Are you thinking about setting up a business in the UAE? Well, it’s not just about Dubai and Abu Dhabi anymore. The Emirates has seen rapid growth in the past decade, with both cities and small towns alike booming in population and economy.
To take advantage of this growth, entrepreneurs are flocking to the Emirates, setting up shop and launching businesses of all kinds. If you’re considering setting up an LLC or other type of business entity in the Emirates, it’s important to know the rules and regulations surrounding business formation, as well as the practical considerations that come with it.
Do your research
This comprehensive guide tells you everything you need to know about company formation rules. In the space of several decades, the Emirates has had an incredible transformation. Building on its oil-based wealth, it is now moving towards being one of the most advanced economies in the world.
And one sector that is booming is entrepreneurship.
If you’re thinking of becoming a freelancer and working for yourself the time has never been better. Whether you’re an artist or an author, working for yourself is a great way to branch out to the UAE. With its huge and booming business lifestyle, you’ll be surrounded by potential clients wherever you go. One way to ensure that you can make contact with potential clients when you move out there is by using LinkedIn. This is a great way to showcase your talent and make sure that not only can your potential clients see you but you can meet people who can help you.
Find the right location
Finding the right location is an integral part of starting your new business. It will be your home for many years, so it’s important that you choose wisely. The first thing to keep in mind is whether or not you plan on opening your business at home or if you need to find office space elsewhere.
- If you’re looking for office space, consider what type of building works best for your needs. Will it be centrally located? How much space do you need? Is there parking? What’s the security like? Be sure to speak with several landlords before making a decision
- If starting your new business at home, make sure that there is enough room where the business can grow over time – this means storage space for employees and more
Get the necessary licenses and permits
Before you can set up shop, you will need to get your company registered with the Department of Economic Development. You can register your company by filling out an application form, submitting it with all required documents (including proof of capital), and paying any necessary fees.
There are also other permits you might need to apply for, depending on what type of business you want to start. These include licenses from the Ministry of Labour, Ministry of Environment, Ministry of Health or Ministry of Social Affairs.
These are very important things to note if you’re setting up a business in the UAE.
Register your company
To set up your company, you’ll need to register it with the Ministry of Commerce. This can be done by submitting an application form and paying a fee. Approval is usually granted within two weeks. When your company’s been registered, you’ll receive an official document called the Certificate of Incorporation or Incorporation certificate which confirms that your company’s been legally established.
To get started, you first need to pick a name for your company that hasn’t already been used by another one – this will help avoid confusion later on down the line when it comes to branding. If you’re ready to register your company then now is the perfect time to get in contact with RHJ Law as we can help you with every aspect of registering your business. From incorporating to accounting to corporate bank accounts, we’ve got you covered.
Hire the right employees
It is crucial to hire qualified staff when you start a new venture, as they will play an instrumental role in helping you achieve your goals. To help you find the right employees for your company, here are some tips to follow:
- Build a good team by hiring people who share your passion for what you do
- Make sure that everyone shares your vision
- Hire people who are dependable and trustworthy
- Don’t be afraid to let go of staff that are not meeting your expectations
Follow the law
In order to start a company in the Emirates, you will need to set it up as either a joint-stock company or limited liability company. Joint-stock companies are required to have at least two shareholders with each shareholder owning at least one share. Limited liability companies can be set up with one or more shareholders. No minimum shareholding is required for this type of company.
Only Emirati nationals may act as directors for joint-stock companies, but anyone can be appointed as managing director for limited liability companies.
Following foreign laws can often be quite a minefield. So if you’re seeking legal advice for the set up of your business; contact us today. We have expert lawyers in the UAE who will happily support you in your company set up. So if you’re ready to start a business in the UAE, let’s go!
Speak to an expert
All in all, starting a business in the UAE is fairly easy. However, there are some steps to take that will make your life much easier when it comes to managing your company. Ensure you hire good people and equip yourself with knowledge about local rules. Once you’ve done that, your business should be off to a roaring start!
If you need legal advice or assistance, be sure to contact the experts at RHJ Law. We’re able to guide you through what you need to know before moving abroad.
