Budding capitalists vouch by UAE as the business paradise due to its pro-business and tax-free free zones. The commercial and legal frameworks are simple and straightforward thereby attracting many budding entrepreneurs. UAE is slowly gaining an economic foothold in the international and local market and hence is known to provide an encouraging scenario for the new startups.
The current prevailing market trends attract diverse sectors for investment from set up of incorporated businesses to export and import sector. An encouraging market scenario and infusion of newer technology tools attract business owners with a futuristic vision. Business owners are hence required to adhere to the futuristic business requirements.
This necessitates that one appoint a professional consultant well-versed in the technological trends that a business needs to abide by, who will be able to provide expert guidance in this regard.
To set up a consultancy company in the UAE, one has to acquire a large clientele base besides providing business provisions like stable profits and growth incentives. Consultancy business is a flourishing opportunity in Dubai. If you set it up in one of the Free Zones, you would reap greater benefits. Follow the information to know what it takes to start a consultancy firm in Dubai Outsource Free Zone.
About Dubai Outsource Free Zone(DOFZ)
Knowing more about what Dubai Outsource Free Zone offers for your business helps you in planning your set up of consultancy company in Dubai.
DOFZ is a specific economic zone aiming to pool pioneers and individuals from the consultancy sector at one place to offer quality infrastructure and premium standards of service. DOFZ provides a tax-free dominion besides offering legal protection and economic stability for setting up a consultancy company. Significant types of business activities that are set up in DOFZ include:
Outsourcing Services,
Professional Consulting Services,
Remote Outsourcing Services and
Professional training.
Setting up your Consultancy Company in Dubai Free Zone
Setting up your company in DOFZ requires you to provide a name to your company (which is not already registered with DOFZ) and register it with DOFZ.
This registration should be followed up with formalities to obtain a Professional Service License or PSL from the DOFZ. This license is mandatory to provide professional consulting services to clients.
This license will also entitle you to retain 100% ownership and capital repatriation. To obtain the PSL you must have a Local Sponsor or Local Service Agent that is, a business partner. You may choose to have LSA as a sleeping partner. A sleeping partner does not claim any authority over your business decisions, profits and shares.
How does Blackswan help you?
Blackswan is a pioneer in the business consultancy sector in the UAE. We have assisted reputed clientele in setting up their business in this region. If you are an interested investor seeking consultancy firm ventures in Dubai Free Zone, we can help you with the acquisition of the license, follow up of protocols and procedures. Do talk to us to seek expert advice. We are just a call away.
We are a leading business consultancy in UAE with a reputation for assisting various clients in setting up their businesses across the region. If you want to set up your consultancy firm in Dubai Free Zone, then Blackswan can help you with the license acquisition and business setup procedures. Please take out a moment to talk to our experts who are available at your service just a call away.
A power of attorney is a very effective legal instrument that provides safety and stability to the business transactions of an establishment. It also covers directions to handle an emergency medical situation, financial and personal obligations as well as other legal matters. Here we draw attention to the importance and potential of a power of attorney as a useful legal instrument that supports businesses.
Many situations in life require sudden decisions to be made. So, even though it may be difficult to consider such situations, it has to be deliberated as it greatly affects your financial security and also of your dependents. What this means is that that better to be safe than sorry. Therefore, it would be prudent to plan ahead with regard to matters like preparing a will and taking an insurance policy. A ‘Power of Attorney’ which states clearly who takes the decisions on your behalf in case you become injured or disabled is another important matter to consider.
It is not only a necessity in personal life but also for business. In the UAE, given its development as a popular international business hub and the huge number of dealings that take place here, having a power of attorney has become very much significant. It one of the most trusted documents while setting set up a business establishment there. This invaluable legal instrument helps to manage the business from any part the world and is extremely advantageous not only in terms of its practicality but also in terms of the peace of mind it provides.
Let’s discuss the essential queries associated with getting a power of attorney for your specific requirements in the UAE.
Why do You Need a Power of Attorney?
A power of attorney is a legal document which has to be signed before a Notary Public. Using this document, a person, gives another individual, the right to perform legal transactions as his/her agent. The agent will have the permission to provisionally manage your dealings in your absence or in case you become physically, mentally compromised, incapacitated or find yourself in a situation where you are unable to act for yourself as you normally would.
As per the law in UAE your agent has to be of sound mind. and over the age of 21 years. It depends on the scope of your power of attorney, to decide who the agent can be, a business partner, relative, employee, friend, or even your lawyer.
A power of attorney is a tremendously potent legal record. For getting the benefit from this, it is essential that the agent you choose is a trusted person, who you can be confident, will always protect your best interests.
Understanding the Different Types of Power of Attorney
Based on the scope of power intended, an entity can apply for any one of the two types of power of attorneys authorized by the government in the UAE. The two types of power of attorney are described below
General Power of Attorney
This is the most wide-ranging type of authorization which allows the person appointed as agent to conduct almost all kinds of transactions or dealings on behalf of the primary person known in legal terms as the principal. The responsibilities of the agent include but are not restricted to, standing in for the principal before the ministries, government departments, in all legal issues, in real estate dealings, and with utility and telecom service providers, settling bills and claims, signing documents and contracts etc.
The validity of a general power of attorney ceases as soon as the principal dies, becomes disabled or when the power of attorney is rescinded.
Limited Power of Attorney
This type of power of attorney is also called a Special Power of Attorney, this is limited to specific legal acts or one-time transactions. The limited power of attorney stipulates the very specifically, all the transactions that an agent is authorized to commence on behalf of the principal. Limited power of attorney usually covers sale or purchase of shares, vehicles, real estate or legal entities. In all cases, the details of the entire transaction need to be recorded and documented properly.
The Process of Arranging a Power of Attorney in the UAE
Notably different power of attorneys may have additional or different requirements based on the purpose it is meant to serve. A limited power of attorney for the sale of a vehicle, for example, will require the car registration papers to be submitted at the time of attestation.
The law in UAE necessitates that the power of attorney is written in Arabic with a translation in English, which has to also be prepared, for the convenience of non-Arabs. The documentation has to be notarized and three copies of the document are signed at the office of the Notary Public. Two copies in all are given back to the principal while one is kept with the notary public for the purpose of certifying and record-keeping.
The UAE implemented a new system for the long-term residential visas in 2019. This system enables foreigners to work, live and study in UAE without the national sponsorship along with 100% ownership of their business on the United Arab Emirates. This kind of visas are issued for 5 to 10 years and thereby renewed automatically.
Ten-year visa eligibility criteria
Some categories are involved to apply for a ten-year residential visa in UAE.
Public Investments of at least AED 10 million by the investors
There are certain forms of investments such as:
The least deposit of AED 10 million of an investment fund within the country.
Company establishment in the UAE with at least AED of 10 million.
Becoming a partner in an existing or a new company with the least share value of AED 10 million.
The total investment of least AED 10 million in the mentioned areas implying that the investment in sectors not less than 60% of the total investment.
There are certain conditions implemented for granting a visa such as follows:
The invested amount should not be loaned.
Investment must be retained for least 3 years.
Financial solvency of AED 10 million must be maintained.
Visas are extended for business partners inclusions, pertaining that each partner must contribute at least AED 10 million. Long- term visas include the children, spouse, an executive director and also one advisor. The investors from abroad can opt for a multiple- entry permit of a six- month duration.
People with special talents
This category includes people with special talents and the researchers in the fields of science and knowledge that may include scientists, doctors, inventors and creative individuals representing the field of arts and culture.
The advantages of the visa extends to the children and the spouse. This kind of category requires a valid employment contract on the specialized field topping the priority in the UAE.
The following conditions imply for granting a visa mentioned below :
Scientists are accredited with Emirates Scientist Council or towards the holders of Mohammed Bin Rashid Medal for the Scientific Excellence.
The creative individuals in the fields of arts and culture have to be accredited by the Ministry of Culture and Knowledge Development.
The inventors should obtain a valuable patent that profits the UAE’s economy. The patents should be approved by the Ministry of Economy.
The scientific research or patents of exceptional talents must be documented on a world-class journal.
The executives should be the owners of an Internationally recognized company or serve as the holders of high position and academic achievement.
The specialists and Doctors should meet at least two of the below-mentioned conditions :
The PhD degree from worlds top 500 universities based on ICA information.
The certificates of appreciation or an award in the field of the applicant’s work.
Contribute to major scientific research in the preferred field of the work.
The scientific books or published articles in highly categorized publications of the suitable field of work.
Must hold the membership in an organization related to the suitable field.
They must be specialized in the areas of priority to the UAE.
A PhD degree along with the ten-year professional experience in the specific field.
The Five-year visa eligibility criteria
Certain criteria are applied for a five- year residential visa in the UAE such as:
Must be Investors in a property of UAE
Obtaining a visa must be subjected to meet the following terms:
The property of least AED 5 million must be invested by the investor.
The invested amount in the real estate should not be on a loan basis.
The invested property should be least retained for a period of three years.
For Entrepreneurs
This kind of category must include an existing project with the minimum capital of AED 500,000 or must have the approval for the accredited business in the country. Multi-entry visa is provided for the entrepreneur for the time period of six months and then renewed for another six months. The long term visas serve for the children, spouse, three executives and a partner.
The Outstanding students
The outstanding students must have a minimum grade of 95% in private secondary schools and in public.
The university students living in the country or outside must have a distinction GPA of least 3.75 on graduation.
The long- term visas include families of the outstanding students.
Sources are as follows :
Federal Authority for Identity and citizenship
Emirates News Agency-WAM
Preferable links :
Where to apply for entry permits or UAE visas?
Do you need an entry permit or a visa to enter the UAE?
Residence visa
Important note
For visa enquiry, you can communicate with Federal Authority for Identity and Citizenship (ICA) available at the toll-free number 600522222 or through ICA’s feedback platform.
If you live abroad, kindly check with the UAE’s embassies and consulates
You can contact Amer service for applying Dubai Visas on the toll-free number at 800 5111, if you live in the UAE. If you live outside the UAE, then kindly call Amer at the toll-free number +9714-313-9999.
The Business golden visa platform
The Federal Authority for Identity and Citizenship launched an electronic platform (https://business.goldenvisa.ae) for business visa application that is a part of the Golden Visa system. Professionals who have the entrepreneurial experience across the globe are suitable for the business application visa on the grounds of setting up their own businesses in the UAE.
The applicants must submit the official documents of projects through the website for getting their golden visa. The Government reviews the attachments along with the applications for fulfilling the required conditions.
The Service steps are as follows :
Apply for the nomination
Apply for the nomination where it gets reviewed by an authorized government incubator within 30 days. You will receive an email notifying the outcome of your application.
Upload the documents
After the approval of the nomination process. You will receive a link to your email for uploading the required documents for your visa.
Get your visa
Your application will then be verified by the Federal Authority for Identity and Citizenship. You will then obtain your visa.
Located at the south-east of the Arabic Peninsula Sultanate of Oman is the gate to the Arabian Gulf through the Strait of Hurmuz connecting to the Arabian Sea. One-third of petrol traded by sea passes through the Strait of Hurmuz, making it an important place in the world for international trade.
The Sultanate has a coastline of 2,092 Km open towards the Indian Ocean. This enables the establishment of free and industrial zones in cities along the coast as well for other countries, presenting Oman as a secure place for investment. Oil and gas are the main source of income for the Oman government. Besides this, Oman is developing in the sectors of fishing, mining, tourism, manufacturing, logistics, other sources of income as well as encourages foreign investors to invest in these fields.
The Oman government has been making huge investments in the public transportation network that includes a railway project to connect Oman with other GCC member states providing an option for the movement of goods and people between the Gulf states.
Oman has an increasing number of international agreements like FTA and WTO agreements with the United States. The additional FTA is negotiated with the European Union for contributing to the enhancement of the legal framework to invest in Oman. The agreements provide incentives to investors from countries to those agreements having lower tax rates, customs exemptions, and similar treatment to put these investors on par with nationals.
Here we outline the various structures and corporate forms for setting up the business in Oman that depends on products or services the business offers. Two main options for investors to start the business are: mainland Oman and the free zones of Oman.
The Legal structures
Three main legal structures are available to companies that provide a direct and indirect business presence in Oman. For a direct perspective, it comes through a sole proprietorship or a corporate entity. From an indirect perspective, business gets carried out through commercial agents.
The Sole Proprietorship
A sole proprietorship has a simple business method where an individual trades on his account under a trade license issued in his name. This type of business entity is said as 'establishment' beside the company and the sole proprietor is liable to the full extent of his assets for the liabilities of the business. The establishment does not have an independent legal entity from that of the owner.
The Omani nationals and the nationals of GCC countries are permitted to form sole proprietorships in Oman. The practice has arisen in recent years, where an Omani national obtains the trade license for a sole proprietorship and leases to expatriates who take the management functions of the business and retain all profits. This kind of arrangement is not recommended as it is unlawful and problems arise if the business relationship between the parties break down.
A legal holder of the license has 100% liability for debts about a third party, they don't know about private arrangement. The procedure for establishing a sole proprietorship is by applying the relevant documents to the One-Stop-Shop at the Ministry of Commerce and Industry. Here the Chamber of Commerce and the Municipality would have representation to issue relevant licenses with the main trade license issued by the Ministry of Commerce and Industry.
The Corporate Forms
Several legal forms are available for establishing a business presence in Oman. Overview of various corporate vehicles are available to set up in Oman along with certain comparative features of each that are based on the provisions of the Commercial Companies Law, Sultani Decree number 4/1964, as amended, the primary law governing corporate entities:
You have to apply with relevant documents to the One-Stop-Shop at the Ministry of Commerce and Municipality with representation to issue relevant licenses like the main trade license issued by the Ministry of Commerce and Industry.
The corporate forms: It has various legal corporate forms available for the establishment of a business presence in Oman. Overview of various corporate vehicles are available to set up in Oman and comparative features of each that are based on the provisions of the Commercial Companies Law and Sultani Decree number 4/ 1947 as the primary law governing corporate entities:
The personal name
The company must be confined to the relationship between the partners and would not be effective towards third parties. The existence of such a company is restricted to the arrangement between the partners and not to be made known to third parties. The arrangement would essentially be a partnership. Every partner who conducts the business will do in his name and would not declare the interest of other partners. The liability of partners who conduct business is unlimited, related to the liabilities of the company. When the liability of other partners is disclosed, the venture will be treated for every purpose as a general partnership.
The joint participation ventures seems popular with foreign companies who wish to set up in Oman on a short-term basis for carrying a specific project. They are formed when there is some participation by the government bodies. No registration formalities are needed for this type of company, as it does not have a distinct legal entity.
The Joint Stock Company
The Joint Stock Company (JSC) is governed by Commercial Companies Law (CCL), which defines a JSC as a " company whose capital is divided into equal value negotiable shares." The shareholder's liability gets limited to the paying of the value of shares that have subscribed, which is answerable for the debts of the company on the extent of the nominal value of shares to which he has subscribed. The JSC can be closed or public by the Commercial Companies Law (CCL).
The Public Joint Stock Company (PJSC)
The PJSC is similar to the public limited company in the United Kingdom. Based on CCL, the shareholders of PJSC are liable to the value of their shares in the capital of the company. The nominal value of each share of a PJSC must be less than 100 Baiza and not more than OMR 1, the minimum share capital requirement is OMR 2 million for a general company. The OMR 20 million for a banking entity and OMR 5 million for the insurance company.
The Closed Joint Stock Company
The closed joint-stock company is the same as a PJSC with differences like:
The minimum capital requirement is OMR 500,000.
Shares of a closed joint-stock company can't be offered to the public.
Shares of a closed joint-stock company are listed on the third market, while the shares of a PJSC are listed on the primary market.
The lower capital requirement of OMR is 500,000, and the closed joint-stock companies are popular with foreign investors. The procedures for setting up a closed joint-stock company are similar to a PJSC.
The Limited Liability Company (LLC)
The LLC is governed by the CCL. The LLCs seem to be a popular and suitable method of establishing business in Oman by foreign investors. LLCs are similar to private limited liability companies in the United Kingdom. The intended business has insurance, banking and investment activities conducted on behalf of third parties.
An LLC is not legally permitted to practise these activities. A PSJC must be established in this case. The CCL defines LLC as a company with a limited liability. The number of partners should not exceed forty and should not be less than two. Each partner must be liable to the extent of his share in the capital. The partners participation must not be represented by negotiable certificates.
The following steps about an LLC:
The public subscription for raising capital is not permitted
The foreign partner is permitted to own a maximum of 70 per cent of the capital of the company and the day-to-day management of the company may be vested in a foreign manager
The managers would be one or more of the partners or other parties that includes foreigners
National partners often play no part in the operations of the company and would give the foreign partner a power of attorney authorizing him to vote in the general assembly on behalf of matters permitted by CCL
It provides in the Memorandum (called the Constitutive Contract under CCL), the profit and losses will be shared in a ratio different from the share capital ratio
Appoint an auditor who are accredited in Oman
The auditor must be appointed by the general assembly (the meeting of all the shareholders of the company).
The Holding Company
The holding companies are not popular due to the high capital requirement and structure which is OMR 2,000,000.
The objects of a holding company should include the following:
managing subsidiary companies, or participation in the management of other companies which has shares
investment of its funds in bonds, shares, and securities
the provision of guarantees, loans and funding to its subsidiary, other companies and holding of trademarks, patents, concessions and other incorporeal rights, the exploration and the leasing out of the same to its subsidiary and other companies.
The rules are issued by the Ministry of Commerce and Industry, which regulates holding companies and their subsidiaries. The foreign investors don't choose the legal form during their initial investment until the business develops and there is a requirement to include one from the mentioned points.
The Branch Office of a Foreign Company
The popular way for foreign companies is to benefit from 100% foreign ownership and establish a branch office of the parent company.
The initiation of Foreign Capital Investment Law by Sultani Decree number 102/94, contains provisions that regulate the establishment of branch offices of foreign companies in Oman.
The branch office is legally part of an extension to its parent company; it does not have a legal identity from its parent company.
The name of a branch office is the same as that of the company of which it is a part. To establish a branch of a foreign company, the foreign company must have a contract with one of the government entities or companies wholly owned by the government.
The foreign company should provide an undertaking with the registration documents, that stipulates to bear the liabilities of the branch and the acts of its manager of the branch.
Usually the branch period is limited to the period of the project that is sufficient for its execution in Oman, and that is not permitted to carry out any other type of work for any third parties.
Activities of the branch must be similar to the activities of its parent company and it is not permitted to carry out any other activity until approved first by the parent company and then registered with the Ministry of Commerce and Industry.
The Representative Offices of Foreign Companies
The representative offices are governed by the Representative Office Regulatory Law, initiated by the ministerial decision number 22/2000. The representative office of a foreign company is legally distinct from a branch office of a foreign company, which is permitted to promote its parent company’s activities.
If the parent company deals in the sale and production of certain products and opens a representative office in Oman, the office will be able to market and promote the sale and production of such products and facilitate contracts in Oman, distinct from conducting the sale and production themselves.
It is noted that in addition to the mentioned limitations, representative offices have other restrictions that are not allowed to obtain credit facilities or put forward offers.
To establish a representative office in Oman, the parent company should provide a certified copy of the articles of association, authorization for the manager of the representative office and a certified copy of the commercial registration certificate to manage the office and a letter of undertaking to bear all liabilities of the office.
The Commercial Agents Foreign companies would trade in Oman through importers and traders. Such arrangements are not well suited to continuous, high volume trading.
The overseas manufacturers or traders wishing to import goods into Oman in large quantities and regularly can appoint a local trader or commercial agent through the establishment of a commercial agency.
The commercial agencies are registered in the commercial agency register maintained by the Ministry of Commerce and Industry.
The Registered Commercial Agent
The Registered Commercial Agency is defined by the Commercial Agency Law, Sultani Decree number 26/1977 as amended, (Agency Law), “the agreement by which a merchandise or a commercial company undertakes to promote or sell a product or provide services either his, or it's capacity as an agent or a representative or a mediator on behalf of the supplier or the principal in consideration to a commission or profit”. This would apply in particular.
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JAFZA offshore Jebel Ali Free-Zone authority Regulations & Features
Jebel Ali Free-Zone Authority has framed several regulations to deliver efficiency and convenience of worldwide offshore locations exclusively to entrepreneurs planning to undertake Dubai offshore investments. Simultaneously, they tend to maintain very high standards and reputation with the international financial authorities, who are stated to have acted as critical determinant to take Dubai offshore to achieve sure success
The offshore company provides the privilege and capacity of a natural individual.
There is not required any minimum capital amount.
Upon allocation, all shares to be paid fully and there are not allowed any differential or bearer classes of shares.
Capital deposit in bank not necessary.
Director number should minimum be two. Secretary (preferably a UAE resident) probably also the Director of the organization is to be appointed by every offshore company.
There is permitted 100 percent foreign ownership
Greater flexibility offered to open up corporate bank account at Dubai.
Efficient regulatory regime offering complete exemption on duty and taxes.
There needs to be appointed registered agent like consultants, auditors, legal firms from approved registered agent list by the company that is maintained by Dubai / JAFZA. To set up Dubai offshore company, a registered and approved agent is Black Swan Business Setup Service.
Why Jebeli Ali Offshore is unique?
In JAFZ (Jebel Ali Free-Zone) is located Offshore domicile
DTAA (Double Taxation Avoidance Agreements) are being maintained with 40 countries by Dubai and the UAE.
UAE is not dependent upon any other country and also not any overseas territory.
Offshore company owners are permitted by the law to hold or own interest in Dubai based properties.
Oman is a wise choice if you’re planning to start setting up a business. Its many qualities will only make your business cross extensive bridges. The country provides favourable grounds to build upon - such as its well-equipped infrastructure and guarantee of security. Business owners can access many international networks and can enjoy the privileges of being in a tax-free zone.
Like in any other Gulf Cooperation Council (GCC) states, one has to adhere to a set of rules and complete necessary formalities to begin the incorporation of a business, regardless of the size and nature of the business.
Here are the steps that need to be followed
Reserving a company name
In order to begin the process and reserve a name for the company, an application needs to be filled and submitted to the Ministry of Commerce and Industry (MCI), while adhering to the Omani Law.
Putting together Incorporation Documents
After reserving the company name and getting it approved, one needs to create the constitutive contract and shareholder documents. This process remains incomplete unless an authorized signatory form and bank certificate are not obtained and submitted to the MCI.
Registering with the Omani Chamber of Commerce and Industry
Registering with the OCCI ensures that the business will yield to all commercial terms necessary for a corporate in Oman.
Getting Governmental Departments Approval
Keeping in mind the type of business owned, one will have to follow several procedures for approval by the government departments.
Tax registration
Municipality licence
Import/export licence, if required
Industrial, environmental and other permits and licenses
Registration with the Royal Oman Police
Registration with the Ministry of Manpower, to file for labour clearances and visas
Getting a Company Seal
A company seal refers to a logo. Getting a logo designed means having something to represent it by. A logo should incorporate the voice of the company.
While all these steps need to be followed, the business owner needs several documents to register a company in Oman:
The business owner needs a company registration form, along with valid Ids of all the shareholders. Authorized signatory form needs to be produced with names and signatures, and it needs to be approved. Finally, the company statutes, OCCI affiliation certificate and the certificate proving the initial bank deposit as capital need to be kept in hand.
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Dubai Mainland companies are licensed and incorporated by the Department of Economic Development (DED) and can do business locally and internationally without any restrictions. Whereas, business companies in the Dubai Free Zone are limited to functioning only in that zone of the respective emirate and cannot expand into the mainland. Upon comparison of the criterion that suits you well, you can make the decision of where to set up your business in Dubai.
The Scope of Business
Mainland Company: There are no restrictions. It can do business in the local market, free zone or go international.
Free Zone Company: The FZ companies can only do business withing the free zone of the emirate or outside of UAE, on international grounds.
Ownership
Mainland Company: A local sponsor is needed to incorporate the business, and the expat partner can only hold 49% of the shares and 51% goes to the UAE local body.
Free Zone Company: CAn be hundred percent owned by the expet partner and doesn’t need a local body for representation.
Office Space Restrictons
Mainland Company: Business owners need to lease at least 200 square feet of space annually and submit an annual tenancy contract.
Free Zone Company: No restriction on having an office space. Businesses can be incorporated without office space and can use the communal business centres for up to five hours a week to save initial setup costs.
Visa Facility
Mainland Company: There are no restrictions on getting visas. An Electronic quota is established for the business, through which more visas can be obtained if the need for staff is more.
Free Zone Company: Upon getting the smart office package, 2 visas can be obtained. But depending on the free zone, 3-6 visas can also be obtained.
https://www.youtube.com/watch?v=dyD9QCJc1-0
Capital Requirement
Mainland Company: It varies depending on the form of the legal business entity. Free Zone Company: It varies depending on the emirate in is located in.
Auditing
Mainland Company: All businesses in the mainland need to audit every year.
Free Zone Company: There are exceptions in the free zone. Not all have to audit except the FZ Co and FZE.
Government Approvals
Mainland Company: For every license that business in the mainland gets, an approval is needed from the respective authority - (Department of Economic Development), DM(Dubai Municipality), Ministry of Labor (MOL), Department for Naturalization and Residency affairs of Ministry of interiors or Immigration (MOI).
Free Zone Company: The do not require approvals from authorities outside of the free zone, there is an internal governing body.
Oman is a country on the Arabian Peninsula coastline and occupies a strategically important position at the start of the Persian Gulf. Oman is a diverse economy, but relies heavily on oil exploration.
Basic Requirement For Starting a Business in Oman
Starting a business in Oman is a complex and financially dangerous, so local knowledge is important. You should also consult a good lawyer from the beginning. An experienced attorney will guide you through the registration complexity and his help is essential to protecting your interests. This applies whether you open a modest shop or a major business. As is the case with the entire world, there are informal businesses in the area, but if there is a problem or torn, there is no legal means. Those who want to start a business in Oman should consider three main considerations.
You should be familiar with the area. Be prepared to conduct extensive research in the field of business in which you wish to conduct business. There must be a viable business plan that includes research on market conditions, competition and forecast results. You should be prepared to find the investments you need through your own resources or bank, and in other ways than applying locally, especially if you are new to the region and not performing. A reliable plan can attract local support, perhaps government support.
By law, you have a local partner with a lot of interest, so you should be able to control your business. Local partners, whether companies or individuals, do not need to contribute or financially participate in venture investments. Just like self-employment, there are many ways to reward your partner. However, in order to encourage foreign investment, some states are currently reviewing local partner requirements.
When a business is registered, it must show that the amount of investment in the Department of Commerce is significant. The amount required varies from state to state and is considered a guarantee of debt, but you can withdraw money soon!
Importance of Sponsor to Start a Business in Oman
Strong sponsors or employers are official great weapons, and observing his skillful negotiations can be an enlightening experience. But authorities are usually helpful and are not difficult unless there is a good reason. Having a polite attitude and patience will make working in this area easier. Ask for advice, you will respect the person you asked for, and you will find that Arabs are kind and helpful. Hiring foreign employees is an expensive exercise for employers, including hiring consultant fees, legal costs, and travel costs. As a result, few employers are serious about treating their employees and putting their investment at risk, and the vast majority of foreigners have flourished in Oman for many years.
Black Swan BSS can help you in Oman Company Formation Process
Now its time to register a company in Oman, Get a Free consultation today !
UAE Freezone Company Registration: Foreign investors desiring to own their business by 100% can find UAE freezone company to be the perfect choice. Tax exemption, complete foreign ownership, tax residency certificate and other facilities is what makes UAE freezone to be among the favorable location to setup your company as well as to attract investors to register their freezone company in the UAE.
There are over 42 freezones in the UAE with each having separate jurisdictions. Over 8,000 companies have been registered in every major freezone, while investors have been queuing to set up their businesses in the UAE freezones. But every freezone tends to have varying set of requirements, legal structure and cost with regards to company registration.
Following are the company types registered in the UAE freezone
Manufacturing/industrial
Commercial trading
Service
Professional experts having in-depth knowledge been employed by BLACKSWAN to help investors with all matters, ranging from identifying the best location for establishing business, to register in the Free Zone, with company legal structure, register with Commerce Chamber, get trade license, obtain new director visa, banking assistance, family and employment visa, etc.
Benefits of Registering in UAE Freezone Company Registration
DAFZA, Dubai’s flagship known for its 5 star infrastructure is located close to the Dubai International Airport. This is regarded to be a premium-free zone having fully equipped offices, thereby making it an ideal choice for reputed organizations to establish their Dubai freezone companies here.
DWC (Dubai World Central): It is considered to be a well planned city surrounding Al Maktoum Intl. Airport. DWC-Dubai South, its new name has provided industries with more opportunities, allowing you to set up different types of businesses with minimum capital.
It is among the reputed free zones in Dubai, where offices can be purchased in JLT area having title deed along with assured tax free period for about 50 years. You can set up your business to trade in Steel, Oil & Gas, Commodities and Gold along with GMCC in UAE.
DCCA (Dubai Creative Clusters Authority)
DCCA focuses more upon creative industries growth in Dubai as well as to develop Dubai Innovation Strategy.
HFZA (Hamriyah Freezone)
It is considered to be among the fast growing cornerstones of UAE industrial development. Located in Sharjah hamriya Free zone, it has emerged as the emirate’s industrial hub. Different types of licenses are issued by the Authority at competitive rates.
It is regarded to be the initial ISO Certified Freezone of this region, close to Sharjah Intl. Airport. It takes only 2 days to register your company here! SAIF Zone also offers competitive rates to allow UAE freezone company formation and also allow direct access to Sharjah Intl. Airport and port.
It is well known for offering cost-effective license packages while providing the cheapest company registration packages in the UAE. You can avail variety of options of tools, licenses and offices. Company registration is also very fast requiring the least document package.
It is a newly formed freezone located in Ajman Emirate. Licenses are issued for trading, service, manufacturing/industrial sectors. It also offers business friendly environment, allowing company registration in the UAE.
It is created with the merger of RAKIA (RAK Investment Authority Freezone) & RAKFTZ (RAK Free Trade Zone). RAKEZ is considered to be among the most innovative of all freezones developed in the world. it offers the most affordable and international level based economic zone combined with modern and the latest facilities, flexible services and packages. You can also get options to establish either non-freezone or freezone company. To get more details on setting up RAK Freezone company, click on ‘Read More’ button.
It is perhaps UAE’s very first freezone developed at Jebel Ali Port. It is also UAE region’s biggest port and is equipped with numerous warehouses and offices. You have the option to develop your very own office by selecting a suitable plot.
It is Sharjah’s newly developed freezone that focuses upon media related license. Selecting the least flexi desk package, you can avail around 6 visas, worth the investment made. There is not required any deposit or physical UAE presence for setting up the company with SHAMS.
This free trade zone is located adjacent to Sharjah University City and is among the latest freezone to be developed in the UAE. It focuses more upon promotion of regional innovation & research including academics.
It provides the entire world with excellent connectivity, by road, sea and air. It is also among the cheapest and fastest freezone, allowing you to establish a company in the UAE without requiring any annual reporting or capital.
It is the latest freezone to be developed in Fujairah and also a new addition to UAE freezones. In a very short time, it has managed to become UAE’s fastest developing business hub as well as the cheapest freezone. Some vital features offered by this freezone for companies incorporated here are providing Limited Liability Company, the opportunity to stick with ‘LLC’ suffix. There is also not required shareholder presence at the freezone. Company registration process here is the easiest and quickest.
ADAFZ (Abu Dhabi Airport Free Zone)
This freezone is located adjacent to Abu Dhabi Intl. Airport, welcoming foreign and local businesses by offering them with world class infrastructure which is sure to meet all business requirements.
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