Dubai has a diverse population and continuously expanding economy which make it an attractive destination for those looking forward to set up a business in the region. Company formation in Dubai can be tedious and the government has set up stringent rules regarding the type of business an individual or a foreign firm can set up as well as ownership guidelines for different types of businesses.
Within the Middle East, Dubai has emerged as one of the most attractive environments for new companies to flourish and sustain. The Economic Department and the Government of Dubai in general are making every effort to ensure that businesses enjoy an environment that allows owners a fair amount of operational flexibility within a framework of rules and guidelines. Under various business setup jurisdiction of Dubai different types of businesses can be established. However they may need additional approval from specific agencies prior to obtaining their trading license.
Major Benefits of Conducting Business in DubaiConducting business in Dubai or in the UAE in general is very attractive due to the following reasons
There is no corporate tax or personal tax in the UAE. The only exceptions to this are oil producing companies and branches of foreign banks. Direct taxation is against the traditions of the UAE and it is highly unlikely that it will be introduced in the near future. There are no exchange controls in the UAE and its currency, the UAE Dirham, is freely convertible. The Dirham is linked to the US dollar, the currency by which oil prices are measured. The exchange rate has remained at Dh 3.675 = US$ 1 since 1977.
There are three categories of licenses to conduct a business in Dubai:
Some categories of businesses may require approval from ministries also: for example, banks and financial institutions from the Central Bank of the UAE; manufacturing from the Ministry of Finance and Industry; and pharmaceutical and medical products from the Ministry of Health; branch of foreign company from the ministry of Economy and Commerce. More detailed procedures apply to businesses engaged in oil or gas production and related industries.
Without doubt, acquiring a business or a trade license may become a lengthy process for entrepreneurs if they don’t have relevant knowledge about the process or there is lack of professional consultancy available to them. If so then you are not the only one. Every month our professional business consultants in UAE at MimoLegal assist a number of entrepreneurs who aspire for company formation in Dubai.
Our aim is to give you and your business a brand new start in the land of sands and skyscrapers which is full of opportunities when tapped in skillfully. Starting from the preliminary process of company registration, finding a local sponsor, choosing the most appropriate business location, guidance for legal framework, to obtaining trade license we partner with our clients until the company setup process is completed successfully.
Every year we come across various entrepreneurs who have fantastic ideas to implements. Therefore it is highly important to choose the right kind of activity and trading license type which complements business which those entrepreneurs aspire to conduct. At MimoLegal our business consultants pay special attention to the requirements of every entrepreneur. We listen to you, understand your needs, evaluate nature of your business and then suggest the most appropriate solution that you would not regret in future. With the support, confidence and network the team has built with major government officials, we have delivered our clients satisfactory company formation service in Dubai.
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