In UAE, Dubai is one of the emirate and the most populous
city. By territorial size Dubai is the second largest emirate after the
capital Abu Dhabi. Now it is one of the business centers of Middle East and
South Asia. In Middle East, it is the most expensive city. Dubai is said to be
the 22nd most
expensive city in the world.
A business is an institution where some sort of trade and
services takes place between one another for money. A business is not that much
easy as working for ourselves or works which can be done from home. It needs
certain skills like management and technical, of course finance too. You also
need a good vision to succeed and grow. Though, a good selection of area is the
factor of setting up a business, first you need is guts and passion towards
your business. If you lack both these factors then it will be a waste of time
and money.
UAE is a business center. Dubai is its commercial capital. Now a
days, due to its economy which is very much favorable to people and its job
opportunities, people are running towards this Arab country. UAE government has
a very progressive and forward thinking policy. Also they encourage many
investors from foreign countries to invest in their country. As Dubai is having
a minimum taxation, it is a good place for setting up a business. The
government of Dubai has a good plan which promotes and encourages the growing
up of new businesses. Their business laws are very much favorable for
investors. For an emerging business, an environment which is tax free is ideal.
It’s always exciting to open or plan a business overseas. But at
the same time it is terrifying. The first step to be taken before doing a
business are to choose the activities and type of business to be done, choose
the correct legal form and the location. There are three categories into which
a business falls into:
- Professional
- Commercial
- Industrial
All your business activities should be clear for you, as there
are many companies doing many activities under one license. You must be aware
of your type of business, business activities, the owner’s nationality and the
options of ownership before selecting your business’s legal form in Dubai.
There are many types of legal forms. One of the most important factors of
success in setting up a business or formation of a company is choosing a right
location. Depending upon your type of business and activities the mainlands of
Dubai and free zones have many advantages. Dubai’s mainland has some good
business areas in the world like Sheik Zayed Road, Downtown Dubai, main highway
of the city etc. You should register with Dubai Department of Economic
Development if you choose the mainland of Dubai and they will issue a business
license. Free zones are also good for doing business.
Before coming to free zone, what is a free zone?
They are special economic area established with an aim to offer
tax free and free benefits of custom duty to foreign investors. There are more
than 20 free zones in Dubai such as Media city, Dubai Airport Free zone, Dubai
International Finance Centre and Jebel Ali Free Zone which is one of the
largest ports in the world. These free zones have their own licensing body and
for the process of license you have contact them directly. An important free
zone which has to be discussed here is about the Sharjah Airport International
Free Zone (SAIF). In UAE it is the first Airport International Free Trade Zone.
It is built near to Sharjah International Airport. It also has an easy access
to the ports of Gulf of Oman and Arabian Gulf. It is a leading cargo centre. It
also offers good infrastructure and encouragement to make a business man’s
dream come true.
The specialties of Dubai mainland and free zones is that for any
type of businesses the employees need not pay business taxes or any personal
taxes. The other specialties are: 100% ownership, allowed for owning
properties, your business confidentiality is maintained, bank account are
allowed to open, there is no restriction etc. Then you have to be aware about
the rights of ownership. It can be different depending upon your business type
and activities and also the location you choose for your business. When all
these options are considered, now it is time for you to apply for the license
of your business. Then you can start doing your business. The opportunity to
start a business in Dubai should not be missed.
According to the surveys, most tourists visited Airport belongs
to the Dubai Airport. Hence starting up a business is always a good option to
consider upon market surveys. Since the rules and regulations of the country
are flexible, this helps us in starting up a business easily. Since Dubai
targets tourists and also major revenues are generated from the tourism, it is
always advisable to start a business that attracts tourists. So setting up a business
or forming a company in such a place is also just like a dream coming true.
Never miss the opportunity. Try!!!
