Setting up a business where the current economy is thriving will surely be beneficial as you will have access to a wide array of opportunities. As a prime tourist location, you might have the opportunity to nab a wealthy client or supplier’s attention with your business. Whether you are looking for direct customers or business clients to partner with, setting up a business in the city of Dubai will see to it that your company flourishes on the sandy dunes that meet the sea.
Importance Of Company Setup In Dubai
If you are planning to expand an already existing business or wish to build a new idea from the ground up then Dubai is a prime location for ideas to make it big. You will see your company reach new heights in terms of exponential growth as Dubai is an important trading point for some of the most valuable resources from across the globe. What better place to set up your company than a bustling city full of people from different nations?
Learn more – UAE Mainland Vs UAE Freezone business setup
Setting Up A Company In Dubai, Why You Need To?
Though not exactly accurate, on the world map you can find that Dubai is in the middle of the globe with China, Russia, Africa, Europe and India surrounding it. Raw materials and other manufactured goods are constantly exchanged between these countries. A business set up in Dubai will benefit a company majorly as you will be able to make the most of this kind of opportunity that isn’t easy to find. Not to mention the constant tourists that frequent the city of Dubai for its tall buildings, malls, beaches and dessert. Dubai, as seen in many pictures is growing at a rapid rate and those that make the most of this opportunity will surely see their bank accounts growing along with their company. With this Dubai business setup guide, your vision can now become a reality in just a few simple steps.
Steps of company formation Dubai
The process of setting up a company in Dubai with the help of consultants is cost and time efficient. Rather than having to figure out all the formalities that have to be done and extensive time spent on research to choose the best path, by simply acquiring the assistance of a business consultant you will be required to just go through the required process that will be presented in front of you and approve of it to commence setting up your business in Dubai.
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- Choose a good name that you want to use for your company.
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- Select the type of activities that your business will partake in.
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- Specify the number of partners if you have any along with their nationalities.
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- Select a legal type for your company.
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- Choose from the many license types that are available to you that best suit your business.
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- Provide all the necessary license details that will be required while forming the license.
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- If your company has partners then add the necessary details of each partner such as their role in the company, contact details and address, personal identification proof and how much percentage they own in the company.
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- Certain licenses will require initial approval from your side to begin the process. Especially if you are to start a new business in a new location.
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- Location details will be mandatory for certain licenses.
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- Legal documents such as service contracts and MOAs will be required to be sent to the officials.
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- Upon finishing the above-mentioned processes you will receive your license.
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- Certain licenses will require additional approvals to work so make sure to submit the required documents and wait to get notified by an agent about the status of approval.
Documents Required
You will need a variety of professional and personal documents you will need to collate which need to be filled and signed appropriately so as to get approvals from the local governing authorities. At Cohub, our experts help you accumulate all the necessary documents in the right manner so as to have no problems when they are reviewed by the committee. Below are the set of documents to keep in mind :
Document for Initial Approval :
- Complete business plan
- Company licence approvall form
- Trade licence to copy of registeration certificate
- Shareholder documents
- NOC From local sponsor
- Specimen signatures of Directors and shareholders
- Entry stamp on Visa page
- 3 Name options at least
- RIC from director
- Signed and filled registration application form
- Share capital information
- Power of Attorney
- Board of resolution of the other directors
- AOA & MOA
- Passport sized photographs of the board
- Lease agreement
- Visa processing
- Trade Licence issuance
Learn more – LLC company formation in Dubai
Benefits Of Working With Business Setup Consultants
At times it becomes quite burdensome to look after new business ventures. Enthusiastic budding entrepreneurs will find themselves overwhelmed with the processes required to run a successful business, especially in a land where they are not familiar with the people or the culture. A foreign investor with many businesses under his name will not be able to devote himself completely to his new endeavour which will require ample care at its initial stages. This is where making use of a Dubai business setup consultant comes into play.
1) Experience
Business consultants like Cohub are the perfect answer to help your company grow rapidly by taking the right steps when laying the foundation for a strong presence in the future. You will have access to skilled executives who have honed their craft through years of service helping various businesses grow. With the knowledge and network gained through the years, they will help set up your business more effectively while maximising resources to their potential. Hence making your process of setting up a company in Dubai a smooth and efficient one.
2) Savings
The growth of any business depends on financial stability. When you hire expert consultants you will benefit from their expertise for the stipulated amount of time that you require. This saves money compared to hiring employees at times as you will have your consultant providing their best efforts to help your business grow. This is due to the fact that your consultant is working on a commission and will love to do business with you in the future hence only their best efforts will be put forth.
3) Efficiency
Consultancy services in UAE will most likely have taken up similar projects to help other companies set up their businesses. This has led them to accumulate knowledge of all the processes it takes to set up a business over time. When you take the assistance of a consultant you make every process or step you take efficient when progressing through the various stages of setting up your business. This will help conserve money and will be time efficient compared to having to understand the process before execution.
4) Modification
One of the main advantages of choosing a consultancy to help set up is that you get customised plans for executing your business as per your taste. There is a certain level of risk when taking the venture upon yourself as you will have limited knowledge and time to test out your ideas or theories before competitors take over the market. Consultancies can use their expertise to provide you with the best plans that will both satisfy your unique tastes as well as getting the task done over a shorter period of time.
5) Time Constraint
The market is an unforgiving warzone where your fight with consumers and competitors is a constant battle with varying outcomes. The person to make the first strike makes a huge impact and as such it is vital to get your business up and running before the market changes. With a consultancy, you are equipped with skilled professionals who are the best in their fields and will thus provide the most optimum results over a quicker period of time. This will help establish your business sooner for consumers to participate in while competitors will be left trying to catch up.
Best Business Setup Consultants In Dubai
It is always a good idea to choose the best option available no matter what the scenario. As such, choosing the best business setup consultant will go a long way to ensure that no untimely problems or issues are faced by the business in the future. There are many consultants that are available in the market to help budding entrepreneurs or foreign investors set up their businesses in Dubai so there is no shortage of options to choose from.
Choose the Top Business Setup Consultants In Dubai with Cohub
It is important to choose the right business consultants as their expertise will go a long way in helping the company see profits at a sooner stage. Many business consultants have gained valuable knowledge and expertise through the years by helping numerous businesses grow. With an abundance of experience, investing in the top consultants is sure to see your business reach new heights. Proper online research is required before enquiring about the company. Get on-call and talk to the executives to see if they have the expertise and knowledge that you will require for setting up your business with the quality you require.
