What Steps to Be Taken After Incorporating a Business in DFZ?

by commitbizadmin 13, Sep 2019

What Steps to Be Taken After Incorporating a Business in DFZ?

Business incorporation is not the only task which business investors and entrepreneurs are required to handle; the main job of business owners starts after the establishment of such a company. Incorporation is generally a legal aspect, whereas post incorporation is a kind of practical aspect to businesses. Post incorporation is of great importance as it includes within several compliances which are to be adhered to from time to time for the successful running of a business.

About Dubai

Dubai is the most progressive of the seven emirates (state) in the United Arab Emirates. It is located on the Southeast coast of the Persian Gulf. It is well known for its ultramodern architecture and luxurious lifestyle having liberal policies. Dubai is one of the most widely growing economy having numerous beaches, museums and shopping complexes.

Dubai is also a global transport hub for passengers as well as cargo. Dubai is developing at a breakneck pace, and recently Dubai won the bid to host World Expo 2020. It has now been established as an international business hub. In relation to the shopping complexes.

E-Commerce business in Dubai

E-Commerce business as the name suggests is a type of business which deals basically with online shopping. E-commerce includes technologies such as mobile phones, NEFT, funds transfer, websites, electronic commerce, electronic information interchange etc. some of the basic e-commerce transactions include, selling of online books) and specific kind of personalized online stores. Generally, there are three significant units prevailing in the E-commerce industry -

  • Online retail
  • Electricity markets
  • Online auctions

The significant benefits of setting up an E-commerce company in Dubai free zone includes –

  • Speedy access to markets worldwide
  • Major availability of commodities.
  • Easy accessibility to markets
  • Around the clock availability.

Post incorporation steps

Corporate Bank account

On successful incorporation of a company and after fulfilling all necessary legal formalities, the business owners or entrepreneurs are required a move towards the second most crucial step which is setting up or opening a corporate bank account of the said business company. A bank account can be opened easily with the name of the business with any bank. A bank account is very important as it is of great essence in obtaining and receiving payments for the company.

Payment Gateway Required

For any business, a payment gateway would be necessarily required to process customer payments.  This is a crucial post incorporation requirement as it will allow websites to accept credit cards, debit cards, other internet banking services from banks and companies. Generally, a single payment gateway is enough; it will include certain multiple transactions from banks. The process of the payment gateway is straightforward, the shopper will be making the payment on the portal, then the amount will be sent to the respective bank account of the company through the payment gateway provider within one or two business days.

Disclaimer and Private Policy

All e-commerce businesses revolve around the one thing that is the internet. All those websites and other online portals wherein such business are being conducted are required to have terms and conditions in relation to their business and the contracts between the parties, i.e., buyers and sellers. A disclaimer is an integral part of the privacy policy of a company. Hence it is required that such disclaimer and privacy policy is to be drafted, keeping in mind the essence of the business and based on activities conducted.

Cyber Law Regulations

An essential step for safeguarding the legal status of a business is t keep them. Business well-regulated with various cyber regulations. Cyberlaw in Dubai provides both imprisonments as well as fine. So, the business investors are required to ensure the due diligence of cyber rules in Dubai. Therefore, it is necessary to adhere to privacy as well as data protection guidelines, including data security in respect of confidential management. Apart from such adherence, a payment gateway is also required to be protected and adhered to. The UAE has a strict system in relation to cybercrimes.

Proper Compliance Management

Compliance management implies the management wherein policies and procedures are followed in accordance with and relation to the setup. The real success of any organization depends on the way, the organization follows various procedure and regulations. Some of the guidelines in relation to an e-commerce business are-

  • An e-commerce business In Dubai should comply with other laws, rules and regulations such as the cyberlaw, contract guidelines and other penal provisions. Apart from these, banking and different financial norms are to be relied upon.
  • Techno due diligence is to be conducted by the business owners before forming a website.
  • The Government of UAE has provided enormous guidelines in relation to the activities which are conducted online. These guidelines are provided on the Government.ae portal.

E-Commerce Business setup services

Starting an e-commerce company can be an easy task, but following various guidelines and implementing all those is not. It is, therefore advisable to appoint a consultant expert. We at Commitbiz offers professional services in relation to setting up an e-commerce business in Dubai. We are professionals in this field has got 15+ years of experience in setting up a business and other such services. For any query in relation to business incorporation or compliance management, please feel free to contact us. We would be happy to help.