Quick and Affordable Company Setup Solutions in UAE 

Quick and Affordable Company Setup Solutions in UAE 

Quick and Affordable Company

Quick and Affordable Company-Initiating a business is not a piece of cake. There are very few business owners who say that they started off without any hassle. Usually, they have to go through various hardships to achieve their benchmarks and prosper in business. There is a very long list of do’s and don’ts which are important to follow before starting any business, especially in the United Arab Emirates. Choosing a correct and fruitful location is the priority.

Talking about the UAE, Dubai is the most popular place to initiate any business. UAE is a hub of different nationalities, languages, and cultures. It holds power to boost even the rarest business anyone can ever start.

The Ajman Media City of Dubai has a growing economy which eternally helps in stabilizing young talent. Starting up a business of any kind can easily reap more than a monthly salary. Let’s take a look at some very essential things before gearing up for any business in the UAE.

A few steps to follow for an affordable setup:

There is a list of some most important initial steps which should be considered before launching a new business in the UAE. It is very helpful to have a good lawyer who specializes in launching a new business and preparing a new setup followed by an office setup where official meetings and work can progress.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

Ejari contract is the first thing to be taken on board, only if the business supports health care and yearly bonuses. Ejari’s contract will provide leases and will keep everything bound and on track. The government of the UAE protects such businesses and employees.

On the other hand, the first step begins with a secured bank account for a safe and sound cash transfer. Therefore, backing up a business bank account is the most important and first step when launching a new business.

Approved Title

This is another very important step that involves the two most important departments of the UAE; Dubai police general headquarters (DPGH) and the Trade License and Consumer Protection Department. This step is required even before opening up a concerned department. In case of disapproval from any of the concerned departments mentioned above, the business title must be changed. 

Legalized structure of the company in UAE:

UAE demands certain rules to be followed by the citizens and the foreigners to begin their businesses legally depending on the location and city. For example, building a consultancy firm is part of having an (LLP) limited liability partnership company, a default business setup in Dubai.

Currently, according to the latest rules of the UAE, there are four major types of companies that can be built specifically in Dubai.

  • General partnership: this partnership does not limit the number of partners; it may involve business associates.
  • Sole partnership: a sole partnership business requires no partners and can be operated by oneself. Thus, it is comparatively easier to run. Also, it requires no legal authorization and protection.
  • Private company: setting up a private structure in Dubai is very common. All it requires is two shareholders who run the company as directors, chief accountants, and secretaries.
  • Limited Liability Partnership (LLP): This is a perfect option for all young entrepreneurs who want to begin their setup. It requires a certain extent of protection to personal assets in case the new setup loses or goes bankrupt
  • Public company: This is the correct type of business for a business that demands more than 50% shares owned by the investors.

 

Trade license

Once the type of business is decided, the next step is to get the trade license. People who already hold a general partnership or sole partnership can simply register the business anywhere in the free zone companies of Dubai, for example, JAZFA or DIFC. They are open and available 24 hours, seven days a week. Apparently, there are four major types of trade licenses used in the UAE;

  1. (GTC) A GENERAL TRADE LICENSE:  this type of license requires at least three local staff members specifically designed for UAE national employees. It allows one to run their own business across the emirates.
  1. (AEO) authorized economic operator license: this visa is specifically for people with businesses that run through import and export; it involves and provides custom accessibilities, for example; quick procedures of cargo through airports and ports in Dubai.
  1. (CRC) commercial registration certificate: in order to start a business under such license, it is obligatory to have at least 50 percent of Emirati ownership in Dubai.
  1. Self-employed person license: this license is specifically designed for freelance visa Ajman who run their own company MAKATEB independently and do not have any employees. This business license is mostly required for athletes, musicians, and foreign artists visiting  Dubai occasion

 

Secure warehouse and office space

Before beginning any business or small setup to have a warehouse or office space is the first step. Rent out a nice space which can be either used as a warehouse or an official office. In order to attain a warehouse, a free license is required. It comes with certain limitations regarding operation and storage. Free ones such as IFZA come with a facility for conducting operations on a virtual office, depending on the requirement.

 

Support of a local agent

When starting a business in UAE it is highly important to consult a local agent and proceed with each procedure under their guidance. They have the authority to represent a business in UAE.

It is required that the local agent owns a proper office to operate meetings and procedures with their clients. Such agents are paid according to the agreement made between the owner and them. 

The agreement includes taxes and legal questions regarding the contract. The local agent is responsible for arranging and managing the daily work procedures of the company or business.

For example, in order to open a bank account in UAE, the signatures of the local agent is the first requirement of each bank. The chosen local agent must be active enough to deal with all the bank-related hassles. Each document goes through the agent, hence it is important to be wise before the agent is hired.

 

Conclusion

Correct consultation, proper planning, legal and authorized licenses will lead one to extremely affordable and appropriate solutions in order to run a successful business in the United Arab Emirates.

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