How Expatriates Can Benefit From the Modified Business Ownership Laws in the UAE?
Dubai has been and continues to grow as one of the world’s most popular commercial hubs. Many large and small businesses have benefitted multitudes by setting up branches in Dubai. In this city of dreams, many expatriates and businesses have grown alongside.
Over the years, the UAE government has adopted measures to make international business set up hassle-free in the emirates. It has now become easy for expatriates across the world to access the Dubai markets with minimal effort. Moreover, with the latest business ownership guidelines declared by the UAE, this is the best time to take your business dream ahead!
What’s in for you?
Previously, any foreign-owned business required to have a local agent with 51% shareholding. This meant that despite 100% investments made by expatriates, they couldn’t take complete ownership of their business and revenues.
With the new law coming into effect, you no longer need to have an Emirati agent while setting up business in the UAE. You can seek full ownership to be your own boss! This also applies to existing businesses, which have to follow a few legal procedures to get a change in ownership.
The ne amended law apply to over 1000 commercial activities, widening your business horizons. Moreover, the application procedure has been simplified through a digital portal. Accordingly, you will have to fill up details and get approvals on the ‘Invest in Dubai’ platform through guided steps.
Newly Added Sectors for a Promising Future
With Dubai’s cosmopolitan consumer population, the opportunities for business growth have always been massive. However, until now, there have been restrictions on the industries foreign businesses can operate.
Here is a new modified list of exciting sectors to venture into business!
Trade and Commerce
Trade & commerce include all kinds of trading in automobiles, vehicles, accessories and components. This segment also includes trading in commodities such as grains and cereals, livestock, fuel as well as fabrics. Trading is also essential in many other sectors such as garments, sportswear and equipment, household essentials and everyday goods.
The segment primarily comprises building contracts such as metal works, railways power station construction, sewage works, etc. They also include billboard contracting, ports, marine construction, carpentry and other building-related contracting.
Investments have great prospects, especially in sectors such as renewable energy, agriculture and outer space projects. Other kinds of investment and development include sports enterprises, educational and tourist enterprises as well as retail trade management.
Logistics and Transportation
The sectors have subheads such as passenger transport, inter-city transport as well as bus and taxi services. Transportation is also required to carry raw materials, products as well as in relocation services to enhance logistics flow.
The department covers a wide range of activities such as meats, fish and seafood processing, manufacture of processed foods such as jams, pickles etc. Besides, the dairy and flour industry are also major parts. All kinds of manufacturing like textiles, furniture and consumer goods are included in this category.
Other Miscellaneous Activities
The activities that do not include in the above-mentioned categories have a list of activities. These include hotels and hospitality, malls, shopping centres and other similar enterprises. Likewise, they also comprise mining and quarrying activities, mineral extractions, production and packaging.
Things to Keep in Mind
The new law only changes a small part of the foreign business setup in the UAE. While they give all expatriates an edge in terms of ownership, the other procedures remain unchanged. Thus, while setting up a branch in Dubai, you must first get approvals from government departments as well as trade licenses.
Additionally, getting complete business ownership requires no minimum capital. This gives you an edge to begin with minimum startup capital. To update you with all important details, here are a few key points to note:
- 100% ownership regulations do not apply to commercial agencies. Such agencies will continue to be regulated by the Commercial Agencies Law.
- There are special procedures to convert an LLC to a one-person limited liability company with strict legal adherences.
- Before establishing any form of business, you must get suitable trade licences and tax registrations.
- ‘Invest in Dubai’ serves as your go-to for all kinds of initial approvals, licenses and quick online procedures.
Kickstart Your Business Dream with Marque Way
It’s always said that there’s no better time to begin than now. With simplified procedures and expert assistance, starting up a business in Dubai has been made hassle-free.
Complete ownership gives you flexibility in business without any compromise on funding and revenues. What are you waiting for? Start your business in the UAE and enjoy the perks of 100% ownership. If you need any help with business set-up activities or legal policies in the UAE, get in touch with Marqueway & get customised solutions.