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May 2020 - Virtualoffice
Virtualoffice > 2020 > May

Month: May 2020

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4 Reasons Why a Business Consultant is Important While Setting Up a Business in Dubai

The United Arab Emirates is undertaking various initiatives to make global entrepreneurs, millennials, and established businessmen feel comforted and supported while setting up a business in Dubai or any other emirate. It has also performed amazingly exceptional according to the Doing Business 2020 report of the World Economic Forum. However, there are complex rules and regulations in every nation that every business owner or entrepreneur should follow.

Being transparent and genuine to legislation forms a strong foundation of a company. An expert business consultant in Dubai is a valuable asset while opening a new business in the emirate. 

Help In Deciding Business Activity, Jurisdiction, and Naming

Every business in the UAE is categorized by the Economic Department based on business activity. There are different jurisdictions in Dubai, for instance, Dubai Mainland, Dubai Free Zone, and Dubai Offshore. There are guidelines as to what kind of business activity can be carried out in a certain jurisdiction. Besides, there are also rules and guidelines when it comes to nomenclature. A business consultant in Dubai helps you learn all about the activity scope, naming guidelines, and permissions needed.

Assist In Company Registration and Choosing the Location

A business consultant provides insightful advice on where to set up your office so that you don’t miss potential market opportunities. They can suggest what best suits your business activity and what procedures to follow. Once you are all set with name, activity, jurisdiction, and office space, they help you complete the company registration, assist you with legal formalities and even help in opening a bank account. 

Provide Legal and Financial Guidance

Though the UAE government has transparent and modest laws and regulations, yet the violators are fined heavily. Hence, a business consultant can be of great assistance in legal as well as financial consultations. A single mistake can lead to heavier fines, penalties, and legal charges. A business consultant recommends the right business license, funding plan, and investment choices to help you comply with the laws and guidelines right from the start.

Save Your Time, Effort, and Money

Educating yourself is a time-consuming process, and without any guidance, you might find it difficult to get clarity on complex issues. So, rather than reading about various types of forms, applications, permits, licenses, and approvals and figuring out what category your business fits in, hire a business consultant to benefit from their expertise. A business consultant provides the right options that apply to your business activity in Dubai. 

To summarize, you can plan well, make smart choices, and utilize your capital and resources judiciously with the help of a business consultant in Dubai.  

Contact us today to get the best business setup services in Dubai.

Business in Dubai
Blog

Setting Up a Business in Dubai? Here’s All You Need to Know

Kick-starting a business is itself a challenging task, more so when it comes to setting up one in a foreign land. While many people dream of establishing their business in the commercial dreamland that Dubai is, the initial legalities and formalities can seem overwhelming. Well, not anymore!

Want to know why? It is because of Two Crucial Factors –

Your Guide To Starting A Business In Dubai

Now that you know that there is help available, the task of establishing your enterprise in Dubai might seem easier than before. Let us take this a step further by helping you with a detailed guideline on starting a business in Dubai.

  • Do your Homework

First and foremost, you must understand the underlying potential of a business in UAE, and only if the probability of its desired success seems promising you should go ahead. If required, you should conduct systematic research, complete with a SWOT analysis of the business that you wish to start.

  • Select The Jurisdiction

Once you have chosen a business activity that seems favorable, go ahead and choose the jurisdiction in which your business can operate as per your business needs and goals. If required, reach out for expert help in this regard.

  • Determine The Company Structure

Based on your chosen business activity and jurisdiction, take your pick of the best-suited company structure from the available alternatives, namely – Sole Proprietorship, General Partnership, Partnership-en-Commendam, Limited Liability Company, Joint Venture Company, Public Shareholding Company, Private Shareholding Company and Professional Company.

  • Get the Essential Approvals

Once you have determined the business activity, the jurisdiction, and the business structure, go ahead and pick a name for your business that isn’t already in use. That being done, you ought to get the relevant approvals from the Department of Economic Development.

  • Get Your Licence and Registration

If you have chosen to establish your business in the UAE mainland, you can apply for a Commercial License, Professional License, Industrial License, or a Tourism License. If, however, your business will be functioning in the UAE Free Zone, your license may fall under a different category.

Along with your licensing application, you will be required to furnish a set of documents, which, when verified and processed, will ensure the registration of your company.

  • Find A Local Partner / Sponsor

This is one of the most crucial steps of setting up your business in Dubai, as it is mandatory for a UAE national to either sponsor your business or act as a local partner. As you may have guessed, this task is best left in the hands of an experienced service provider.   

  • Draft Your Memorandum Of Association

This is a legal document that must be in accordance with governmental standards. Your MoA must carry the details of the shareholders as well as of your company, complete with minimum share capital.

Now that all the legal formalities are completed, you need to rent an office and sign the relevant tenancy agreement and Ejari for the rented space. After this, wait for the initial approval by the DED. Within a week, you will be able to collect your business license, after the submission of the governmental fee, and you will be ready to start your business activities!

It’s that simple! Well, actually not. If you consider the sheer amount of documentation and the number of visits to various government offices, the entire process may take a toll on your new business plans. This is why it is strongly recommended to hire the services of the leading business setup service in UAE. After all, well begun is half done!

At Virtual Office, our team of experts is well equipped to help you set up your business in Dubai. For details about setting up a business in Dubai, feel free to connect with us today.

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