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Dream to Start a Business in Dubai

October 15, 2012 | Comments: 0 | Views: 167

It’s true that Dubai is bustling like anything else. It would be great if you get an opportunity to start a business in Dubai. If you have dreamt of establishing a business and you have arranged sound funding and initial investment, then you are set to initiate the formal process of obtaining a trade licence through the Department of Economic Development. In order to instigate a business you would have to appoint a local service agent also called as a sponsor, who would help you in all sorts of jobs to be done. Sponsor is very necessary as you are an expatriate in the city.

Non-GCC nationals are restricted to only minority shares outside the free zones in the United Arab Emirates; in fact a system of shared ownership has been introduced where the UAE nationals legally own 51% of the company while outstanding 49% goes to the foreign proprietor although a separate contract is signed between two, which provides details of profit and loss distribution. Local sponsors can be anyone either individuals or Locally-owned businesses.

The sponsor is not responsible for the most parts of the business although he/she is indebted to help in all government related procedures such as obtaining permits, trade licences, visas and labour cards. A sponsor signature is always required on most official forms of the company. The Department of Economic Development charges reasonable fees according to your business. However, you can go through all legal explanations about the charged amounts on its official website where the detailed information is available. In case of certain businesses, you would require approvals from varying government ministries after that the application can be submitted. Any external approvals might be required for a trade name if you are looking for establishing the proposed business activity.

The Department of Economic Development doesn’t allow any virtual offices; in effect it has suggested potential investors that any commercial enterprise in Dubai must have a physical address and actual office.

Before applying for a trade licence, you should do a preliminary research as much as possible. Grasp basic of businesses by attending trade shows and exhibitions, networking organised by several business councils of Dubai and meet a consultancy firm that is specialised in the business set up process. Are you planning to establish a firm in Dubai?

Book a Flight to Dubai and avail hotel in Dubaifor staying for the first time, and get your business approved as soon as possible.

 

Article Source: http://www.essencearticles.com/a/43115
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