Difference Between Cash Accounting and Accrual Accounting
Cash Accounting vs Accrual Accounting Accrual accounting is the preferred method of recording transactions because it provides a more accurate representation of what actually happe
Dubai attracts a large pool of entrepreneurs each year for a number of reasons, including the ease of doing business and countless opportunities afforded. With a drive to always improve their futuristic pathways and abilities, businesses across many different sectors can learn to integrate Information Technology (IT) into their processes, right here in Dubai. Add to this a 0% tax regime on personal and corporate income and a straightforward incorporation process, and you have the most conducive environment to run a technology enterprise.
The first step is to establish the type of business you intend to run. Your business activity will determine for which type of license you need to apply. There are many subsectors to technology, ranging from software development to hardware sales, IT services, and beyond. Outlining your business activities upfront will make the rest of the setup process straightforward.
To form a legal business entity, you need to decide on a suitable company structure after evaluating your business operationally and financially and considering market entry requirements.
Having the right team of technology experts and skilled resources is critical to IT business success. Employees must have the required technical expertise to do the job well and provide good service to the clients.
Nothing starts until you finalize an ideal site for your company that squarely fits into the business nature, requirements and budget. UAE gives you three options to set up your business – Mainland (Onshore), Offshore, or Free Zone. You have to pick one keeping the benefits and limitations in view that each jurisdiction features.
You can only conduct business with the use of a business or trading license. The process involves contacting several authorities within the free zone or mainland and filling out applications whilst dealing with paperwork.
In order to track your expenses, assets and liabilities, you need to formulate payments plans and open up a bank account.
Here are a few tech-related business activities you can potentially venture into.
This involves the maximization of your digital skills to help out clients during a technological project. Primarily, other organizations and businesses may require your expertise when it comes to operating their plans and objectives using technology. Updates about new software, cybersecurity and analytics would be some of the areas you need to be vigilant about.
You can trade a variety of goods and services online with an expertly designed e-commerce website, great project management skills, and good technical skills. Dubai is home to a vast online market with customer segments that enjoy novel products that enhance the quality of life, which is a big deal to start a business.
Many businesses and organisations are codependent on programs that run their daily business processes. The software development industry will continue to thrive with emerging talent and innovation that is surpassed every day. All you need is the relevant knowledge, passion for coding and IT and good business management skills to get started on it..
The first step would be to engage in buying and selling technological equipment like smartphone collections, laptops, tabs, specialized computer software and other tech goods.
Foreign investors enjoy attractive options to set up their tech companies in mainland UAE. Companies set up in the mainland can trade freely across the UAE, GCC, and international markets. A mainland entity requires that a local sponsor holds 51% of the shares of the company. However, when you partner with a local corporate sponsor through a corporate nominee program, your company can retain complete control of business operations and 100% of profits. The additional benefit of a mainland setup is that you can apply, bid, and lodge tenders for many lucrative local government contracts. Since technology is now a key focus across all the UAE government departments, more and more contractual opportunities are becoming available for tech businesses.
Foreign investors enjoy attractive options to set up their tech companies in mainland UAE. Companies set up in the mainland can trade freely across the UAE, GCC, and international markets. A mainland entity requires that a local sponsor holds 51% of the shares of the company. However, when you partner with a local corporate sponsor through a corporate nominee program, your company can retain complete control of business operations and 100% of profits. The additional benefit of a mainland setup is that you can apply, bid, and lodge tenders for many lucrative local government contracts. Since technology is now a key focus across all the UAE government departments, more and more contractual opportunities are becoming available for tech businesses.
Usually, a free zone allows 100% tax concessions and cost-abiding transport links that inevitably reduce your business costs. You can make use of full ownership whilst avoiding the payments of personal and corporate tax, allowing plenty of time to strategize and plan ahead with your tech business. Being involved with technology introduces a large sum of research and development costs, so registering your business to suit a more affordable structure may be beneficial in the long run.
Dubai is surrounded by the latest technology that can aid your business in its growth. From the use of blockchain technology and quantum computing to artificial intelligence—UAE facilitates all. Applying these to your business can help sustainable growth and collaboration of businesses in the free zone.
Operating in a free zone like Meydan Free Zone will introduce you to some of the best amenities that will benefit your business in the long run. Well-equipped office spaces, strategic transport links and airports nearby can greatly help the logistics of your tech business. Moreover, it’s highly likely that you’d be surrounded by similar competition that will drive growth in your business
We, MARKEF, help business owners with registration, licensing, documentation, paperwork, legal advice and consultation on tax, all to make sure that the set-up procedure is a seamless one.
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