From a desert region to be the biggest economic hub of the middle east, Dubai has been through many of the transformative phases. Earlier it was limited to the oil based economy but now it has diversified itself in so many ways. Being the hottest economy in the world even at the time of recession it has gained a lot of foreign investors who are willing to start their companies in Dubai. Are you too prepared for immersing yourself into the amole of completion and be an entrepreneur? Ther very first thing you should do is to hire a business advisory firm that offers you with some great international business solutions for starting a company and running it smoothly and successfully.
An advisory firm is the best option which not only provides you the international business solutions but will also help you abide the obstacles coming your way. Before you reach for an advisory firm read on a brief description of setting up a business in Dubai.
- Type of Business
You will have to be sure what type of business are you going to start. As the type of your business will decide the kind of license you will acquire that whether it is an industrial, commercial or professional one.
If you prefer to own a 100% sole proprietorship you will have to setup your business in a free zone. And if you want to operate locally, you have to approach the Department of Economic Development (DED) which have certain restrictions over the ownership. Choose the location and get the license accordingly.
- Legal formalities
Depending on the type of your business structure and your location you have to proceed with the legal formalities. Legal formalities caries with the type and location of a business.
- Firm name
The name of your trade defines your business type, so it is very important to decide on your company name before you apply for the legal process.
You need a minimum amount of capital while setting up your company and completing the legal forms. You have shown a minimum balance required to set up a business.
Once you are done with all the legal formalities it time to decide with the office spaces you will be going to rent for operating your business.
Free zones have their distinct rules and regulations according to the structure of the business. Whereas, in did you have to hire a person to manage the international business activities and have to be ready on board while the registration process takes place.
- Local partner
According to the DED rules, it is essential for every foreign investor to find a local sponsor to proceed forward with the business. While in a free zone it is not compulsory so, as Dubai offers easy business setup options to the people of foreign nationalities.
Adam Global is the most trustworthy advisory firm in Dubai that will help you setup your business to reap the advantages Dubai offers to international investors.