Dubai is the most suitable international platform to conduct business. The city welcomes business aspirants from all over the world. In fact, Dubai has been ranked as one of the most desirable places in the world to establish and expand a business. So, let’s explore and find out how to start a business in Dubai for foreigners.
Start a business as a Foreigner
The main points to remember while starting and establishing a business in Dubai as a foreigner are traced here.
Business Setup Agent
The first task is to be familiarized with the local business customs as well as practices prevailing in Dubai. A business set up agent must be able to guide, advise, and support you throughout the way.
Solid Business Plan
Explore the various business opportunities and decide on a solid plan for the company. It must include the amount of capital investment and contain a detailed strategy for beginning a business. The most probable location of the business and also the expected turnover should be incorporated. The plan must also provide customer expectations as well as information regarding the supplier.
Selection of Business Type
There are three different types of licenses – Professional, Industrial, and Commercial. One of these must be selected based on the preferred business requirements, and the required procedures must be carried out accordingly with professional help.
Location And Company Registration
Free zones are the best option to set up an independent business in Dubai. Free zones are quite costly, but it provides complete business ownership. The government authorities of Dubai permits the setup of a completely foreign-owned LLC.
Finding A Local Sponsor
A local sponsor is a native person from Dubai, owning 51% shares of a foreign business. The sponsor must be a national citizen of the UAE. A foreigner must find a local sponsor in order to start a company in Dubai. A local sponsor is not required while setting up a business in the free zones of the city.
Company Naming
Public order and morals of the country should not be violated while choosing a name for the company. The company name should not have been registered previously. The name must not be related to any religion or other governing authorities.
Obtaining Business Visa To Dubai
Acquiring a business visa might be and ought to though start and building up a business in the city as a foreigner. The visa sort should be picked in accordance with the business type
Business Setup Services
It is highly advisable to utilize the services provided by a business setup company in Dubai. Provide the basic documents as well as information regarding the nature of the business to the experts in the field. They will take care of all legal formalities ranging from license management to visa applications. The business setup services help to complete all the procedures of company formation in the right manner.
Shuraa Business Setup is one of the leading business formation experts in the world. It is the best guide to an entrepreneur. In fact, the entire procedure of company formation for foreigners in Dubai has been simplified by the Shuraa Business Setup. Let’s get a peep into Shura’s simplified business world.
The Documents Required
Several official documents are required to be presented during the process of business formation. Important documents required for starting a business:
- Completely filled application forms
- The business plan
- The passport copies
- Specimen signature of business shareholders and manager
- The audited financial reports for two years
Advantages For Foreigners Investing in Dubai
Dubai offers many advantages to foreigners from all over the world. As a result, foreigners are tempted to make an investment in Dubai. Some of the advantages are traced below:
Exemption From Taxes
The business companies that are incorporated in the city need not pay various taxes such as corporate tax, capital gain tax, VAT, import or export tax, and withholding tax. The foreigners have exemptions from several taxes, unlike other countries.
No Exchange Controls
Foreigners can easily access the local currency since the city does not have any exchange controls.
The Multicultural Environment
The multicultural environment of Dubai, with its latest development trends, attracts foreigners from all around the world. It is the ultimate shopping paradise as Dubai does not charge or impose VAT.
Cost Of Dubai Company Formation
One of the prime reasons behind the popularity of Dubai among foreign entrepreneurs is the relatively low cost of business setup.
Other Features Attracting Foreigners
The city has several attractive features, making foreigners from all over the world to start a business here. The city, with its quality lifestyle, manages to increase business services and products as the years go by. Let’s look at the major features attracting foreigners to Dubai:
- Sound financial system
- Stable political environment
- Low and attractive tax rates
- Flexible immigration policies
- Advanced infrastructure
- Talented workforce
- Availability of funding
- Talented workforce
- Economic stability
Conclusion
Starting a business in Dubai for foreignershas its own advantages. The city has a lot to offer to aspiring foreign entrepreneurs. Starting, managing and finally expanding business is quite rewarding as the city offers many advantages to the foreigners investing in Dubai. The article has also traced the features attracting foreigners to Dubai. The government laws and rules of the city are foreigner-friendly. As a result of which foreigners arrive here in huge numbers to start a business. It can be concluded that a foreigner can easily start a business in Dubai.