Dubai has always maintained its reputation of being a dreamland for every entrepreneur who wishes to set up a lucrative business. However, the business setup process in Dubai is highly regulated and there is no room for committing any error. Without adequate knowledge about the local laws and regulations, a foreign investor may fall into trouble while trying to start a business in Dubai. However, it is not a herculean task as it sounds and the investors just need to hire the best business setup consultants in Dubai who stand with them in all the procedures right from registration to company incorporation.
How Could Business Setup Consultants in Dubai Assist the Investors?
Entrepreneurs, especially the startup owners, often show the daredevilry to go solo in their pursuit of setting up a business in Dubai. The business setup environment in Dubai is too vast and highly competitive and the risk only increases if the foreign entrepreneur decides to go solo. The very first step of choosing the right jurisdiction (mainland, free zone, or offshore), may push the investor into uncertainty. Further, the UAE has implemented a slew of regulatory measures over the years (VAT, Economic Substance Test, etc.) and proper guidance is required to run a business here without fearing legal consequences. Hiring a reputed firm that offers reliable business setup services in Dubai is a great advantage for foreign investors in this regard.
How could Foreign Investors Benefit by Hiring a Business Setup Service Provider in Dubai?
In a highly competitive business landscape like Dubai, the services offered by business setup consultants is highly critical for the investors. The procedure of business setup in Dubai involves a series of steps and guidance is required at each phase of the process. The business setup service firms in Dubai can assist the entrepreneurs in the following ways.
- Deciding the Right Jurisdiction
As mentioned above, selecting the right jurisdiction to set up a business is the most crucial step in the company formation process in Dubai. It is a strategic decision as to the mainland, free zone, and offshore business setup procedures are entirely different. Setting up a business in the mainland offers investors a great opportunity to trade with the wider UAE market. Forming a company in any of the more than forty free zones is better for imports, exports, or serving the clients outside the UAE. The offshore company formation allows the investors to conduct the business outside the UAE while holding real estate properties in the UAE. The business setup consultants in Dubai help the clients in choosing which business jurisdiction is the best for them.
- Help with the Business Activity
Every investor needs to obtain a business license from the Department of Economic Development (DED) or free zone authority to register a company in Dubai. Every trade license is associated with specific activities in which the companies can conduct their business in Dubai. For the mainland companies, the license is issued by the DED, which has a list of more than 2,000 business activities. The free zone authorities also issue licenses based on specific activities. The companies are allowed to conduct the business only in the activities stated in the license and violating this requirement attracts hefty penalties. The expert assistance of company formation specialists come to the aid of the investors while choosing the activities.
- Deciding the Company’s Legal Structure
The businessmen need to decide what should be the legal structure of the company they are planning to set up in Dubai. The Limited Liability Company (LLC) is the most popular type of company formation in Dubai mainland. Apart from this, the branch of a foreign or UAE-based company can also be set up in Dubai. The free zones offer legal structures such as the Free Zone Establishment (FZE), Free Zone Company (FZC), and the branch of foreign & local companies. The decision has an immense impact on the company formation process and the business setup service provider is of valuable help while dealing with this important step.
- Company Registration & Dealing with License Issuing Authorities
For the mainland business registration, the investors need to approach the DED with proper documents. For certain business activities, the businessmen need to get approvals from the concerned government departments. The business setup consultants in Dubai help the investors in registering their company with proper paperwork and act on their behalf to obtain approvals from relevant authorities. Since the address of a physical office is mandatory for the companies in the mainland, the business setup service firms help the investors rent an office space in Dubai. Apart from the mainland, the consultants come handy for the investors in registering the companies with relevant free zone authorities.
- Ensuring Compliance with Regulations
The business setup landscape in Dubai has transformed in recent years with the introduction of a slew of regulations such as the VAT, Economic Substance Regulations (ESR), and Anti-Money Laundering (AML). The regulations have increased compliance pressure on the investors and the failure to meet the standards will attract hefty fines and other legal consequences. Hiring the best business consultants in Dubai is the most efficient way to ensure compliance with regulations.
Think Wise and Hire the Best Business Setup Services in Dubai
It’s always wise to pay a marginal fees to a professional and avoid big cost of a wrong decision such as choosing the wrong jurisdiction and fail to comply VAT laws and ESR regulations.
Business setup service firms in Dubai are not just consultants; they act as a strong ally of investors and play a major role in the success of a business. Hiring the services of business setup consultants in Dubai helps investors save money, resources, and time. A business consultant in Dubai who is well-versed in the local laws and regulations saves the investor from unnecessary delays in business registration. The best business consultant in Dubai is a must for efficient and faster business setup process. The companies, however, need to ensure that the business setup service firm has a team of highly qualified company formation specialists who can stand with the investors, right from registration to incorporation. It is highly recommended that the companies hire a firm that offers other services including visa processing, VAT consultation, ESR compliance, etc. By hiring a business setup consultant in Dubai, the entrepreneurs can achieve their business goals in the peace of mind.