This article will discuss how professionals who work in the field of company incorporation can help you launch your dream business in Dubai.
Business Set Up in Dubai
Incorporating a business in Dubai can be done very quickly. Typical incorporation can be completed within a few days or weeks by someone familiar with the various documents required by free zones or the Dubai Department of Economic Development (DED).
Through a careful review of the forms to be filed, and a clear understanding of the best company structure for your business, it is possible to do it yourself. However, if you have never incorporated a business before or are not familiar with UAE bureaucracy, it is advisable to hire someone with experience. The options are to either go to a law firm that specializes in incorporation or a company formation specialist firm.
Hiring a Law Firm for Company Incorporation
Usually, lawyers will charge a flat fee for simple incorporation plus the government filing fees to incorporate a business for you. Furthermore, a lawyer can also advise on filling trademarks for your intellectual property and brand. However, as law firms have higher administrative costs, they charge a premium rate to incorporate a company. The premium rate may be within the budget of major corporations but may feel excessive to small and medium enterprises.
Company Formation Specialist Firm
The other option is to go to a company formation specialist firm. Such firms are common across the UAE; however, selecting one with a solid reputation is crucial. You should find out how long the company has been in business, read reviews from former and current clients, and meet with the team to get a feel for their customer service.
Whether you choose a law firm or a company set up company, they can both help you decide on essential issues, such as allocation of share capital, draft memorandum of association, and how to comply with governmental guidelines applicable to your business sector. In addition, an expert will readily answer your questions and help you make the best decision for your given situation.
Best Location for Your New Business
Expert advice can extend to the best location for your business. With dozens of free zones to choose from and ongoing changes to mainland local companies, a frank discussion about your business aspirations with an expert can yield answers to questions you may not have even considered.
Unlike other jurisdictions where business setup is a one-time affair, and no renewals are needed, jurisdictions in Dubai require annual license renewal and have a host of other bureaucratic requirements that businesses must comply with. Therefore, many entrepreneurs choose to retain the services of company formation specialists so that seasoned professionals can stay on top of bureaucratic matters.
Services such as staff visa applications, UAE customs code, tax residency certificates, VAT registration, NOC certificates, salary certificates, annual audits, vehicle registrations, dependent sponsorship, and domestic staff sponsorship are just some of the types of services that an external service provider can help you with on an ongoing basis. The alternative is to hire a full-time Public Relations Officer (PRO) for your firm who can perform these functions for your business; however, this is not always the most viable solution when you are trying to maximize profits as a small or medium enterprise.
You’ve Got Questions, and We’ve Got Answers!
If you can’t decide whether you want to start your own or hire a company formation specialist, give us a call and we will give you advice based on your business goals. Our initial consultation is free and without any obligation!