"We at Mayur & Co, specialize in understanding the critical details of a business and help them design their expansion plan. With a team of experienced professionals who have been helping entrepreneurs and businesses to set up their operations for over a decade. Our services include company formation, legal advice, financial planning, and more. We understand the complexities of setting up a business and strive to make the process as smooth as possible for our clients. With our expertise and knowledge, we can help you get your business off the ground quickly and efficiently."
Some key steps to consider for business set up in UAE
The first step in setting up a company in UAE is to decide on the type of activity that will allow you to legally conduct your business in the country. You will need to choose from one of the activities listed in the Commercial Companies Law, which includes trading, manufacturing, services, and professional activities. Unlike in common law countries, where the object clause in company's memorandum includes all the activities, UAE requires to select specific activities that must also resonate with the license type sort under the company. It is a very technical job and requires a great deal of professional guidance to select activities at the time of company application in UAE.
Once you have chosen your business activity, you will need to decide on the legal structure for your company. The most common types of legal structures used in UAE are limited liability companies (LLC), free zone companies, and branch offices for operating businesses where the active income is derived from commercial activities such as selling goods and services. However, UAE also provides offshore holding companies that are used for Investment Holding, Real Estate Holding and Strategic Purposes. A professional legal consultant could be of a great assets in determining the right kind of entity structure for your business.
Depending on your chosen business activity, you may need to obtain certain licenses and permits from the relevant government authorities before you can start operating your business in Dubai. Most of the business activities do not require any additional approval except some goods and services that may affect public health and safety and therefore requires additional approval from the respective regulators for instance, Dubai Municipality, Dubai Health Authority, Securities and Commodities Authority, Dubai Police Department, Dubai Sports Authority etc. Hence it is crucial to know if you are complaint with the local regulations before you start doing business in UAE.
As soon as the company is duly registered with the respective authority, the company needs to be registered with the immigrations authority to apply for Visas for the stakeholders and employees to conduct business operations. The visa application is independent of the registration process and the fact that company is approved doesn't necessarily mean that the visa will be grated because the immigrations authority may have their own process of running an enhance security check to allow someone to have a residency rights in the country. There are various documents requirements based on the nationality, designation on visa, age, jurisdiction of province with in the country and subject to medical test at the time of visa stamping. Therefore, it is important that you trust an experience professional to represent your immigration file with the authorities.
You will need to open a corporate bank account for your company in order to receive payments from customers and make payments for expenses related to running your business. As a financial institution is responsible for the money that flows through their banking system, they will require a detailed understanding of your business and it transactional patterns for their KYC purposes. Having a local professional consultant to take you through the process could make the process very smooth and time efficient.
All businesses operating in Dubai can registered with the Dubai Chamber of Commerce and Industry (DCCI) that will allow you to be a part of the larger business community in the country and provides other benefit such as access to trade shows and exhibitions. Additionally, one can also choose to register their business with the financial lending platform for obtaining trade financing facilities which is one of the biggest advantage of registering a business in Dubai.
If want to expand your business to UAE, please get in touch and we will be happy to schedule a virtual appointment for you.
