Because of this thousands of Brits and people from other countries are establishing new lives in the Gulf state, where the sun always shines and there is no income tax.
There are three major considerations to be made by those thinking of starting a business in Dubai:
All businesses, whether industrial, professional, trading or services, must be licensed to operate in the UAE. Licensing procedures vary from emirate to emirate and the relevant details are available from the individual Chambers of Commerce.
The Commercial Companies Law and the Trade Agencies Law constitute the primary federal legislative framework controlling commercial activities in the UAE.
Whatever type of business you are setting up, you will need a license to do business in the United Arab Emirates. The three types of licenses are –
1. Commercial license (all kinds of trading)
By law, banking, insurance, and financial activities should be setup as public shareholding companies, but for foreign companies in this category can setup a presence by opening a branch or representative office.
It can be Joint Venture, which is a contract agreement between a UAE party and a foreign party for the engagement in a desired business. The local party in the joint venture must have at least 51% of the company, while the profit and loss distribution can be prescribed.
Or a limited liability company can be formed by a minimum of two and a maximum of 50 persons whose liability is limited to their shares in the company's capital.
In order to start up a company that is solely owned by you, requires that you setup one at one of the free trade zones throughout the UAE.
Author: by Carol Grant
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