the relevant governing authority. Freezone licenses can often be granted in a matter of days depending on the nature of your business and the license required.
5: Applying for visas
Another one of the key requirements to start a small business is a UAE visa. The process for applying for your own visa, as well as those of your employees, in particular, yet straightforward. As the holder of a UAE business license, you can also sponsor others for their visas too.
6: Opening a corporate bank account
Company formation experts have great links to both local and international banks and can easily put you in touch with the one best suited to your needs – even arranging face-to-face meetings if necessary.
If you want to setup a new business, Reach us at www.youfirstme.com