Black Swan is a corporate service provider company. We can help you know all about where, how and how much you need to start a business in Dubai.
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Things to Take Care of While Setting Up Business in the Dubai Free Zone: The Dubai Free Zones or Free Trade Zones exist to bring in more international business to the city as it promised a full hundred percent ownership to foreign companies in Dubai along with other incentives such as being tax-free and having customs duty benefits. Operations of the businesses in the free zones do not come under the jurisdiction of the commercial companies law and UAE. Each free zone has rules that must be adhered to that are set up by the concerned free zone. Some of the popular Free Zones are Jebel Ali Free Zone (JAFZA), Dubai Multi Commodity Centre (DMCC), Dubai World Central (DWC), Dubai Airport Free Zone (DAFZA) amongst many others.
Types
You can set up two types of establishments Free Zone Establishment (FZE) or a Free Zone Company (FZ Co) /LLC (FZ LLC). The main difference between the two is that when starting an FZE, only one shareholder can be registered, whereas, with an FZ Co, two or more shareholders can be registered.Process of Setup
- Choosing a field of business and type of ownership according to how you want to conduct your business activities.
- Selecting a specific Dubai free zone. Research properly on which free zone allows the most benefits for the type of activity your business is going to conduct.
- Deciding a company name is the next task. This should not clash with any national symbols, be offensive and at the same time must reflect your brand image.
- Applications and documentation. This process involves filling in the application to start a business, submission of your business plan, memorandum and articles of association, board resolution and the colour copy of shareholders’ visa and passport.
- Creating a bank account. You need to open a corporate bank account in Dubai to conduct business activities. Several documents are needed for that - photocopies of passports of partners, MoA, AoA, copy of shares certificate, company’s incorporation certificate, resolution from the board of directors and finally, a bank account opening form.
Benefits
The benefits of starting a business in the free zone include full ownership and complete repatriation of capital and profits. All corporate and personal income tax along with import/export duties are exempted. If duty calls, the companies can function 24 hours a day. The business owners can own properties and also wind up business at their own call. The recruitment of staff, acquiring work permits and visas and relatively easy. And during the time for renewal, the fee is moderate and affordable!Limitations
The only limitation that remains is that once set up in the free zone, you cannot conduct business activities in the Dubai mainland.Setup your Business Today!
Dubai is the business hub of the entire Middle East, and the benefits of starting and conducting business in such an entrepreneurial environment are limitless. The support from the government, law, the many tax benefits and the splendid infrastructure create an environment of ease to conduct business activities. While that remains as appealing as it is, there are added financial benefits of starting a business in Dubai as entailed below.
Value Added Tax: To pay or not to pay
VAT was introduced in UAE as 2018 had commenced. VAT was brought in so that the government could continue to provide quality public services to the country. Customers were liable to pay 5% value added tax on their purchase to the business owner who then paid to the government. But not everyone needs to pay VAT - Only companies with taxable supplies and imports exceeding AED 350,000 per year need to register for VAT in the UAE are liable to pay VAT.Avoiding any capital gains tax
In most countries, a business has to pay significant taxes on some of its assents upon selling them off if there is profit gained in the sales. In Dubai and the rest of UAE, the capital gains tax is null and void, so it is a good place to do business and sell off assets that have increased its value over time if the need arrives. This is especially applicable in those industries that deal with property and real estate.No corporate tax
Having to pay corporate tax can be a huge burden. Corporate tax rates are very high and eat up most of the income gained by the company. In UAE, you don’t have to worry about paying corporate tax at all unless you are in the oil exploration or banking sectors. You could rather put the income into expansion or other fields of the betterment of your business.Taxes from Tourism help your business
Each person staying at a hotel is liable to pay a small hotel tax and departure tax. The percentage rates of those have reduced over the years, which in turn has increased tourism, encouraging people to travel to Dubai even more. This tax collected in turn helps the government to better the tourism and hospitality industries. The Dubai economy is a fantastic place to see your business boom!Get Free Consultation
Are you planning to set up a company and bank account (corporate or personal) in Dubai?
From starting your company and getting amazing office location to getting you a local service agent (if sponsor required).
Get amazing packages from start to finish.
Contact Mr. Anish at +971 52 207 9968 , Email : anish@blackswanbss.com
Check the full video: https://youtu.be/hlDHyjONQSY
Get free consultation today!!
Website : https://bss.blackswanbss.com/
Official Blog : https://bss.blackswanbss.com/updates/
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Setup you business in Dubai Today ! Black Swan is a one stop shop for all your business needs.
Get free consultation Call or WhatsApp +971-52 244 7732 / +971-42406939
Website : https://bss.blackswanbss.com/
Official Blog : https://bss.blackswanbss.com/updates/
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The factor that gives rise to the construction business in Dubai is increasing the number of foreign investors.
Entrepreneurs across the globe come to Dubai for business opportunities and to seek residency in Dubai. It leads to the increasing construction sectors that value the properties on this basis.
Construction Company Formation In UAE
When you look to start a construction business in the United Arab Emirates, decide either you form a Free Zone Company or a Mainland Company. The formation of a Mainland Company needs you to have a local partner to own 51% of your company shares. Formation of the Free Zone Company grants complete ownership. You can understand the benefits and differences of these company formation types here. It doesn't matter what type of company you like to establish, take into account the UAE provisions of building law amended in 2013.For Contracting and Construction License in the UAE
Our experts of Black Swan will assist you with the company registration process. This needs to prepare the application form, essential documents and file them to the Department of Economic Development (DED) in the United Arab Emirates. Get a commercial license to give you official permission to start your company formation in Dubai. After receiving this license, you need a building permit that allows you to start the construction activities. You may need consultants or engineers to apply for your building permit. Then the responsibility of the consultant is to evaluate the soil from the construction site and to determine their properties. Other licenses can be the building license that is issued by a Free Zone Company or Dubai Municipality known as G+1 permit. The construction companies should get a civil work permit and an environmental license.Special Approval Needed From the Government Authorities
Once obtaining the above-mentioned license, the Construction Company of Dubai must acquire special approvals from the government authorities listed below.- Electricity and Dubai water Authority: You need a clearance from this department to provide the basic amenity to the occupants.
- The Department of Drainage and Irrigation: This deals with disposable services and liquid waste management.
- Dubai Civil Defense Authority and Building Department: These institutions keep a check of the construction company, whether it adheres to construction norms or not.
People also ask
- How can I start a construction company in Dubai?
- How can I start a construction company in UAE?
- How do I start my own construction company?
- Can you set up a company in Dubai?
- How can I get construction license in Dubai?
An analysis of economic zone & free trade zone is the first instance to be considered while establishing a business venture. Various impetus of normal advantages of free zones over non free zones in Dubai are as follows
Upsides:
- 100% ownership in his/her venture , no native benefactor required
- Venture premises are easier since 38plus FTZ are accessible
- Duty is imperceptible as to non-free zones
- Zero corporate tax
- International currency can be contused
- Privilege in personal income tax
- Venture licensing pace is less in free zone area
- Establishment disbursement is profound
- Entrenched root
- Entrenched IT & Security
- Amicable environment
- Malleable visa policy
- Easy &flexible labor laws
- Easy freightage
- Ready warehouse access
- Zero stipulation 24*7
Mandatory Procedures to Be Followed For Venture Startup
Certain pre-requisitions are to be mandatorily followed which should be in accordance with the legal bindings of Dubai business incorporation system and also certain pre startup to-do list have to be undertaken for incorporation of the venture in DubaiPre Start-Up:
- Discussion with a business guru
- Selecting the right venture market
- Name of the venture
- Licensing of the venture
- MOA for the venture
- License and approval certificates
- Prior reservations of corporate premises
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