The United Arab Emirates has emerged as the top business and trade destination in the world and a number of foreign companies have selected Dubai, Abu Dhabi and other states of the Emirates as the center of their regional wings. By establishing their regional bases, the foreign companies have given them the chance to explore the regional markets like Africa, Middle East, Australasia, Europe, Central Asia, and South Asia. Moreover, certain aspects of Dubai like stable economy, stable political setup, diversified economy, strategic location, and many other factors make it the most favored business destination for some of the biggest names in the global market.
However, when you are planning to set up your company in a country like the United Arab Emirates, there are certain rules that you should keep in mind.
- If you’re planning to start a retail store, departmental store, or any such business in Dubai, the first thing you should do is find a local sponsor. This local sponsor will have 51 percent stakes in your company but he or she will be your guarantor with the local authorities. So it’s the option worth consideration.
- If you’re someone who doesn’t like to have a partner, you should ponder about basing your company in one of the 45 free zones across the United Arab Emirates. The city of Dubai has 21 free zones alone. These companies can’t start businesses like restaurants and retail stores, but can establish production units in the free zones.
- After you decide on the type of business, your next point to consider is picking up the location for your company setup. Selecting the right place for your business allows you to have an optimized level of suitability, sustainability, convenience, and cost-effectiveness. Most of the free zones are ideally located to cater to your business needs and you can tap the regional trade hubs to expand your business reach.
- With a business license, you also get a number of visas which allow you to import workforce from abroad. However, the number of such visas depend heavily on the size of your company, the nature of your business, and the category of the investor and the workers.
- It is always a sane decision to hire the services of a local business setup consultancy firm. The company knows exactly the steps to start your business and ways to get the job done in the most efficient and professional way in the shortest possible time.