With the notable growth of the UAE business sector in the last few years, several entrepreneurs have found it to be the best place for their start-ups. As surveys show, UAE’s economic potential is at an all-time high, and there is no better time for you to get your business set up in UAE.
More than big-name brands, UAE is gaining more popularity amongst budding entrepreneurs. This is mainly because of the lenient laws and easy company formation procedure. When compared to other countries, UAE has the most straightforward and quickest policy for company formation. However, for those who are new to this community, there are many choices you have to face when it comes to setting up your business in UAE.
To begin with, you have to understand that UAE is divided into three specific zones for company formation. These mainly include UAE Offshore, UAE Free Zone, and UAE Mainland, each of which is further described in detail below.
UAE Mainland
Even though the mainland area is going to provide you with the most traffic for your store, it is not a recommended option. The UAE Mainland market is very different from conventional markets. It is filled with other big-name brands with resources to spare. This will make it quite hard for a start-up like yours to survive there.
In addition to that, the company formation process is a bit more complicated when compared to the other zones. You will have to complete a lot more paperwork, fulfil particular government-laden obligations, and acquire a license. All companies here are maintained and directed by the Department of Economic Development (DED). However, with a company here, you can sell to both the locals as well as foreign customers.
UAE Free Zone:
UAE Free Zones are some of the best places for foreign investors to start their business sin. There are quite a few incentives you can receive here, including 100% ownership, 100% repatriation of profits and capital, no import-export or corporate tax, and much more. In addition to that, there are no currency restrictions either.
This makes it quite suitable for you to get your business set up in UAE. Not only that but the policies and regulations here are much more lenient and cater to foreign investors more. However, from here, you can only function in the foreign market and not sell to the locals.
UAE Offshore:
The least considered option is the UAE offshore markets. These companies do not really need any operating licenses and hence are pretty easy to get into. However, there are some quite complicated procedures and rules that you have to follow.
Understanding this might take you a long time and unnecessary hassle. However, here you can have complete business secrecy, 100% ownership, and keep all your profits.
These are your few options for opening a new company in UAE. Nevertheless, if you face any confusion, you can always seek help from professionals like Emirabiz. Their capable and efficient team will help guide and assist you all throughout the procedure and ensure exceedingly good results.
