Setting up a business in the UAE can be very daunting and intimidating if you are not family with the process. There are several options that you can consider, and only an expert can tell you precisely what you need to know about each one. Choosing the wrong setup can cost you money and time. As such, you will require a professional to help you with your business setup in the UAE. Here are some of the most frequently asked questions about business setup in the UAE.
- Is Dubai really tax-free? In most cases, Dubai is entirely tax-free. There are no taxes on any profit you gain through a legal business, company owners, and employees. Additionally, Dubai has a simple system for reporting your finances. As such, there is no need to carry out annual audits.
- What is the minimum investment required to set up a business in the UAE? There is no minimum investment required to set up a company in the UAE. Investment in the UAE depends on your business activities, partners, and location of your company. You can invest using any amount, but you have to consider the benefit of your partners and employees.
- What is the process of starting a business in the UAE? Setting up a legal firm in Dubai happens in three stages.
· Initial approval where you have to apply for an endorsement of the planned activities of the said business,
· You have to ensure that you meet all legal requirements. This step involves authenticating your identification, education background, and all financial matters involved in starting the said company.
· Verifying the business premises and issuance of the investor visa.
4. What are the visa requirements for investors and employees? Depending on the type of company you want, there are three different types of visa requirements in the UAE. Every foreigner must have a residence visa to live and work in the UAE. For you to employ people, you must have a residence visa, which will then allow your business to recruit staff. Offshore companies do not require a residence visa since they do not entitle the holder to conduct business in the UAE. Free zone enterprises allow the issuance of residence visas, but it depends on the size of the company.
- How long does it take to start a business in the UAE? The process of starting a business in Dubai will take five days to six weeks, depending on the structure and type of business. Registering your company is the first step where you have to gather all the documentation.
- Do all documents required for setting up a business need to be notarized or attested? The UAE embassy or consulate in the country of document origin must attest all documents for the issuance of residence visa and company registration.
- How will I benefit from setting up a business in Dubai? The UAE is a global destination for investors. The UAE dominates the cargo and re-export markets. For over two decades, the UAE economy has had significant growth with investors coming from all over the world. The UAE is also home to two primary airlines: Emirates and FlyDubai. Emirates is among the biggest airlines in the world. Additionally, the UAE has an extensive physical infrastructure that spreads all over the nation.
If you want to start a business in the UAE, these questions will provide you with the information you need.