Business in Dubai is becoming a strategic merit on many levels, economic, geographical and political. To start a business or register a company in the modern times MENA Business hub, Dubai, and soon to be the world investment terminal, is an inexorable step for many ambitious and success hunters from business deities to entrepreneurs. With Expo 2020 shinning in the horizon and economists expect it to gain the national economy in the UAE AED122.6 billion worth of contribution after hosting it for the first time in the Middle East and GCC region.
With such a bourgeoning economy one starts to wonder how to start a company in Dubai, what would be the measurements of pursuing whether a free zone company setup or an offshore company and how to practice multi business in Dubai. Each one of the three questions has its timeline and process to digest and comprehend, if one is pursuing a cost and time-effective solution then the consultancy of an experienced setup company is a favored step, to both set expectations and to deliver a whole picture of all the needed steps to guarantee the most sufficient results.
For a Free zone company or establishment registrations, First phase is selecting a business activity, deciding on the type of the legal entity of the business whether a newborn company, a branch, or a Subsidiary and the legal construction of the company whether a free zone limited liability company (FZ LLC), (FZCo), or (FZE), and choosing a trade name followed by submitting the proposed company names with the decided zone authority.
The second phase begins with acquiring business license matching activities or the industry that is the matter of interest including but not limited to commercial license for trading activities, service license for different fields of consultancy and relevant activities, industrial license for manufacturing purposes, or other specialized licenses as per the availed business activities in the selected respective zone. After wards deciding on the needed facilities is followed by proceeding for and obtaining pre-approvals, and external approvals. Moving through the phases smoothly with all the needed and correct documents leads to a successful registration and collection of the license.
As for an Offshore company the first phase is to fill an application which requires several documents. Settling for the desired then approved name of the company being formed, and details of the business activities that will be commenced by the newly formed company. Ideally, if all documents are filed correctly, the process should be hassle-free. Any errors in the application or the documents provided to the zone authority could lead to the delay or even rejection of the offshore registration application, however. It arises the importance of having a company formation specialist providing all consultancy needed from choosing the most appropriate business activity, name, to registering with the relevant authorities, opening bank accounts and processing visas.
In the case of pursuing multi service business this would require paying a close attention to the terms, conditions and the rules of each jurisdiction and to make sure that the chosen activities belong to the same type of license activity or it would require issuing other licenses with entire separate set of procedures.