With a fast-growing economy, it is no wonder the United Arab Emirate (UAE) is the go-to site for many foreigners looking to set up a lucrative business outside their home country. The UAE boasts a wide range of benefits including low cost of labor and energy resources and a tax-free environment for businesses, making it your best bet at setting up a business outside of your home country.
Furthermore, the UAE currently houses a good number of the best tourist attractions in the world. Consequently, attracting millions of people across the globe. What better place than to set up your business in the UAE?
Well, I guess you know that already as you are here to learn some foolproof tips on how to set up your business in the UAE.
Let’s get to it already. Shall we?
- First things first, be sure of the business you want to get into
The UAE has different rules and regulations for each business type. The first step to owning a business in the UAE is to ascertain the type of business you wish to set up. A law firm possesses different rules and regulations from a grocery store. Also, the business type influences the choice of location and the documentation involved. Therefore, it is crucial to know what you want before getting started.
- Get a local sponsor
It is virtually impossible to have a smooth run without familiarizing yourself with the business environment. You have to get to know about the do’s and don’ts, the perfect location, the law, among other things. Which makes it necessary for expats looking to set up their businesses in the UAE to work with a national dubbed the local sponsor. Your local sponsor ensures that the gap is well bridged. He provides you with all the relevant help to get your business up and running without any hassle. In return, the law makes it compulsory that he [the local sponsor] hold 51% of the shares of the company. This is mitigated if you set up your business in one of the free zones in the UAE.
- Ensure you have a visa permit
Foreigners require a visa permit to set up businesses anywhere in the UAE. This permit allows you and your employees to live and work in any emirate of the UAE. However, the process is usually controlled by your local sponsor especially if you are looking to set up a local business in the UAE. Be sure to have your visa and meet other requirements to avoid troubles along the way.
- The free zone is your best bet
This is an in-house secret that most expats do not know. The UAE has over 40 Free Zones. Basically, the Free Zones are dedicated areas within the UAE that allow for 100% ownership of businesses set up by foreigners. Besides having complete ownership of the business, you also get to enjoy other perks such as reduced cost, 0% corporate tax, and expedited startup process. However, businesses located within the Free Zones [or offshore as commonly used,] lack the right to trade outside the Free Zones [or onshore].
- Hire a business setup advisory firm
The importance of working with an advisory firm such as Creative Zone cannot be overemphasized. They ensure everything works perfectly from the setup stage untill the business is up and running. Advisory firms such as Creative Zone have teams of experts with vast knowledge of UAE laws. They possess the experience and expertise to bring home the best possible result. They take care of the registration process, planning, and itemizing your business costs. Business setup advisory firms in the UAE such as Creative Zone are known for providing tailored advise every step of the way. Hire an agent now.