So, what are your plans of setting up a business? A lucrative business; that too in the hub of Middle East. Well, everyone dreams of having his/her own business and what better than setting up a company in the heart of UAE. Sounds great! Doesn’t it? Now is the time to turn your dream into reality.
Start a business now! And if you are confused on how you can do it? Let us tell you how to do it.
Type of business
Select a type of business as it will determine the type of business license. There are categories of licenses like commercial, professional or industrial. A certain type of license classifies the basis of your trading operations.
Ownership
If you choose to setup a mainland company, then you will have to acquire a license from the Department of Economic Development (DED). The DED license bounds complete ownership for foreigners and they have to have a local partner.
Trade name
Selecting the right trade name for your company is a vital legal procedure. The name of the company should be such that hints to the operations. Also, the trade name should not match any other business already operating.
Capital sharing
This is normally figured in the Memorandum of Association of the company proposed. There are some cases which need you to pay minimum capital at the time of company setup. While a number of times there is no need to pay it.
Office premises
Now that you have completed all the legal formalities, you should select an office according to your budget. This means that you are ready to function and now all legal formalities are done.
According to DED rules, you should hire a manager that supervises all your business operations. The manager should be ready and onboard before the company registration is approved. There are some cases like Intelaq license holders, where you aren’t allowed to hire any staff.
Local Support
For acquiring of a Department of Economic Development (DED) license, you need to have a local partner or sponsor and it is mandatory. This local sponsor or partner serves beneficially for all the foreign investors regarding the legal matters.
They also help in progressing the business operations forward and act as guides as they are well aware of the essentials of the region and what needs to be done for better penetration in to the area etc.