Planning a company formation in the UAE? Here is what you need to know!
Setting up your own company formation in a foreign land is one of the biggest decision. UAE is said to be one of the most celebrated countries which welcome expats to start their business, however, there are a lot of pitfalls if all the formalities and legal procedures are not handled smartly.
Before considering company formation in the UAE, there are a few elements and processes which cannot be ignored:
1. The Nature of your Business
The nature of your business determines the type of license you are eligible for. There are various types of license which include professional, commercial or industrial and the license of your business depends on the operations of your business. Further to this certain type of businesses such as legal consultancy, jewelry trading, food trading, legal consultancy etc. requires special approval. There are around 2100 business operations listed under the Department of Economic Development. Each free zone has its own policy for company formation.
2. Business Ownership
Foreign nationals who need a full ownership of the business will have to choose the type of business license out of the various free zones within the UAE. Each free zone caters to a specific line of business.
3. Company Formation Rules
Your company formation and business license depend on the nature of your business. Each business type has its own rules. A sole proprietor cannot start up a business consultancy firm in the UAE it has to be a brand of a stand-alone company. If you are planning to start up a free zone company, there are various restrictions and company registrations rules which you should consider by consulting a local business set up consultant.
4. Name Your Business
The name of your business is the most important part of your business and as per the rule your business name should clearly define the nature of your business, provided the company is opening a brand office in any Emirate.
5. Business Space
Post going through all the legal formalities, you are all set to look out for a space to set up your business. Shortlisting a few premises is a step forward in setting up a business. Luckily those who plan to set up a business in the free zones will be lucky enough to get all the required assistance such as getting an ideal premise along with the basic amenities like electricity, water, internet etc. The UAE is an ideal country to set up a business as it promotes easy business set-up regardless of any nationality. We at Markef Consultancy are professionals and an ideal choice in providing fast and easy business set up consultancy in Dubai and any part of the UAE be it DED or free zone. Right from company registration to company incorporation, mergers and acquisitions to accounting, we are an ideal choice for businesses.
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MARKEF is a leading Accounting Firm offering wide range of services including Accounting and Bookkeeping, Audit and Assurance, VAT and Corporate Tax, Business Consulting, Management Consulting, and Business Setup Services in Dubai and across United Arab Emirates.
- Office No.1929, Tamani Art's Offices Tower, Business Bay, Dubai, United Arab Emirates
- +971 4 589 2828
- +971 50 105 4241
- E-mail : info@markef.com
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