Most expats venture to Dubai to live better lives and pursue their dreams.
Each year the number of investors and pioneers to start their business in the UAE has increased substantially.
If you are contemplating setting up your own business in Dubai, budget is a significant factor to consider.
Whether you’re just moving to the UAE or are here for years and want to move into the business world, below are the factors to consider before you decide to start a business in Dubai.
For a Limited Liability Company (LLC)
1. DED initial authorization or instant license
2. Approval of trade name
3. Office rentals
4. Memorandum of Association (MOA) Attestation
5. Drafting of a contract and attestation of the court agreement
6. Ministry of Economy fee
7. Trade license
8. Commercial License fee (Tejari)
9. Chamber of Commerce fee
10. Commercial services improvement fee
11. Administrative services & public waste municipality fees
12. Market fees
For a Free Zone Company, you need to consider the cost for the below factors.
1. Office rent
2. Free Zone license
3. Free Zone registration
4. Free Zone visa
5. Bank Guarantee
6. Registered agent fee
Below are some suggestions for launching a low-cost company in the UAE
1. All-inclusive Business Setup & Start-up Packages
Business Setup Packages are a great option that offers outstanding value for money by combining all the necessary factors such as investor visas, DED fees, reliable local service agents or a local sponsor, registration fees, shared offices, business license for your setup in UAE at a much cheaper cost.
This is a win-win situation for both the entrepreneur and the consulting agency.
2. Affordable Location
Start a business in one of the most affordable regions in the UAE. A low-cost business setup in Dubai or any other emirates depends on the region, jurisdiction or free zone. Let’s glance at the relatively inexpensive free zones in the UAE which offer good infrastructure and business benefits to Dubai’s Free Zones.
International Free zone Authority (IFZA)
Ras Al Khaimah Economic Free zone (RAKEZ)
Umm Al Quwain Free Trade Zone (UAQ FTZ)
Ajman Media City Free zone
3. Renting Office Space
At least 200 sq. physical office space is obligatory for any mainland company in the UAE while office space specification for a free zone company or offshore company is not a prerequisite. These companies may operate without an office or have virtual offices. You get the allocation of 1 visa per 80 square foot of office space. The two key jurisdictions to set up an offshore company in the UAE are Jebal Ali Free Zone (JAFZA) and the RAK ICC.
A free zone license is specifically related to the free zone office space (you must rent it), however, Dubai mainland companies can be operated from a business center.
Free zone business license and visa charges are lower, but you only have to operate in free zones and international regions – with a Dubai mainland (DED) license, you can have customers from anywhere in the UAE and abroad.
The incentives and facilities of the free zone is more relevant in the long run for a large multinational company than a small business owner. In a Free Zone, foreign investors can own up to 100% of the company’s share, while in Mainland, local partners will hold 51% of the shares and foreign partners 49%.
A Free Zone business can not operate the office outside Free Zone. In order to trade outside Free Zones, a business must be registered with the corresponding Economic Department of Emirates.
A company bank account in a Free Zone company can be opened & run by expatriate exclusively.
4. Appointing a Business Setup Consultant
Starting your own business involves a great deal of detailed planning and a lot of strategic thinking. A business setup consultancy is an extended team for your startup journey.
A start-up consultant comes equipped with both expertise and experience to enable you to set up your new company and to counsel you on the execution of your new business.
So if you intend to do Dubai Business Setup, it’s wise for you to connect with the trustworthy Dubai Business Consultants. Most of the startup companies work under a tremendous degree of uncertainty and with resource constraints and ensure to avoid future risks.
You can easily avoid frivolous spending with the assistance of the professionals. Business setup consultants offer extensive support to help entrepreneurs with a business idea but who don’t know how to move forward with the ideas.
The best way to secure your right start is to employ a reputable and professional business consultancy that can assist you to set up the process from the beginning to the end. This way you can avoid risks that might cost a fortune for your business.
The motives why one has to collaborate with an efficient business consultancy company in Dubai are as follows:
– For advice and guidance
– Saving time, money and effort
– To direct you with legal and financial proceedings
– Helping you find the right location and support your registration process
To review and analyze more options for low-cost business setup in the UAE contact PMC Solutions DMCC.
Call +971 588 631 656 or email at email@example.com