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Blog Archives - Page 2 of 3 - Virtualoffice

UAE Free Zone Company Setup Benefits, Top Free Zones and Their Main Licensed Activities

With 40+ free zones, UAE has built a specific commercial hub for each free zone. Choosing one of the many free zones, each with its attractive features and benefits can be a stressful task. However, with business consultants specialized for free zone company setup, you can avoid all the hassles and choose the best according to your requirements. They help you with all stages, right from creating a solid business plan to marketing.

There is also a misconception among people for free zone companies. Many confuse free zone companies with offshore companies. Despite many similarities, both are completely different types of companies with different regulations and benefits.

Every free zone is governed by an independent Free Zone Authority (FZA), responsible for issuing business operating licenses and regulating the activities of companies running within the free zone. 

The reason behind the popularity of free zone company setup is a long list of benefits that (mostly) are not available with mainland company setups.

Here is a list of a few benefits that you can enjoy in free zones:

  • 100% foreign ownership – no sponsor or local partner is required.
  • 100% repatriation of capital and profits –  freedom to send your full capital and profit to your own country back
  • 100% tax exemption on corporate and personal income – no need to pay taxes on the income you earn at the personal and corporate level.
  • Absence of currency restrictions – no need to follow foreign exchange regulations
  • Wide range of licensable activities – freedom to choose from several business activities
  • Inexpensive and abundant energy – you will save on and won’t face issues related to electricity
  • Excellent communication network – please elaborate, which kind of communications are we talking about
  • Logistic efficiency – you won’t face difficulties in import, export, and shipping related activities
  • Serviced desks and offices – fully (and partially) furnished business facilities for SMEs and startups          
  • Excellent support services – your issues will be addressed and resolved quickly
  • Hassle-free registration – takes up to only three days
  • Easy employee hiring process – no restriction on hiring expats
  • Liberal visa regulations – you can easily avail residency visa for you and your family, and can also sponsor (limited number) employees

The type of business activity (you are planning to do) has a major influence on which free zone options you have.

The top free zones and their main license activities are as follows:

  • Jebel Ali Free Zone (JAFZA): Trading, General Trading, Logistics, Service, and Industrial
  • Dubai Multi Commodities Centre (DMCC): Commodities Trade and Exchange
  • Dubai International Finance Centre (DIFC): Legal, Banking and Financial Services
  • Dubai World Central (DWC): Aviation, Ancillary, Logistics, and Light Industry
  • Dubai Media City (DMC): include example
  • Dubai Internet City (DIC): Internet and Communications, Technology
  • Dubai Silicon Oasis (DSO): Information Technology, Telecom, Electronics, and Engineering
  • Dubai Knowledge Park (DKP): Training, Personal Development, and Human Resource Management
  • Dubai Healthcare City (DHC): Medical Education and Research, Healthcare, Pharmaceuticals, and Medical Equipment
  • Ras-Al-Khaimah (RAK): Service, General Trading, Trading, Industrial, and Educational
  • Fujairah Creative City (FCC): Media, Consulting, Communications, Design, and Technology

This is just the beginning. There are endless possibilities and opportunities when it comes to free zone company setup

VAT Registration Process in UAE: Things to Know

VAT or value-added tax is a type of consumption tax that is added on a product at each stage of a supply chain where value is added. It is based on the increase in the value of a product or service from production to the point of sale. The VAT is assessed and collected at each stage; a customer or user pays VAT on the final cost of the product and is collected by the end retailer.

Who needs to register for VAT?

VAT registration is required for a business entity whose annual turnover exceeds the VAT registration threshold value in their respected countries decided by the federal tax authorities. In UAE, it is mandatory for the companies or individuals who operate a business in the country and have an annual turnover of more than AED 375,000. VAT registration is a mandatory process to avoid any fines that’s why a new business needs to keep an eye on their turnover to know if they’re approaching the VAT threshold.

If your annual turnover is below the VAT registration threshold, you can still voluntarily choose to register your business. This will help you grow your business with a positive impression and intent. Although, once you have registered for VAT, you will have to charge VAT (output tax) on your services or goods that your business offer, it will also allow you to reclaim VAT (input tax) on purchases you make that you are charged by other businesses.

VAT Registration Process

VAT is the most common taxation system adopted by more than 160 countries around the world. Almost in all countries, any business can register for VAT through an online process. Any business representative can register for value-added tax (VAT) on the Federal Tax Authority’s online portal in their respected countries where the business is operative. In UAE, VAT registration is free of charge and can be done 24/7 through the FTA website. Here’re the three simple steps to follow while registering for VAT:

  • Go to the FTA website’s e-Service portal and create an account by clicking on the ‘Registration’ button.
  • Verify your account via the email sent to you on registered email-id and then login to your account.
  • Now fill the VAT registration form with all the mandatory credentials and submit for approval.

Make sure to provide accurate information and data that you can submit for verification. Scanned copies of all the required documents must be attached with the application form to complete the registration process.

Documents Required

You have to upload the soft copies of the required documents along with the application. You will need the following documents before registering for the VAT:

  • Business or Trade License
  • Passport/Emirates ID (for UAE residents) of the owner of the business and the authorized signatory
  • Proof of authorization (certificate of incorporation, articles of association, power of attorney)
  • Details of bank account and other documents to describe business activities

Consult with a business consultancy or any tax expert before applying for the VAT registration. He will explain every detail of the VAT registration process and documents required as per the country’s taxation system wherever your business is operative. VAT registration is very important for any business to grow it and if your annual turnover is more than the VAT threshold, it is mandatory to avoid any fine under tax regulations.

Dubai Free Zone Business Setup: Reasons You Should Opt For It!!

The Dubai free zone- also called free trade zones are typically the economic areas where goods and services are traded at custom rates and preferential tax. They were started originally to enhance the international business in the UAE region by offering advantages such as 100% company ownership, and today, there are more than 40 free zones across the UAE. 

Steps involved in a free zone business set up:

Setting up a company in a free zone is comparatively easier, as the authorities require less paperwork and duration. Mentioned below are the key steps to start a business in a free zone. 

  • Identify the type of business you want to set up
  • Select a suitable trade name
  • Register for the business license
  • Locate an office space
  • Get the pre-approvals, get the license, and register your business

While the easy setup process may be one of the factors that make free zones famous, there are many more reasons why so many entrepreneurs migrate to the UAE to set up their business. Some of the major reasons are as followed. 

  • Foreign ownership:

Apart from the easy setup process, another reason why people consider setting up their business in a free zone is foreign company ownership. Most foreign entrepreneurs willing to set up their business in the UAE mainland have to work with a local partner to do business. But, this isn’t the case with a free zone business setup. The Dubai Free Zone Business Setup allows you to set up a company with 100% ownership. 

  • Full privacy protection:

Free zones are particularly famous among entrepreneurs as there are no open directories or other open details of company ownership, and confidential information including shareholder details. All this information is never disclosed to the general public. 

  • Tax and duty:

This is one another very compelling reason to consider Dubai Free Zone Business Setup. By setting up your company in a free zone and benefiting from 0% personal and corporate tax, your business will be also exempted from the VAT. Also, your business will exempt from export and import too and trade with absolutely no currency restrictions.

A few more reasons include:

  • Amazing office infrastructure for any type of business
  • Investors will benefit from a 3-year visa
  • You can hire staffs and employees without the interference of the UAE labor legislation
  • No taxes
  • Investors can sponsor their family

So, for Dubai Free Zone Business Setup, all that is required is a few hours of your effort and some common paperwork, and you could successfully be trading from a Dubai free zone and gaining all the advantages. 

3 Reasons of Hiring the Services of Meeting Rooms

Meeting rooms in Dubai has now become a vital part of the professional or business world. Holding meetings is very important for evaluating business growth and productivity. Sometimes the existing office environment doesn’t give a vibe to arrange business meetings especially undertaken with special clients and investors. Therefore, meeting rooms in Dubai are created to give clients a vibe of comfort and professionalism.

Meeting Room

Work pattern keeps on changing with every passing year. Similarly, humans also need to update themselves and their environment with the required amendments. With the right working environment, a business can grow multiple times by shaping its career and growth.

Space is not the only thing that is being considered while arranging a meeting but there are several things such as tables, chairs, lighting systems, high-tech AV systems, etc that should be perfect for a meeting. Due to the lack of adequate space and other resources, the purpose of holding a meeting gets affected and it also creates a bad impression in front of the clients and investors. To not interrupt the efficiency and functionality of a business meeting, one must hire the services of meeting room rentals because meeting rooms have all the facilities that can make a business meeting productive for both parties.

Why meeting rooms should be hired for a business meeting?

The main purpose of a meeting room is to ensure the effectiveness of a business meeting. One cannot summarize its importance in one sentence. Let’s take a look into the reasons that define the purpose and importance of meeting rooms.

  • For a successful business – Meeting rooms are hired for conducting special and significant meetings with special clients from national and international boundaries. With the supreme and unique facilities and services, the impression gets high that in return helps in finalizing deals. In this way, a business prospers with adequate growth and productivity.
  • For privacy – Important meetings should be done in a peaceful environment. The clarity and vibe get affected when meetings are being conducted in places full of noise and commotion. Therefore, meeting rooms are a perfect solution to take confidential decisions in a peaceful environment where concentration doesn’t break even for a second.
  • For important discussions and team-building – Sometimes it is not just about you and your clients. The other important resources are the employees of the company. Due to the lack of adequate office space, it becomes difficult to conduct a meeting with the entire office staff. Therefore, stepping out of the office and hiring the services of meeting rooms, one gets the facility of spacious rooms so that the director of the company can have important decisions along with the individual attention. In this way, an organization gets better inputs from a better team.

Meeting rooms in Dubai have enriched their business world in making their business flexible and compatible. Therefore, it is important to hire the services of a meeting room for the accomplishment of business goals and objectives.

Benefits of co-working space for the startups!!

The developed economy and business-friendly policies of the Dubai government attract most of the budding entrepreneurs to set up a company in the country. Irrespective of the sector, Dubai is a hub for all and the businessmen get the maximum return on investment. Everything is perfect to start a business in Dubai but what matters is the initial investment of the entrepreneurs. The complete process includes additional steps in the planning if it is a startup company. The developed companies with no restriction on the capital can invest maximum to expand and open a branch but the same is not the condition with the startups. Irrespective of the business sector, the entrepreneurs need a location or physical presence in the market to operate so the primary expense is on the space. Space is required for functioning, accommodating the human resource, conducting professional meetings with the clients and many more. The private business accommodation might be expensive in the country so the most preferable option is the co-working space in Dubai. Though the company has to share the space which can be crowded at times, there are several other benefits that startups can enjoy in the co-working space. Some of them are mentioned below:

  • Flexible and cost-effective– Purchasing or renting a private office increases the initial investment for the people as they have to arrange for everything like furniture, Wi-Fi connection, meeting room and many others which hamper the flexibility. The co-working space in Dubai arranges for everything which becomes cost-effective and the entrepreneurs have to only start the operation once they occupy the place. In the beginning, the businessmen have to identify and analyze the location so that they might switch the places.
  • Learning environment and increased opportunities – The co-working space means accommodation of several companies from different backgrounds and sectors in one place which implies working talented minds together. The working environment of the co-working space brings learning for the people and increases opportunities for them. The startup companies are always in the need of clients and nee merger along with unique which they can easily avail in shared space.
  • Additional facilities – Most of the co-working space in Dubai are located in the professional or corporate areas according to the requirement of the business people so it has all the additional benefits that are required to operate the business like meeting room, conference room, telecommunication service, parking and many others. The owners of the company do not have to worry about the employees that they hire for their company.
  • Security is the overall attraction – The location of the co-working space is mostly is the high-profile building which always requires security for safety. The companies occupying the space do not have to hire an individual security system when they are operating in the co-working space in Dubai.

Investment on the office space is a crucial decision for the entrepreneurs because the location of the company plays a major role in the profit of the business. To reduce the initial investment and build a positive impression on both customers and clients, the co-working space is a perfect choice. Renting a shared space in Dubai requires signing a contract so before taking the final decision, it is advised that people visit some locations and analyze the pros and cons of the same.

5 mistakes to avoid when setting up a business in Dubai free zone!!

The Free Zone in Dubai is the government organization that handles all the registration processes and issues business licenses to foreign companies or non-resident businesses for Dubai Free Zone Business Setup. Company formation in Dubai free zone brings with it a plethora of positive opportunities for collaborating, networking, and tremendous growth in the business. The many incentives and tax regime offered by the free zone authorities make Dubai one of the most approved and suitable nations by an entrepreneur for a business set up.

But, to ensure you avail all the possible benefits of Dubai Free Zone Business Setup, there are certain things you need to take care of very wisely-there are certain mistakes you really need to avoid.

Listed below are a few things to keep in mind and avoid when setting up your business in the Dubai Free zone.

1.      You must never make any business plans based solely on advertised information:

Before you plan anything for your company formation, it is very important that you first confirm the validity of the published details. Since the rules and regulations change frequently in the free zones and also in the local Department of Economic Development, it is advised not to go ahead with your business plan until you have confirmed the assumptions through a professional business set up consultant, or the relevant authority.

2.      Do not register your business without considering the office sizes and their conditions:

Often entrepreneurs intending to set up their business in Dubai free zone get overwhelmed with a wide variety of office spaces. However, always remember that the published information about a particular office space keeps on changing, and it’s quite possible that when you actually go-ahead for the registration of your business, you may find that only specific office sizes are available. Or it may also happen that certain offices allow only a single visa and that too only for the investors and not for the employees. So, remember not to proceed with the company formation process until all the aspects of office spaces are clear and confirmed.

3.      Never open your bank account until the bank charges are confirmed:

Banks in the free zones levy varying charges, and for a company formation, these can amount to a significant sum for a bank operation. Thus, you must always confirm the charges and requirements to open a business bank account beforehand. Furthermore, also remember not to choose a bank based on its reputation, instead, consider other factors too.

4.      Don’t pick a license type without confirming if that allows your business model:

When it comes to your business license, make sure you confirm whether your license category allows you all the activities and facilities that will be allowed in the type of business you are planning to set up. Never choose a license category particularly for some services, instead, consider your business type and choose the one that fits all the possibilities.

5.      Make sure you don’t sign your sponsorship with the local sponsors without getting everything in writing:

Your company formation may need plenty of vital support and assistance, and for this, a local sponsor may want to charge you separately for some specific services. So make sure you agree to the deal when you and the sponsor, both have agreed on what to expect from each other, and a written contract is drawn up and attested with the relevant authority.

The freedom of running a business, tax savings, and co-operative government policies-all these lead potential businessmen and investors to set up their company in Dubai free zone. And with these points to avoid, I am certain you’ll be able to set up a successful company in the free zone area.

Planning to start a business in Dubai: Go Ahead with Shared office!!

Being the developed economy amongst all the countries, Dubai is the major attraction for businessmen to invest. The initial investment in the business includes getting an astounding office space so that it influences the perspective of the visitors and the clients. A working space might attract the people but at the initial stage, it requires huge capital for the entrepreneurs to get a private office in the big country. Renting or purchasing a private office includes arranging the office furniture, equipment, internet connection and many more which is an addition to the investment. To avoid all such problems in setting up the business, the shared offices have become a trendy option amongst the people. It is beneficial for both the employer and employees. The concept of a shared office is not only suitable for the startups but also for the established company who is ready to open a new branch or for the freelancers.  It is a sort of mix match with the other companies running on the same floor but mostly suitable due to the available facilities. The one who is ready to explore will acquire the following advantages from the shared office space in Dubai:

  • Helps in reducing the overall expense

The hiring of private office burdens the people with many fundamental expenses like arranging the systems and office furniture, getting access to Wi-Fi, hiring additional office staff members other than designated employees, printing facilities, furnishing the office and so on. The shared office comes with all these arrangements and facilities which expels the maximum expenditure and gives peace of mind.

  • Easy management of the IT infrastructure

It is challenging for startups to offer facilities and budgets like an established company with a separate IT room or conference room. It becomes challenging to handle and manage employees in the small budget so keeping aside one expense through the shared office, entrepreneurs try to manage the other. The IT department is the headache of the shared office management which helps the people to concentrate on other daily tasks.

  • Safe and secure environment

A shared office is a perfect choice for entrepreneurs because of the safe and secure environment. The company management does not have to worry about company employees due to the availability of the 24/7 security system. People get delicate, highly developed and styled shared offices at low cost with the latest safety technique of keycard access. The day and night working in the office premises is completely safe.

  • Benefits to save expenditure and time

Shared office space is the perfect solution to open an immediate business without any prior preparations. Once the plan or thought comes in the mind of the people with an arrangement of capitals, they can start a new setup in the well-furnished area. There is no need for any prior arrangements which saves a lot of time and money.

  • Increase in networking

Shared office space brings many companies at one place to work which increases the chances of networking. The startups are mostly in need of connections in the corporate field to expand their business and make their presence in the market. It becomes a perfect step for their growth.

The term shared office might be hesitant for many people thinking that it will be impossible to work in a huge crowd and with companies from different industries. It is just a thought or the misconception that people have because the arrangement of the shared space is such that none of the company or people disturb the work of others. It’s like an individual working experience.

Virtual Office Dubai

What are the Benefits of the Virtual Office?

A virtual office is a great way to run businesses and office related activities without the overhead of a long lease and administrative control over employees. With a virtual office, employees can work from anywhere and have access to things like mailing addresses, phone answering services, and meeting rooms. Virtual offices operate as one unit to serve customers and do not exist in a fixed location. This type of set up is especially popular with startups and small businesses that want to minimize overhead and create web-based office productivity software and services like video conferencing that drive the growth in a virtual world.

A virtual office can also lead to greater productivity as its services are free from administrative tasks as well as commutes. When working in a virtual office each employee can work from the location according to his choice and employers can also hire people who live locally. More and more people find ways to work remotely, the benefits of a virtual office that are immediately noticeable. However, not everything is easy as it seems and some may find scheduling of virtual office space no less different than time-consuming scheduling conflicts inherent in a physical office.

UAE is the fastest growing economy where consumers today get their hands on a vast range of consumer goods and services. The UAE shopper is among the top spenders online and represents the biggest annual spend per online with growth projected through 2020 at 29.6 percent supported by visa transaction data, which shows that the UAE continues to maintain a healthy lead in average transaction size compared to both emerging and mature markets.

Virtual offices are cost-effective solutions and convenient when it comes to commute time and low on technology expenses. and lower overhead costs having remote workers to cut down on commute time, increases productivity and produce a lower rate. Therefore, Virtual offices have many benefits.

Benefits of Virtual office

  1. The usual office takes almost the whole day where you struggle with getting ready and traveling, but with a virtual office, you can save your time to help with productivity and making employees happy.
  2. According to a study, sitting at your desk for more than 11 hours a day increased your risk of death by more than 40 percent in the next three years regardless of other activity. It is important to stay active. A virtual office allows moving around more where employees are not chained to their desks.
  3. With a virtual office, you can gain access to be somewhere where you need to reach urgently. Some companies have offices in one location and some in somewhere else.
  4. Less overhead- When you function with a virtual office, there is no office lease, no utility payments, no hardware and no associated costs with having a brick and mortar space. All that savings can only be passed along to clients and affects your profit margin to invest more in your people.

You are an entrepreneur and looking for a virtual office with Dubai address, you can go to virtual office in UAE.

Serviced Office in Dubai

6 Points to Notice While Searching a Serviced Office in Dubai

When you plan to set up a company in Dubai, there are so many things to consider. One of them is to find a good office space that caters to your needs and suits your budget. While building an office from scratch might be an extremely expensive option and requires huge funding, considering serviced offices for rent in Dubai might be the most feasible option for you. It is more practical and convenient because they are usually built in practical locations suitable for business and have appealing interiors. 

But, before moving to a serviced office, there are some factors you should consider.  

  • Identify Which Location is Ideal for Your Business

Depending on your business activity, search for a serviced office in a location that can benefit your business. Even though your business might be in stiff competition against existing companies, it will also offer a great opportunity to enhance the visibility of your office. Choose a location depending on what your target market is. 

  • Elegant Interior to Attract Customers

Having an elegant interior is definitely something customers consciously notice. Plus, its elegance creates a big impact on your people i.e. employees and staff. When the design of an office is appealing and classy, it gives off a refreshing vibe to people who will be working there. So, consider a serviced office for rent in Dubai that is visually aesthetic. 

  • Level of Security For You and Your Staff 

While looking for an office space for rent, it is a must that you take high level of security under consideration. An unsafe office always prevents you from getting good exposure and customers would be hesitant to visit your office. This is why you need to find out a serviced office that facilitates secure and confidential space with 24-hour security and personal control on access. 

  • Full-time IT Support

We all know that in this age and time, it’s difficult to survive without the Internet. Almost all of the businesses rely on the Internet for different purposes. Ignoring this factor can be a major setback in finding an ideal location for your business. Thus, it is important to check if a serviced office is providing full IT support for the entire time or not. 

  • Fully Functioning Facilities

This is one of the most important factors to consider while searching serviced offices for rent in Dubai. The facilities and utilities offered in the office should be accessible and functioning properly so that you won’t face problems while running your business. 

  • Services Included in the Package

Most of the serviced offices in Dubai are featured with a broad range of services such as communication facilities, Internet services, Wi-Fi connectivity, reception, conference arrangements, pantry, and much more. So, don’t forget to compare different packages to ensure that you are getting comprehensive services at affordable cost.  Checking all these factors will help you ensure that you won’t regret signing the contract. Serviced offices for rent in Dubai have made it very easy for entrepreneurs to start their business at a low cost and focus on their core business operations rather than tangling with buying or constructing a new office building and equipping it with costly infrastructural facilities.

Dubai Business Setup

All You Need To Know About Freezone Company Formation In Dubai, UAE

Do you want a quick business license from the UAE government? Do you want a low-cost business setup in Dubai? If your answer is yes, UAE, Freezone company formation can be the best choice for you.

Before you finalize your decision of setting up a business in Dubai free zone, have a look at various insights associated with Dubai free zone companies.

Freezone company formation in Dubai –

UAE Freezone Company is the perfect option for the investors who want to have complete ownership of their business. UAE has more than 42 freezones with separate jurisdictions and each one of them has around 8000 companies registered. Company registered in freezone has different set of requirements, cost and legal structure.

Types of companies registered in UAE freezone –

  • Service
  • Commercial Trading
  • Industrial / Manufacturing

Before diving deep into the process and benefits of setting up a business in Dubai free zone, let’s list down the name of some major free zones in the UAE.

Major freezones in UAE –

  • Dubai Airport Freezone (DAFZA)
  • Dubai World Central (DWC) 
  • Dubai Multi Commodities Centre (DMCC)
  • Dubai Creative Clusters Authority (DCCA)
  • Hamriyah Freezone (HFZA) 
  • SAIF Zone – Sharjah Airport International Free Zone
  • Ajman Freezone
  • Ajman Media City Freezone
  • RAKEZ 
  • Jebel Ali Free Zone Authority (JAFZA) 
  • SHAMS (Sharjah Media City) 
  • Sharjah Research, Technology & Innovation Park (SRTI Park)
  • Fujairah Free Zone 
  • International Free Zone Authority, Fujairah (IFZA)
  • Abu Dhabi Airport Freezone (ADAFZ) 

Now let’s dive deep into the process of setting up a business in Dubai. Below are the key steps that you as an entrepreneur needs to take for setting up a business in any free zone of Dubai –

  • Choose the type of legal entity
  • Acquire adequate office space
  • Application for the business licence
  • Opt for the trade name
  • Pre approvals, business registration and acquiring license

Benefits of UAE Freezone company formation –

Let’s look at perks of company formation in free zone business setup:

  • 100% ownership in the hand of foreign investors
  • 100% right on the capital & profit deriving from free zone business.
  • No need of local sponsors or local service providers
  • Quick setup and licensing process
  • No need to pay any corporate tax
  • Single window clearance for admin services
  • Viable import & export duties
  • No quick alteration in laws and regulations
  • Perfect communication sources
  • Remarkable functionalities
  • Liberal labour laws
  • Start up with the lowest cost
  • No need to spend over infrastructure
  • Convenient working environment
  • Outstanding business support services

It is not the complete lists of Free Zone Company set up advantages. Different free zones have different rules, regulations and advantages. You as an investor may find some more advantages at a particular free zone which may not be offered by other free zones.

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