The UAE has had a remarkable transformation in the timeframe of no more than a few decades. Previously, it was a nation of pearls and fishing. Now, it has turned into a financial powerhouse with a huge variety of booming industries. In addition to that, the country has become a rapidly famous option for investment due to its business-friendly taxation, stable political system, liberal trade restrictions, robust capital flow, and multiple other pro-business initiatives.
Out of all the Emirates in the UAE, the most progressive and modern is Dubai. It’s becoming better and better in every aspect. Foreign investors are aware of the city’s potential and the future it owns. This is one of the many reasons why they want to jump at the chance and expand their businesses internationally.
Yes, it is an exciting and wonderful option to establish a company in Dubai. But, it involves many things and factors before starting your company. Tons of judicial bodies and legal departments of the UAE adhere to its process. It also includes comprehending the legalities, researching and understanding the market conditions, structuring a business plan, and much more. There are multiple official documents and legal matters that you have to deal with before starting your business in Dubai. All these technicalities make it hard for an ordinary person to form his/her company. This is where the right way to go is to get in touch with business setup consultants in Dubai, UAE. It is a great idea to hire professionals from Riz and Mona Consultancy. Continue reading to find out how we can help you in setting up a business in Dubai.
Business Setup Consultants in Dubai – Riz & Mona
Riz & Mona Consultancy assists business owners and investors in multiple ways through their journey of business establishments. Some of the ways are listed below:
Choosing the Right Jurisdiction
There are two jurisdictions in the UAE; mainland and free zone. They come with their own respective rules, regulations, and specifications. Choosing the most appropriate economic zone can be somewhat overwhelming and difficult. Then, things can get further complicated for business owners as there are over 40 free zones in the UAE. The selection of the right free zone is also a bit complicated. But fret not, we got you covered.
Riz and Mona can guide you in choosing the right economic zone. Generally speaking, the type of business activity that will be carried out will decide the type of jurisdiction and location you should opt for. We can help you in identifying the perfect location and jurisdiction for conducting your business activities by finding your needs and the requirements of your business.
Selecting Right Business Activity
Riz and Mona can get you through the critical step of choosing the right business activity. Selection of the ideal business activity is necessary for issuing the business license from the Department of Economic Development (DED). On the basis of business activity, the DED categorizes the businesses. The business requires some permissions and scope which are classified by the DED.
Assessment and Comparison of Economic Zones
You might want to get to know about the real benefit and sensible cost comparison of the available locations and free zones of Dubai. Our experienced consultants can easily provide you with it and everything else you really need. Other than comparative analysis of the economic zones, you can also get information about packages, deals, and offers.
Finalizing the Business Structure
The UAE offers various corporate structures such as LLC, sole proprietorship, private shareholding company, etc to entrepreneurs. Starting a business in Dubai requires choosing the appropriate business structure. And this is a crucial step of the business registration process. Our company formation experts can assist you in choosing the most suitable and befitting corporate structure for your company.
Documentation and Paperwork
The interests of the shareholders and the Memorandum of Association (MoA) should adhere to each other. Drafting a functional and effective MoA requires some guidance and assistance. Plus, getting into a secure business venture requires error-free paperwork and documentation. Riz and Mona can help you with all the aspects and requirements of MoA so that a perfect MoA can be made. We will also handle the duty of getting needed permissions from the respective departmental bodies and collecting the business licenses from the representative governmental bodies.
Dealing with the DED
The DED is responsible for issuing all the required licenses and legal permissions to entrepreneurs to do business. Requirements of the DED include copies of the passport of the business partner and a name reservation certificate. The department also demands some external approvals to be submitted. There are some other requirements as well which you can get to know from our specialists. Our experts will also let you know how the relevant government agencies in Dubai regulate.
Business Setup Cost Assessment
If the business setup is not directed in a proper way, it will cost you a huge chunk of money. Long-term business support, getting a visa, sponsorship & liquidity services, or assistance in business setup, everything is included in it. Other than that, as mentioned before, every economic zone has its own set of legal processes, regulated laws, documentation, office & business space structure. All of these have a price linked with them. We will help you gain insight into a cost-effective method of forming your company in the Emirates.
Riz and Mona have hands-on experience knowing where, when, how, and with whom to deal with. That is why we do more than just do the job of incorporating your business. We also go a step ahead and may offer you a variety of value-added services. Ultimately, we will help you in saving money, effort, and time. Plus, our experienced professionals will make sure you don’t end up making some errors in the process and hence, save you a lot of trouble and frustration.
Making the Business Plan
Structuring the business plan is one of the basic steps when it comes to setting up a company in Dubai. Taking guidance and consultation is immensely essential. It is true because business planning involves legalities of the UAE market, the functioning of businesses in Dubai, and the whole process of structuring business. Business setup consultants in Dubai can help you in enriching yourself with the relevant details.
Benefits of Starting a Business in Dubai
Businessmen can enjoy tons of benefits by starting a business in Dubai such as ease of doing business, various choices of corporate structure, and much more. Other than these, a wealth of advantages that companies can enjoy are:
- Lower set-up costs in comparison to other onshore jurisdictions
- Exception from corporate or personal income taxes
- No physical office requirements
- Robust, secure, and safe governance
- Business hub with a strong economy
- No capital repatriation restrictions
- An adequate supply of educated human capital with diversely experienced professionals hailing from all parts of the world
- A world-class business powerhouse
- No share capital requirements
Numerous governing bodies and departments are linked with the process of starting a business in Dubai. It is necessary for you to know what legal forms, which documents, and what departments you need to visit in order to submit your application. Since it does not seem straightforward and uncomplicated, it is prudent to get in touch with Riz and Mona business setup consultants in Dubai. We are experienced in different fields of business including setting up companies in the UAE. Furthermore, we can assist you in understanding the rules and regulations of company formation. We are extremely knowledgeable about the aspects of establishing a business that you must learn. Contact us today for more information.