Over the years, we have found many entrepreneurs go to the UAE and take the first step toward starting their businesses.
UAE is known as a gold hub because of the luxury and opulence the dwellers live in. It is an excellent place to start a luxury company because, at the end of the day, the citizens have the affordability for it.
Therefore, if you are making the final decision to move to the UAE to test your luck, then you have reached the right place. In this excerpt below, we will be talking about everything you need to do to start a business in the UAE.
Although it is a gold hub for business, it is also surrounded by iron-clad rules. If you wish to continue your business in the UAE, then following these rules is an important part of it.
This is how you can start.
First, you have to decide what kind of business you wish to start. You would not believe this, but not all kinds of businesses are allowed in the United Arab Emirates. It is one of the most conservative and religious countries in the middle east, and you have to abide by its rules.
At the same time, you have to see the profitability of each product. If you are opening a business that is doomed to flop because the statistics of the citizens of UAE buying it is less, then it doesn’t make much sense.
Once you have decided to get into a certain business, you have to select an area where you will establish this business.
Yes, there are different jurisdictions in which you can set up your business. These are economic regions based on the type of business you are opting for. Three common jurisdictions where you can set up your business based on the different activities are-
– Free Zones.
Although, there is a different set of permission for each jurisdiction.
Now that you have gotten the business and the place settled, it is finally time to take some legal help. Try to get a local attorney, as they are already accustomed to the rules and regulations of the area.
You have to discuss permissions, contracts, UAE recruitments if needed, organize your assets and resources, create a legal structure to deal with the UAE earnings, and most importantly, legal forms under which you can register.
There are several legal forms in starting a UAE business, some of them being as follows-
– Sole Establishment.
– Civil Company.
– Local Company Bruch.
– Holding Company.
– Free zone company branch.
This approval is mostly the name of your company and the business structure. Once you have decided upon all the above-mentioned regions, it is time for the government to approve the initial stage of the business. After this, you will be able, to begin with, the other half.
This registration process will include two parts.
– Getting a trade license.
The different kinds of trade licenses which you can opt for are –
– Professional License.
– Industrial License.
– Tourism License.
The next part is the actual registration. This is where you have to submit all the relevant documents asked by the Department of Economic Development for your country.
A local agent is not a necessary task. However, there is no one better than a person who has grown up in the locality to tell you about the local protocols of a day-to-day business.
No, these are not your legal help because they are covered in the pointers above. These are special agents who can teach you how to deal with UAE customers.
You Are Ready Now!
Now, you are finally ready to establish your first business in the UAE. If you play your cards right, then you’re looking at a year-long profit for locals and tourists.
However, always remember to respect the UAE culture and not do something deemed offensive now. You will not only be risking your business but can also be serving UAE’s harsh punishment.