Over the last decade, the world has witnessed Dubai emerge as one of the top business destinations in the world. One of the seven emirates of the United Arab Emirates, Dubai has been very warm to investors from regional to international companies looking to set up businesses here. It is true that global recession has affected much of the world’s financial and business sectors, Dubai has continued to be a favourite to investors around the world as it remains tax free and diverse in its policy.
Benefits of Setting up a company in Dubai
The much attractive low tax system of the emirate of Dubai makes it a perfect place to set up businesses in Dubai. Whether you are a company based outside Dubai and you want to start or expand your business here, you know that it is worth it. Companies internationally or locally based have thrived in Dubai from the finance and media sectors, to construction and hospitality. The prime location of the UAE in the Middle East region where the East meets the West has been a factor of the country’s success and affluence.
Dubai is one of the fastest growing cities in the world and one of the most cosmopolitan. Dubai offers similar opportunities to that in a first world country. While the requirements depend on the type of business category you like to set up, Dubai has progressed economically over the years. With the global recession hitting several countries around the world, the safest place you can put up a business is in Dubai. Have you ever wonder why international companies from the US, the UK, and Europe all establish offices in Dubai? The benefit of setting up your company in Dubai is far beyond the luxury and liberal environment the city has to offer.
Things to know in Setting up a company in Dubai
Companies who are based internationally are given a lot of alternatives in setting up their businesses here in Dubai. There is Limited Liability Company (LLC) which allows a foreign company to become a shareholder incorporated in the UAE. The requirement is for you to look for and arrange with a local sponsor which holds 51% of the total shares of the company. After arranging with a sponsor, you will have to pay the upfront charge which is currently at AED300,000.00 paid in cash or any kind as the initial share capital should be paid prior to setting up such LLC. Other rules and regulation of the UAE Law is that a foreign selling shareholder cannot buy the shares of the sponsor.
Establishing a licensed branch office in Dubai is an alternative. The UAE requires registration to the authorities through a local agent or sponsor. The sponsor arranges all legal matters to the government thus providing assistance to registration of license, work permits, and others. This type of category in setting up a company is recognised by in the Companies Law though a sponsor goes on to govern the operation of the branch office.
Once you are a licensed branch office in the UAE, you are authorised to sponsor your staffs, lease offices, and also enter into contracts under your company’s name. The only thing that is not allowed is the import of goods as this will require cooperation with your sponsor.
The best option in setting up a business in Dubai or anywhere in the UAE is through free zones. Free Zones allow internationally and regionally-based companies full ownership of their business as well as having a single shareholder and director. In this case, an arrangement with a local sponsor is not necessary. The free zones in Dubai like Dubai Airport Free Zone, Dubai Technology, Electronic, Commerce and Media Zone, Jebel Ali Free Zone, and others are all exempted from tax system. Once established, you can sponsor or issue work permits, arrange licenses with free zone authorities. At the moment, there are more than 10,000 companies who have been established in one of the free zones in the UAE. They enjoy no restrictions in profits, wages, repatriation, and transfer of capital.
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Source by Rebecca Helen Cudby