UAE, a federation of emirates makes the economy quite diverse. The country used to largely depend on its huge oil reserve for sustaining its economy. Today UAE is into other market segments such as travel and tourism and numerous other business areas. A major contribution is made to the GDP of the country by these sectors. UAE emirates include Dubai, Abu Dhabi, Sharjah, Ajman, Fujairah, etc. UAE is now popular as one of the biggest business hub in the world. There are tourists and business entrepreneurs equally flocking to this destination. The economic policy of the region, of late, has been market-friendly and this has made the foreign investment, research & development and innovation a reality.
Reasons for being in Ajman and Dubai for doing Business
You will get a favorable business atmosphere here that suits business start-ups and its proliferation. There is an infrastructure which is comparable to the world standard. A businessman will get all the amenities provided by the government. The government rules are flexible and match the expectation of a person who wants to set up a business here irrespective of his citizenship of another country. If one establishes a business in Dubai, one can expect an extraordinary environment to grow and prosper. The diversified market of UAE in general and Ajman and Dubai, in particular, offers a highly diversified market where there is humongous demand for import and export. The geographic location of the country where there is a rich resource and the region is well-connected by innumerable airlines and shipping lines. There are many tax exemptions including personal income tax that adds to the financial benefit of an entrepreneur. The country offers absolute repatriation of income generated through business in its land.
Process of Company Setup in Dubai UAE
One has to find a local sponsor who will work as a service agent for one’s business in either Ajman or Dubai or any region of UAE. You have to decide on the business you want to do in the country. Having decided upon the business activity, you have to submit an application for the registration of the company in UAE. The application will be submitted to the Department of Economic Development along with your selected name of the company or the business. Now, you should obtain a Trade License after submitting relevant company documents to the Department of Economic Development. You may also submit it to the Chamber of Commerce and Industry. You have to have Memorandum of Association notarized. Now you have to register the trade name and get the establishment card. There is a provision of getting special approval. You have to sign on the Memorandum of Association and lease agreement. You have to get the location inspection done and approved by the local Municipality. You have to pay the fee of the trade license, and you have to take the approval of the Ministry of Labor in order to hire employees for running your business.
Documents to set up a company in Dubai consist of copies of your Visa, Passport, NOC, certificate of residence, ownership certificate, national ID and book approval document. GCC Filings provide a plethora of services to someone who wishes to establish a business in Ajman or Dubai in the UAE. They provide accounting and tax auditing services for your business and also help you in the filing of VAT in the UAE for the smooth functioning of your business. They also have the technology and expertise in providing payroll management services.
To start a company in the UAE, you should choose the most suitable and affordable free zone license for your business. You can get 100% ownership. There is no corporate or income tax. You need legal documentation and bank account. There is 100% repatriation of capital.