Business Setup in UAE : Three Do’s and Don’ts that you need to remember

HLB HAMT

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    Business owners and entrepreneurs today are looking out for new locations where they can take their business for expansion. While Middle East has always been known for its oil industry, Dubai has managed to break the conventional image that has been set over the years and has turned the city into business metropolis. Over the last decade, more and more businesses have moved to Dubai that allows better control over Middle East and Asian operations. If you are planning to setup your business in the UAE you have to be sure about what you should do and what you should avoid.

    Here are some do’s and don’ts that you have to keep in mind while you focus on business setup in UAE.

    Three Do’s that you need to remember while setting up business in UAE

    • Find a local sponsor

    When it comes to business registration and operations the law in the UAE is slightly different and therefore you need to get acquainted with it. There are plenty of business opportunities that you can find in Dubai, but for that you will need to find a local sponsor that can be a partner in your business. As per the UAE laws you will need to get a UAE national as a 51% partner that can allow you to locally register your business as LLC business. This will also provide you with the freedom to choose your business location anywhere in the city.

    • Select the right location

    Not all locations in UAE are good for business and therefore you have to search for the right location that can optimize your business in the right way. Look out for a location that offers better convenience and reduces the overall cost that can help you save more money. It is recommended that your business location must be close to majority of your clients and customers. You can take some help of business consultants who can guide you with better business locations.

    • Get the right business visa

    When you are setting up your business in UAE you also need to pay attention to your paperwork and documentation and visa that can allow you to operate your business legally. Getting your business visa is not tough, but you need to go through lot of paper work at least for the first time to ensure that you can run your business smoothly.

    Three Don’ts that you need to remember while setting up business in UAE

    • Don’t rely on verbal understanding

    You might find a really good local sponsor that would support you in every possible way to establish your business, but it is recommended that you only proceed further when there is a legal written agreement between you and the local sponsor. A local sponsor may charge you more separately for extra services that were provided and you don’t want your business budget to get messed up.

    • Don’t choose business license category blindly

    When you have the opportunity to choose business license category you need to be very careful and specific. Businesses in UAE fall into three categories; professional, commercial and industrial. Hence, you must be clear of all your business activities. If you are choosing business license category that is too narrow for your business you will not be able to handle some of your business operations in the right way.

    • Avoid handling business registration on your own

    If you are planning to set your business in UAE it is better that you look out for business consultant and other local firms that can help you out with business setup and registration. When you are handling the business registration process on your own you will need to keep track of lot of paper work and documentation that you might not be sure of. With business consultants and advisory firms you can handle the entire business registration process with ease as they guide you and provide you with multiple options to setup your business in UAE.

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    Selecting the Right Company for Audit and Assurance Services in Dubai

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    HLB HAMT - Accounting Firm in UAE
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      Are you planning to start your new business in Dubai? Entrepreneurs and business owners around the world today look at Dubai as one of the top business destinations from where they can handle their business in a better way. Dubai offers wide range of business options and a better strategic location to handle multiple locations at the same time. However, no matter whatever your business is you will need audit and assurance services that can help you to run your business in a better way in Dubai. Although, there are many firms in Dubai that can offer you audit and assurance services in Dubai, you will need to select the right ones for your business.

      Certification

      When you are looking for audit and assurance services company in Dubai you cannot compromise because you want to make sure that you have the best partners on your side. Hence, you will need to look out for companies that are certified. When you are choosing such companies you need to find someone that can be trusted since these companies will handle the audit and accounting and business advisory for your firm. Always research about certified companies in Dubai that can provide you the right services as per your requirements.

      Services

      When you are searching for companies that can provide audit and assurance services in Dubai you also have to make sure that they provide wide range of audit related services. This will help you to stick to one company that can handle all your finance related issues while you can concentrate on your core business. When you are searching for such firms you need to make sure they handle multiple services like external and internal audit, control systems, risk management services, due diligence, mergers and acquisitions, business valuations, business restructuring and forensic and fraud investigations.

      Experience

      When your business is relatively new in Dubai you will want someone that can offer you with better experience. Searching for experienced companies that can handle audit and assurance services for your business in Dubai is the right option on your side. Since these companies have local experience and knowledge they can guide your business in the right direction helping you to take your business to the next level keeping in mind the legalities in Dubai. You can also come across companies that are new in this field but you won’t like to risk your business in the initial stages.

      Rates

      Every company that will offer you audit and assurance services in Dubai will charge you for the services offered. Hence, you will need to look out for a company that can offer you these services without charging you more than your corporate budget. You will need to find out more about the rates that they charge for the services rendered and that way you can be sure that you are getting the right service at a price that won’t hurt your business budget. You can usually compare the prices that different companies quote so that you can get a clear picture on which company you need to choose.

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      How To Start A Share Holding Company In Dubai

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        Most business owners today want to make sure that they look out for the best opportunities that they can find to start their business. In the last few years, Dubai has been shifting its gears from oil based economy to service based economy and therefore you will find many new companies and startups coming up here in the Middle East rapidly. Starting a shareholding company in Dubai is beneficial, but the country has its own rules and regulations and therefore you need to be aware of how you can start a shareholding company in Dubai without any legal problems or inconvenience.

        Understanding the Concept of Shareholding in Dubai

        If you are new to Dubai business market it is important that you understand the concept especially when it comes to shareholding company.  The concept is a long standing requirement under the Commercial Companies Law of the United Arab Emirates also known as the Companies Law where every company is a shareholding company where national shareholders have 51% of share capital while foreign parties are limited to 49% ownership in the UAE companies. If you are not happy with the concept of shareholding company in Dubai you will have to choose a business location which is in the Dubai Free Zone which can cost you more. Free zones allows 100% ownership to the expatriates as well as 100% tax benefits.

        Selecting the Right Location

        It is also important for a company to get the right location in Dubai that allows the firm to get the right customers and clients quickly to boost the business sales. Hence, research is important to ensure that you buy the right location or rent it according to your business plans.

        Formal Requirements

        There are no formal requirements when you are starting your  company in Dubai but it is recommended that you have legal written agreements that can allow safeguarding your business when you are in legal problems. The written agreements and documents are like contracts among the stakeholders that are drafted to conform their terms to substantive matters.

        Minimum Investment

        When you are keen on starting your shareholding company in Dubai you have to make sure that you have the capital or funds that meet their minimum requirement. In UAE you will need at least AED 10 million (US$ 2.7 million) to start a public shareholding company. On the other hand, if you are interested in private shareholding company you will need around AED 2 million (US$ 0.5 million) and free zone companies it’s starts from USD 14,000 but it also varies depends on the activity and free zone you choose.

        Choosing Business Advisory in Dubai

        If you are not accustomed to the rules and regulations of Dubai business world you will need to find business advisory that can guide you with the experience and expertise that they have. There are many business advisory firms that can offer you information on how you can start your shareholding company in Dubai and how you can invest your money in the right way. This will help you to get ahead with business registration and setup quickly rather than getting involved in all the complications that you might find strange.

         

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        10 Things You Should Know about Starting a Business in Dubai

        HLB HAMT

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          When it comes to business you need to make sure that you have the right location. Dubai has gradually managed to free its economy and provide more option to the services industry and companies rather than being dependent on oil industry. Today, Dubai is attracting not only real estate owners, but business owners from around the world to have their corporate branches in Dubai that allows them to handle their business in the Middle East efficiently. However, starting a business in Dubai is by no means an easy task and there are certain things that you need to keep in mind before you start your business in Dubai.

          1. Selecting the Right Location

          The most important thing that you have to keep in mind is the location of your business in Dubai. When you are setting up profit-based enterprise in Dubai you need to ensure that you have an office close to your customers and clients that can help you reach them easily and similarly also allow your customers reach your office whenever they want. You can research and find out about the best locations that you can find for your business in Dubai.

          2. Get Your Business Visas

          It is very important that you have the right business visa that allows you to handle and start your business in Dubai. Hence, you will have to make sure that all your visa related papers are completed that can allow you to start your business smoothly without any interruptions.

          3. Find a Right Business Consultant

          If you are new to Dubai you will need a business consultant that can guide you in the right direction whenever you are lost. Hiring a business advisory firm can offer you better support while registering your business startup in Dubai.

          4. Register Your Business Legally

          Whether you are taking help of business consultant or not, you have to ensure that you register your business startup in a legal way to avoid unnecessary penalties and legal issues later on. You have to be clear about documentation that is required and speak to government authorities if you have cleared all the registering procedures.

          5. Keep Your Finances Ready

          When you are setting up business in Dubai you also have to keep your finances ready because there are not many banks that can provide you with the financial support that you need, at least initially.

          6. Select Free Zone for 100% Ownership

          If you want to start a business with 100% ownership you will need to look out for Dubai Free Zone location that can help you to start your business without taking a local UAE national acting as your partner. While Dubai Free Zone offers 100% ownership, speedy startup and Duty Free customs boundary the real estate prices here are high. You can look out for firms that offer Free Zone Business setup services to you.

          7. Find a Local Sponsor

          If you are not willing to pay more for your business location you will need to search a local sponsor who should be a UAE national and must have 51% partnership in the company.

          8. Make a Legal Written Sponsor Agreement

          When you have found a legal sponsor for your business startup make sure that you go ahead with legal written agreement for security reasons.

          9. Open a Local Bank Account

          It is always recommended that you also open up your business bank account in Dubai based on the reputation, features and the charges that you will have to pay for the banking services.

          10. Choose Your License Category Wisely

          When you register your business in Dubai you have to make sure that you choose your license category wisely that can allow your business to do handle more activities.

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          Why You Need Business Valuations and Advisory Services in Dubai?

          HLB HAMT

          HLB HAMT - Accounting Firm in UAE
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          Email:- dubai@hlbhamt.com

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            If Dubai is not the main market that you are concentrating on you will need to make sure that you have someone local that knows and understands the market in the right way. Many business owners that consider Dubai as their next business destination would like to hire company that can provide business valuations and advisory services since they know the local business market and that can save time as international businesses get the right advice and information that can help them make better decisions. Even if you are planning to start your primary business in Dubai you will need someone that can guide you and offer better advices while you are busy focusing on core products and services of your business.

            Save Money

            As a business owner you might be assume that you are spending money in a wrong way by hiring companies that offer these services, but the fact is that you are not. Many businesses that are new in Dubai believe that they have actually saved and made more money with the help of business valuations and advisory services because they offer proper guidance and information that allow them to make better mergers and handle risk management options in a better way. These companies also look into forensic and fraud investigation which allows your firm to handle the finances in Dubai since you might not be well aware of the financial market.

            Handle Your Business Smoothly

            With companies that can offer you business valuations and advisory services you can be sure that you can run your business smoothly as you can make use of the experience and wealth of knowledge that these companies have to offer. When you are searching for such companies in Dubai you can focus on other aspects of your business and let these companies provide you with information and advices that can help you to make better decisions allowing your business to take the right decisions and grow over a period of time.

            Preparing for Business Risk

            Business is all about taking risks and making the best use of the opportunities and you can do that well when you have companies that offer business valuations and advisory services as they can offer you their experience and expertise before you decide to take certain risky decisions for the development of your company.

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            Benefits of Outsourcing Accounting Services in Dubai

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              When you are into business you cannot ignore the importance of accounting and bookkeeping because no matter whatever your business is you have to ensure that you keep your business accounts clear and straight. Many business owners today choose Dubai as their next business destination from where they can handle and expand their business in the Middle East. On the other hand, Dubai offers the right business and corporate platform for many startups as well to make it big in the future. However, you will need to look out for firms that offer better accounting services in Dubai.

              Here are the benefits of outsourcing accounting services for business processes in Dubai.

              Stay Focus on Your Business

              Business is not just about numbers, but you cannot ignore that aspect of your business. Hence, it is recommended that you outsource accounting services in Dubai because that will allow you to focus on your core business. Imagine hiring accounting experts and professionals that will handle all your business accounts to ensure that your business is running smoothly. According to various business surveys it has been found that outsourcing accounting services and functions can boost business productivity by 32% for any kind of business.

              Reduction of Cost

              While most business owners assume that hiring accounting services in Dubai will cost them more and add to their company’s expenses, but the fact is that it actually helps to cut down the cost of the company. When you hire a firm that will handle accounting services for your business you don’t have to invest in recruitment, salaries, benefits and office space. Hence, you end up saving 30% of your business expenses without cutting down the productivity of your business and that certainly helps in Dubai where you might have to spend more on real estate and staff expenditure.

              Access to Information

              Most of the firms that provide accounting services in Dubai make use of the latest technology and therefore they provide you with constant access to accounting information. With the help of the latest technology you can always get the accounts related information whenever you want it and wherever you are.

              Get Experts and Professionals

              Now, you don’t have to waste your time searching and hiring experts and professionals in accounting and tax related field. When you outsource companies that will handle accounting services in Dubai for your business you can be sure that your data is being handled by experts and professionals that know their job well. Most of the company professionals work on tight deadlines and targets and provide you with information and advices that can help you to stay out of tax related legal penalties and issues allowing you to save time and money.

              Wide Range of Services

              Most of the companies that are outsourced by other international companies in Dubai offer wide range of services according to the business laws in Dubai. So, if your business is relatively new in Dubai you can get some support from these companies that are compliant with local regulatory requirements and can provide you with better accounting services.

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              Offshore Company Formation In Dubai

              HLB HAMT

              HLB HAMT - Accounting Firm in UAE
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              Mobile:- +971 55 160 1291
              Email:- dubai@hlbhamt.com

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                Dubai is an emirate that seems to be a paradise for investors. This is due to favorable government policies that are in place in UAE. The infrastructural development is also another factor that gives investors a motivation to start companies in Dubai.  Offshore company formation has a number of good factors that are attached to it.

                It gives a positive image to suppliers and clients as well. The process is not costly and you might know that it is tax free; it is a straight forward process. The formation is a confidential entity and any a UAE company can open an account with a corporate bank.

                Offshore can not employ employees found with the UAE. UAE offshore is not supposed to do any business activity, it must have an office registered in the country and it is also required to submit all the audited financial transactions to the government. Sometimes the offshore company formation can be a tedious procedure to many of the investors. Some of these procedures include international taxes as well as legal processes accompanied with the formation of an offshore.

                Starting a company in Dubai is a significant aspect to consider. You need to ascertain the building of product images in the market and availability of corporate assets. This is the company’s privacy and its prestige as well. This allows funds to be taken from one geographical boundary of a country to another one.

                There are documents needed before you set up an offshore company in Dubai. You are supposed to consult a local agency because it is familiar with the laws of Dubai as well as the whole UAE. The agency does initial consultations and then apply due diligence method. After that, it does a ground work with the required documents for the formation of an offshore company. The office is set up and registered by a registered agent of the government. The requirement charges and fees are then paid to the authority. If all these processes are successful, the company is finally registered and can start its operations any time thereafter.

                You can add value to your company’s portfolio if you perfect analysis of company’s ingredients and then form an offshore company in Dubai. Forming an offshore company is very wise activity to engage in but the only drawback is that it can only be established in the state or country that allows such formation; not all countries.

                Some of the advantages of forming an offshore company in Dubai include: no any import duties, no  tax on personal income, foreign ownership is 100%, there are no problems associated with staff recruitment, there is modern and friendly infrastructure, accessible communication, business prospects are attractive, good working environment, owned premises can be mortgaged and there are no restrictions on currency.

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