The official data shows promising time ahead in the UAE, with the economy touted to grow ever more in 2019-2020, the Khaleej Times reports. The nation’s economy is supposed to grow 2.1 percent in 2019 and a leaping 3.8 percent in the upcoming year, before easing 2.8 percent in 2021, according to the data released by Dubai Economy.
Goes without saying, time is best if you’re planning or have ever planned to take the next step to see your business of dreams as a reality. But before embarking on starting a company in Dubai, you cannot overlook the nuances that come with the planning the business like the formalities and legalities that are there.
Few Things You Need to Know About The Business Setup in UAE:
- Which emirates to choose if planning about business setup in Dubai?
Which Emirate is the best for your business? There are onshore, offshore, and then there is a free zone. Whereas the traditional offshore and onshore option remains, the free zone is preferred among the budding entrepreneurs, thanks to the many perks it offers.
Perks of free zone business setup in Dubai includes one hundred percent export and import tax exemption, one hundred percent company ownership, no corporation or personal tax, and other duties levied. However, in free zone trading, you’ve got to abide by the specific rules and regulations of the particular free zone.
- Be sure of your business activity before business setup
It is essential to pre-plan the nature of your business activity before choosing a free zone. There is a specific restriction of certain free zones. It is best to consider the free zone that deals with a similar kind like yours, for better suitability and efficient running of the business.
In the same way, make a point to see the transportation links too, if your business is heavily transporting reliant. In that case, choose a free zone near the airport.
- How to choose the name of my business setup appropriately?
Dubai incurs some strict control on the namesake for your business. It should abide by the certain norms it commands. Thus, by making sure your business name is already in sync with the rules, it makes the journey more comfortable.
Company names citing ‘Allah/Him’ or any religious or political authorities are forbidden. In the same way, there cannot be any offensive language in it. If using the name of any person, the person must be a part of the business, and the full name should be applied. No shorthand or initials.
- Grab the best consulting company for fluid business setup in Dubai
The above mentioned three, along with much other nitty-gritty, can seem daunting for a company formation in Dubai. But there are some excellent business setup consultancies to help you with the legalities and formalities.
