Have you ever dreamt of setting up your company in one of the liveliest business locations in the world? Here are a few guidelines that would help you to plan your company set up in UAE, known as the busiest business hub of the world.
Why choose UAE?
There are good number of reasons that has made UAE emerge as a dream business destination of the world.
Being a connecting link across East and West, the nation enjoys a perfect strategic location that helps them to trade with every other parts of the globe.
UAE offers a business friendly environment with transparent rules and affordable rates for company incorporation that is much less than other major business destinations in the world. In view of the pandemic, company incorporation rates have been still reduced to a minimum to help business overcome the crisis.
Diversity of Business
UAE is not any more completely reliant on its oil and gas trading, instead has a wide variety of businesses like travel, tourism, hospitality, real estate, e-commerce, health, retail, food and beverage, technology and education. Thus, wide opportunities await you while starting your dream company in UAE.
The government of UAE is highly committed to enhance the business environment of UAE and provides much financial assistance like startup support schemes to help businesses thrive. UAE also has a very low tax compared to other business destinations.
Support from Agencies
While starting your company in UAE, you can avail the support of business consultants like Axiom Mark who have many years of experience in helping entrepreneurs to achieve business success. We provide complete support from the planning stage through the application submission, registration and till your company acquires a strong hold to function its own.
Free Zones are another major attraction in starting a company in UAE. A free zone company can be solely owned by the foreign investors with no involvement of a UAE National or sponsor. It gives you hundred percent repatriation of capital and profits along with complete exemption from import and export duties. You can also avail tax exemptions and zero currency restrictions.
The cost of company formation in UAE will depend on the location, type of business, size and much more. Anyhow, setting up your business in a free zone is the most cost-effective approach. Given below are the major free zones in UAE and their features.
- International Free Zone Authority (IFZA), the only B2B focused Free Zone in the United Arab Emirates offering scalable business set-up solutions for over 1000 trades and services
- Sharjah Media City (Shams) launched in January 2017 that acts as a catalyst for creative and media businesses to grow and thrive
- Dubai Multi Commodities Centre (DMCC), the world’s No.1 Free Zone and center of global commodities trading
- Fujairah Creative City (FCC) free zone located in the emirate of Fujairah
- Ras Al Khaimah Economic Zone (RAKEZ) located at Ras Al Khaimah, offering an exclusive package aimed at women entrepreneurs
- Ajman Free Zone (AFZ) located in the emirate of Ajman caters to a wide range of industries
- Umm Al Quwain Free Trade Zone (UAQ FTZ) located in the emirate of Umm al Quwain offers warehouses, office spaces and land in addition to providing trade licenses and support services
- Sharjah Airport International Free Zone (SAIF ZONE) benefits from excellent sea, land and air access and is directly linked to Sharjah International Airport
- KIKLABB in Dubai that enjoys the benefits of a fine location
- Khalifa Industrial Zone Abu Dhabi (KIZAD) offers business solutions for all types of business activities such as manufacturing, logistics, trade and distribution
Although company formation in UAE requires many legal procedures, it can be made easier with the expert advice and guidance of a business consultant.
Steps for company formation in Dubai
These are a few steps you must follow to set up your company in UAE.
- Select your Business Activity – While applying for the company license, it is important to list your business activity correctly, failing to do which may lead to fines or cancellation of license.
- Register Your Company Name – While planning for company incorporation it is important to choose a company name that can be registered under UAE trademark laws. The name should obey certain guidelines like not having any offensive language and not hurting religious sentiments. It is not permitted to use abbreviations of your name and it should also have a legal entity attached to it such as FZE or LLC.
- Apply For Company License – The application for mainland business set up license is made directly to the Department of Economic Development, whereas in case of a free zone company setup, you should apply directly to the managing authority of your chosen free zone. You need to submit several documents along with the application like Passport copy, business plan etc.
- Apply for Visa – Finally, you will need a residency visa to start your company in UAE.
The world is trying hard to recover from the aftermath of the pandemic and the entire business domain is facing a severe economic crisis. But, UAE has been able to recoup from this situation to a great extend with the combined effort of its government and citizens. The nation is all set to witness another business boom with the Expo 2020.
So, it’s the right time to chase your dream of a company formation in UAE. With more than a decade of experience in company incorporation, Axiom Mark can help you to set up your company in a minimum time. A right decision now may help you to turn a crisis into an opportunity.