The free zones located in Dubai have emerged as a powerful catalyst for business growth, offering entrepreneurs and companies an easy entry into the thriving United Arab Emirates (UAE) market. These zones are designed to foster international trade and investment and provide an attractive ecosystem for businesses who seek to establish their presence in the country.
Incorporating a business in any of the Dubai free zones marks the beginning of an exciting journey. While the incorporation process is streamlined and efficient, what follows is equally crucial for ensuring the success of the business. Understanding the steps to take after a Dubai freezone company setup is important. It can determine whether the business succeeds or struggles in the competitive market. Want to know how to make your business stand out from the rest? Read on to find out.
Back to topWhat to Consider After Starting a Business in a Dubai Free Zone
After successfully incorporating a business in a Dubai Free Zone, there are certain crucial steps which you need to consider in order to ensure smooth business operations and compliance with the regulations.
Open a Corporate Bank Account
Opening a corporate bank account in Dubai is essential to handle day-to-day business transactions. Before deciding to open one, you must explore various banks, understand their features, and compare account requirements, fees, and benefits to choose the best one for your business needs.
Availing Visas
Applying for an employee visa is essential when bringing a foreign worker into Dubai. As an employer, you can sponsor the employees or apply for other visas such as golden visa, green visa, work visa or more. The process of availing a visa is complex and requires careful attention to documentation and compliance with UAE labour laws. Each type of visa has specific eligibility criteria, validity period, and application procedures. Commitbiz can help you with that as we offer visa services in Dubai, thereby ensuring a smooth and hassle-free process.
Accounting and Bookkeeping
To ensure compliance with local regulations and maintain transparency in financial transactions, accounting and bookkeeping services in Dubai are mandatory for all businesses. It is important as it facilitates accurate tax reporting and ensures that the records are maintained in an organised manner for at least five years. It includes all business transactions, revenue, expenses, assets, and liabilities. Proper bookkeeping not only helps a business in staying compliant with UAE laws but also provides valuable insights for strategic decision-making and financial planning.
Register for the Wage Protection System
All companies in UAE’s private sector have to register for the Wage Protection System (WPS). This practice is essential to ensure timely and accurate payment of salaries to their employees through authorised financial institutions. Employers must submit the payroll details before distributing salaries. The Ministry of Human Resources and Emiratisation (MOHRE) and the Central Bank of the UAE will review the wages to ensure compliance with labour laws and employment contracts.
Register for Taxes
Understanding and complying with the tax structure in place is crucial for businesses to maintain legal compliance, avoid penalties, and optimise financial planning. This involves accurately calculating and reporting taxes, keeping proper documentation, staying updated with changes in tax laws, and implementing effective tax management strategies. Dubai has various tax regulations, including VAT and corporate tax, so understanding these regulations is necessary.
Maintain Compliance
As the rules and regulations are constantly changing, it is crucial to stay up to date with the latest amendments, policies, and compliance requirements. It ensures that the business remains compliant and avoids potential penalties or legal issues. To ensure this, regular monitoring of official government communications, consulting with legal experts, attending industry seminars, and maintaining strong relationships with relevant regulatory bodies is required.
Back to topHow Can Commitbiz Help?
Commitbiz is a pioneer in business setup in Dubai, UAE and the Middle East. As a corporate service provider, we offer comprehensive support services with regard to company formation, like visa processing, accounting and bookkeeping, tax registration and compliance, and ongoing business advisory to ensure that the venture thrives in Dubai free zones. Our team of experts stay updated with all regulatory changes and can guide you through every step of the post-incorporation process. From opening bank accounts to maintaining proper documentation, we assist you with everything. Contact us today to learn more about what things need to be taken care of after incorporating a business in a Dubai free zone.
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