Top News You Should Know About Business Registration In Dubai
Having a business in the first-world city of Dubai is a dream of many. Over the years, young and old entrepreneurs have discovered Dubai’s enormous potential for growth and tapped into it while creating million dollar businesses. However, the journey always begins small followed by a long climb upwards.
Before you get your feet strong into the world of entrepreneurship in the heart of the UAE, there are several compliances and approvals that you must tick off. All of it starts with business registration. So, if you are an early entrepreneur dwelling to build an empire in the city of Dubai, here’s what you should know!
The First Step to a Long Business Run: Registration
If you are still unaware about Dubai’s popularity in the business world, here’s an interesting statistic! The UAE issued over 72,000 business licenses in the last year. This number is only bound to increase with over 20,000 registrations already completed in the first quarter of the current financial year!
Now, let’s come to understand what makes business registration so important. Firstly, you cannot establish a business entity in the UAE without necessary business registration. Now, you can either fill up your registration form online or through an offline mode.
Having a business registration has its many perks! Here’s a quick peek into a few:
- You can locate your business in Dubai according to your business domain. Dubai hosts pockets of niche business localities and you will be permitted to operate in different regions as per your business registration.
- You can get 100% ownership of your business on registration.
- Besides, you can also avoid double taxation along with an escape from personal income tax! Moreover, there’s no tax on capital gains.
Second Step: The zone You Decide to Set Your Business In
Let’s first understand free zone regulations. It is simpler to start a business in free zones and requires less paperwork. The first step here is to determine the type of your business entity, i.e either an LLC (Limited Liability Company) or a Free Zone Establishment. Further, you’ll need to verify all requirements and get permissions from concerned authorities.
The other kind of establishment could be offshore businesses. Just like the free zones, there is no minimum capital requirement for an offshore set up as well. However, regulations on this side vary slightly. All new rules and regulations have been issued with compliance to international standards. Companies are required to register annually with their board of directors, maintain and audit financial records, etc.
Third Step: Get Approval & Grab Your Licence
Once you have identified your business domain, location and business name; you can move toward getting approvals and finally your licence. Based on your specialisation, fill an application for the right kind of business licence: trade, services, industrial, ecommerce, offshore, freelance, warehousing, manufacturing, media, etc. The sort of licence you need depends on the kind of business you want to operate in Dubai. However, keep in mind that some operations, such as the sale of food, jewellery, veterinary services, and legal advice, call for additional government agency permissions.
Realize Your Dream Business In Dubai, Now!
Finally, get all approvals and get going with your new business! As a quick piece of advice from UAE’s official business regulators, make sure to follow the mantra for a successful business. Govern all rules and regulations, prioritize all rights, the environment and your customers. This is an excellent moment to get in because the local government is actively promoting companies and investment. Additionally, doing business in the Emirates is quite simple for foreigners. Business is thriving in the UAE because to the government’s recent decision to give long-term visas for investment and the ease with which businesses may be established there.
That’s wrapping up all the latest updates on business registration in Dubai. If you wish to know more, stay connected with Marqueway and never miss another detail. Good luck and sore high with your business!