Abu Dhabi’s vibrant economy, cultural diversity, and business-friendly environment have long attracted entrepreneurs and investors. As it opens a range of opportunities and allows access to a large consumer market, business setup in Abu Dhabi is quite popular. However, setting up the company is only the first step, there are certain other things which need to be taken care of
So, what are the key steps to take once you have established a business in Abu Dhabi Mainland? What additional measures are required to ensure compliance with local regulations? Read on to find out.
Back to topWhat to do after Setting up a Company in Abu Dhabi?
Once business setup in Abu Dhabi mainland is successfully completed, here are some things you need to do:
- Open a bank account in Abu Dhabi
- Apply for work permits
- Hire a talented workforce
- Tap into the local supplier network in Abu Dhabi
- Outsource compliance services
- Analyse market competition
Let us understand the importance of all these in detail.
Opening a Bank Account in Abu Dhabi
Abu Dhabi has several local and international banks, making it a hotspot of corporate banking options. Opening an account with a reputed bank increases credibility and helps in asset management. You need to submit documents such as your trade license and copy of the visa to open a bank account in the Emirate. Commitbiz business setup consultants can provide advice on the best banking options for your business and help you open the bank account.
Applying for Work Permits
When you set up your business, you will need a diverse workforce. It can be a mix of local and international talent. However, to hire international workers, you must sponsor their visa in Abu Dhabi. Commitbiz experts can help in availing work permits and labour cards. The Ministry of Human Resources and Emiratisation verifies the business’ compliance with the regulations. Once they approve the initial request, you can apply for work permits and sponsor employees.
Hiring a Talented Workforce
Having a strong workforce that understands and reflects the company’s core values is crucial for the success of any business. With the government putting emphasis on skilled labour, it has paid off as new-age corporate professionals are technologically sound. In addition to that, the Emirate welcomes international talents making it ideal for businesses to build the workforce they require.
Tapping into the local supplier network in Abu Dhabi
Networking is vital for any business setup as it is key to marketing a product or service and tap into the local supplier network. It helps in acquiring resources as well as distributing finished goods. Given the fact that a company is only as good as its supply chain, it is important to form one using the local supplier network when competing with other entities.
Outsourcing Compliance Services
Complying with local rules and regulations is mandatory when setting up a company in Abu Dhabi mainland. There are several aspects you need to manage, such as maintaining financial records, timely audit, anti money laundering and countering the financing of terrorism (AML/CFT) compliance, and VAT registration. It is recommended to outsource these services to professionals such as Commitbiz who can help in following the guidelines and provide comprehensive services such as:
- Anti Money Laundering (AML) Services
- VAT Registration in Abu Dhabi
- Accounting and Bookkeeping Services
Analysing Market Competition
While Abu Dhabi provides an ideal environment for businesses to thrive, it is important to make the most of it. After setting up a company in the Abu Dhabi mainland, you must keep a close eye on the competition in the region. It helps you in forming a deeper understanding of what works in the Emirate and how you can set yourself apart. Extensive research on market strategies, products, and services helps improve the business.
Back to topWhy Commitbiz?
There are many contributing factors when it comes to making a business successful. As an entrepreneur, you are dedicated to making things work. At Commitbiz, we understand that your business needs your full attention, hence our business setup experts help streamline the processes involved with applying for work permits and financial planning. Contact us today if you are interested in setting up a company in Abu Dhabi Mainland or any of its freezones.
Back to topWhat is the cost of setting up a company in Abu Dhabi mainland?
Commitbiz offers cost-effective company setup in Abu Dhabi Mainland, with packages beginning at AED 12,345. This covers the license fee, MoA drafting, and professional services. The final cost may change based on factors like office space, number of visas, and specific activity approvals. Reach out to our advisors for a personalised quote.
What are AML/CFT regulations in Abu Dhabi?
AML/CFT regulations cover various aspects of financial crime prevention, including legal frameworks, regulatory practices, and operational processes.
Is it mandatory for companies to register for VAT?
Companies with imports and supplies exceeding AED 375,000 must register for VAT.
Can foreign employees be hired when setting up a company in the Abu Dhabi mainland?
Yes, foreign employees can be hired as long as all the requirements and procedures are followed.
