Special
Free
Start Your
Dubai is a fast growing city that is geared towards commerce, just New York, London and Singapore. While the popular image is that the economy is driven by oil revenues, in reality the truth is that only 1% of Dubai’s GDP comes from oil. This is due to the foresight of Dubai’s rulers, who realized that they would run out of oil one day and would need an alternate source of revenue to keep the development projects and social welfare initiatives going. They have more than achieved the goal, but the new aim is to do even better – to become the top hub of trade and commerce in the world.
As such, you will find that business setup in Dubai is an extremely easy affair. Different business activities have already been designated and corresponding business licenses issued for the same. Securing a Business License is not all difficult, and there are more than 2,000 designated commercial activities to choose from. In fact, you could have multiple business activities specified on a single Business License. The United Arab Emirates is a land of opportunity, and there are thousands of entrepreneurs who attest to this.
One of them is Gopal Rochiram Chimnani, who came over to what is now the UAE on a freighter. He was then only 19, and had just completed high school. With nothing but a pocketful of dreams, Gopal Rochiram Chimnani went on to found Rochiram & Sons Limited and made so much money that he was able to retire by the age of 42. To quote his own words, Emiratis are a honest people, genuinely full of love and warmth for others. They open their doors for foreigners and treat them with the utmost respect. Gopal was able to flourish only with the support from the local population.
And his story is not the only one. It might surprise you to learn that out of the five most richest people in the United Arab Emirates, only two are Emiratis. Three of them are non-Emiratis, and they made their money doing business in the UAE. One might be tempted to think they made a lot of money dealing in high-value items, but the richest non-Emirati in the United Arab Emirates, MA Yusuff Ali, made his money from general trading, selling items of everyday use to UAE residents through his network of supermarkets. And he started with just one in the 1990s.
Gopal Rochiram Chimnani says that the laws are uncomplicated, which lend themselves to the high ease of doing business. Anybody who has a dream can become successful, provided he/she works hard and obeys the law. Laws are strictly enforced in the United Arab Emirates, and this has actually been a boon to businesses in the UAE. Any company that has an UAE address can be trusted to hold their end of the bargain in any deal, and this level of trust has helped them secure even more business contracts. One can also be assured of support from the local population.
So, where to start?
For instance, if you are looking to set up a holding company to manage and administer assets, an offshore company makes sense for this kind of business activity. It would be a good idea to schedule an offshore company setup consultation with a business setup consultant, who can tell you more about the process of incorporating your offshore company.
Some business consultants also help you with more, such as finding the right premises for your company. They continue to support you by offering legal services and cost-effective bookkeeping, accounting and audit solutions.
Because a Business License is issued to a company and not an individual, you have to establish your company before you can apply for a Business License. Depending on the number of business owners, you could set up your company as a Sole Establishment (this is the same as a Sole Proprietorship) or a Limited Liability Company, where the minimum number of owners is two and the maximum 50. Or you could choose to set up a Branch Office / Representative Office of your company in the United Arab Emirates. The difference between a Branch Office and a Representative Office is that a Representative Office is not allowed to turn a profit. It must outsource its work back to its parent company. A good business setup consultant can provide you with more information, including whether a designated free zone or the mainland would be a better-fit for your business model. Sometimes, establishing an offshore company in the United Arab Emirates makes sense for some businesses.
At A&A Associate LLC, we have years of experience helping businessmen and businesswomen establish their companies in the United Arab Emirates. We take pride in the fact that we have been able to help clients from 100 countries so far, and look forward to being of even more assistance to others. We have a 98% client satisfaction rate to date, so you can count on us for all your needs.
Whether is free zone company setup in the United Arab Emirates, mainland company formation in the UAE, or offshore company setup in Dubai, you will find that we willingly go the extra mile to keep our clients happy. Because everyone matters. No one is ever too small for us, or their dreams insignificant. We are committed to your success as much as you. Give us a call today to find out how we can help you achieve your dreams.
