Setting up business in Dubai is an excellent idea and at the same time it is hectic too. There is no doubt that Dubai offers the best opportunities to entrepreneurs, startups, businessmen to set up their business. There are multiple company setup consultants in Dubai which can help you out to bring the best outcome.
Dubai is a great site to launch a business because of its strategic position, first-rate infrastructure, tax-free environment, and pro-business laws. Although establishing a mainland business setup in Dubai is a simple process, it is crucial to be aware of the rules and prerequisites before starting. In this article, we will discuss seven things that Indians should know about business setup in Dubai mainland, and the role of a company setup consultants in Dubai in facilitating the process.
Things Should Indians Consider Before Setting Up Business in Dubai
If you are an Indian looking to set up a business in Dubai, there are several things to consider before taking the plunge. The following are some essential considerations:
Legal Structure
The first step in setting up a business in Dubai mainland is to determine the legal structure of the company. There are several options available, including a sole proprietorship, partnership, limited liability company (LLC), and branch or representative office. The most common legal structure for Indian entrepreneurs is an LLC, which requires a minimum of two and a maximum of 50 shareholders. An LLC offers limited liability protection, and the shareholders can be individuals or corporate entities.
Local Sponsorship
Dubai has previously required mainland business setup in Dubai to have a local sponsor or partner who holds at least 51% of the shares in the company. However, recent changes in the law now allow foreign business owners to hold 100% ownership of their company without the need for a local sponsor or partner. This local sponsor can be an individual or a corporate entity, and they will be responsible for obtaining the necessary permits and licenses for the business. It is important to choose a reputable and trustworthy local sponsor who can provide valuable support and guidance throughout the process.
Business License
Before starting operations, it is essential to obtain a business license from the Dubai Department of Economic Development (DED). The type of license required depends on the nature of the business activity, and there are three main categories: commercial, professional, and industrial. A company setup consultants in Dubai can help in identifying the appropriate license and ensuring that all the necessary documentation is in place.
Office Space
To obtain a business license in Dubai mainland, it is mandatory to have a physical office space. This can be either a leased or owned property, and it must comply with the regulations and standards set by the DED. The size and location of the office space will depend on the nature and size of the business. A company setup consultants in Dubai can assist in finding suitable office space and negotiating lease agreements.
Banking and Financial Requirements
Opening a corporate bank account in Dubai is an important aspect of setting up a business in the mainland. It is advisable to choose a bank that has experience in dealing with foreign investors and can offer a range of services such as online banking, credit facilities, and foreign exchange transactions. It is also important to have a clear understanding of the financial requirements and obligations, including taxation, accounting, and auditing.
Visa and Residency Permits
Indian nationals require a visa to enter the UAE, and a residency permit to live and work in the country. There are several types of visas and residency permits available, including investor visas, employment visas, and family visas. A company setup consultants in Dubai can assist in obtaining the necessary visas and permits, and ensuring compliance with the immigration regulations.
Cultural and Business Etiquette
Doing business in Dubai requires an understanding of the local culture and business etiquette. It is important to be respectful of Islamic traditions and practices, and to dress modestly and conservatively. Business meetings and negotiations may take longer than expected, and it is important to be patience and build relationships with potential partners and clients. A company setup consultants in Dubai can provide valuable insights into the local business culture and practices.
Conclusion
In conclusion, mainland business setup in Dubai from India can be a challenging but rewarding experience. By following the regulations and requirements, choosing the right local sponsor, and seeking the guidance of a company setup consultants in Dubai you can easily set up your business which is hassle free. However, it is crucial to do your research and understand the various factors that can impact your business’s success. From legal requirements and business structure options to market competition and cultural differences, there are many things to consider before starting a business in Dubai.
Additionally, the cost of living can be high, and language barriers may pose a challenge. A crucial factor is having access to funding. By taking the time to carefully weigh your options and do your due diligence, you can increase your chances of success and create a thriving business in Dubai. With the right approach and mindset, Indian entrepreneurs can make the most of this thriving business hub and achieve their goals.
