Setting up your company in Dubai is a great idea because it is one of the most sought-after business destinations in the world. Ideally located in the Middle East, Dubai is completely different from the neighboring Gulf states and the government aggressively promotes overseas business to set up camp here. Getting your Dubai company registration is easy provided you have proper legal representation. You can hire a top law firm Cyprus for the incorporation.
Why do business in Dubai?
There are enough and more reasons for you to set up your business in Dubai. Here are 7 reasons for you to start operating out of Dubai.
1. Dubai has an excellent location and it sits between Asia, Europe and Africa. It has access to the sea and boasts of operating one of the largest and the busiest airports in the world.
2. Dubai has an extremely liberal tax structure and it doesn’t tax most of the business activities. When you operate out of Dubai, you don’t need to pay the following taxes – capital gains tax, VAT, withholding tax, corporate tax and personal income tax.
3. There is no restriction in Dubai as far as repatriation of capital and profits is concerned. The exchange rate between the US Dollar and the UAE Dirham is also stable.
4. For foreigners to set up in business, there are the Dubai Free Zones. These are tax-free areas that allow foreigners to do business without having to partner with a local Emirati.
5. Dubai has excellent infrastructure for business. Finding office spaces and warehouses and transporting your goods through land, sea or air is never a problem.
6. All the major multinational companies of the world have their presence in Dubai. This alone creates a positive atmosphere for doing business. The purchasing power of the Dubai residents is also much higher in comparison with the other countries and this could mean a lot of profits for you. It is one of the safest places in the world to reside in and do business.
7. When you do business in Dubai, you become eligible to become a resident. This benefit is not only extended to you but also to your family members.
The process of Dubai company registration
Registering your company in Dubai is fairly easy and once you have submitted the necessary paperwork, things tend to move extremely fast.
To get started, you need to find a local partner because of the law of the land stipulates that a UAE national has to own at least 51% share of your business. The next step is to have the Department of Economic Development approving the name and nature of your business. You will need a tenancy contract for your business premises as mandated by the law. The Memorandum of Association (MOA) with the sponsor also needs to be submitted for registering your business.
Before your company is registered, you will need to find a local agent for your branch or representative office. The local agent, obviously, has to be a UAE national as stipulated by the Commercial Companies Law in Dubai. If you are planning to set your business in the Dubai Free Zones, then a local agent is not required.
The need for legal representation
There is perhaps no company that sets up new business premises without using legal representation and things should be no different in your case. The good news is that you don’t need a UAE law firm to handle your company registration. A law firm Cyprus can also do this for you.
There is one point in this regard that you must consider. If you choose to hire a Cypriot law firm, you should choose one that has a local office in Dubai. This is important because no law firm can handle the company registration laws of Dubai by acting from a remote location. Local connection also helps in negotiating for the business premises, handling the paperwork and pushing it forward through the bureaucratic process. Local representation will also mean that you don’t need to make frequent trips to Dubai to get your company registration done.
Dubai is a fantastic place to do business. It attracts millions of visitors every year and has a resourceful local population. The absence of taxes means you get to add more to your bottom line. Before you commence your business in Dubai, ensure you have proper legal representation in the Emirate so that your business gets set up and starts operating within a short span of time.
There is more than one law firm Cyprus that can help you with Dubai company registration.