DUBAI: A Hotspot for BusinessMarch 22, 2021
When setting up a new business, business formation is a crucial and the initial step in which companies register their businesses. Each country has its protocols for business formation under which companies register their businesses. Today, Dubai is emerging as a business hotspot in the world and is expected to take the lead of the fastest and biggest economy in the Middle East. Under proper guidance, business formation in Dubai seems straightforward and relatively less complicated
Free zones being the most popular and a hotspot for setting up a business but there are other options also to ponder over like onshore or offshore to set up a business. This completely depends on the type of business you wish to set up. Before setting up a business one should decide and finalize the legal structure of the company.
The main business legal structures are listed here-
- Sole proprietorship
- Limited liability company LLC
Each business structure has its own pros and cons so one should decide it keeping in my mind the type of business venture they wish to establish.
Dubai provides strong incentives to business ventures to prosper and earn handsome profits. The incentives UAE provides and its business-friendly policies are tempting enough to draw the attention of investors worldwide.
The incentives UAE offers include 100% ownership of the company, no currency restrictions, 0% corporation and personal tax, and 0% tax on import and export.
Under the UAE government business environment companies flourish and prosper. Business formation in Dubai requires few steps to follow which include-
- Decide your business activity
- Decide the name of your company
- Conclude the incorporation paperwork
- Complete the documentation
- Collect your company’s license by the government
- Open a corporate bank account after you are done with the paperwork
- Start the visa process after you open an account in a bank
Though the process seems easy and simple but doing things on your own is still hectic so to avoid missteps and blunders one should seek proper guidance in establishing their business in places like manchester of india can enhance business in the country to help revive economy.