How to Form Your Company in Dubai?
Almost a decade ago or so, there was not a better time for company formation in Dubai. But these days, the signs are particularly promising. Hardly any week goes without the announcement of delivery of another ambitious project in the city. The UAE growth projection suggests that it’s a bandwagon worth setting up a business in Dubai. Free zones are perfect for foreign entrepreneurs and with good reason. Here are some incentives you will get by forming a business in the free zone.
- 0% corporation and personal tax
- 100% company ownership
- 100% repatriation of capital and profits
- No currency restrictions
- 100% import and export tax exemption.
Read to know step by step guides for successful company formation in Dubai.
The nature of your business has a role in deciding which free zones you should and can set up in. To take an example, there are some free zones that only allow specific types of business activities like medical, media, or transport. Besides this, it’s also good to set up a business in a close proximity to companies in the same sector. If the kind of business you are involved in rely heavily on import and export, the consider transport links too. Select a free zone which is situated near a port or airport.
The UAE has some strict naming agreements. Before you decide the name of your company, make sure it conforms. Any name that includes offensive language is restricted. You cannot decide a name which refers to Allah, Him or in fact any other religious, political group or sectarian such as Mafia or FBI. If you choose a name which related to a particular person, then that person must be a partner or owner of the company.
Finalize all paperwork
For business setup in Dubai, you should complete an application for your chosen company’s name and its business (activity). Submit the application along with copies of shareholders’ passport to the relevant government authorities. Some free zones may require extra documentation like a business plan or NOC. This document is a letter from a current sponsor that confirms that you enjoy the right to form another business in the UAE.
To handle the paperwork, the best way is to seek the help of a property lawyer. Many law firms are available in Dubai. Find one if you want to form a business.