The United Arab Emirates (UAE) is a federation of the 7 emirates of Dubai, Abu Dhabi, Sharjah, Ras al-Khaimah, Ajman, Fujairah, and Umm al-Quwain. In the Gulf Cooperation Council (GCC), the economy of the UAE is the most diversified. A country that was once reliant on the export of its abundant oil reserves to run its economy now draws merely a minority of its GDP from the same, having taken to business and tourism for its economic progress. So much so, that the UAE is one of the biggest business hubs in the world, with its most populous city Dubai acting as a premier global city and a preferred destination for entrepreneurs, investors and tourists alike. All this has been possible as a result of the market-friendly economic policies of the UAE government over the last 3 decades, fostering foreign investment, sustainable development, innovation, and research.
Why Set Up Your Business in UAE?
UAE is a developed economy that offers a favorable business environment, world-class infrastructure, nifty amenities, flexible government norms, and efficient quality services to all incoming businesses, irrespective of their country of origin. Business setup in UAE is a futuristic and insightful business decision for the following reasons:
- The UAE is a growing and diversified market with high global demand for imports and exports, and vast opportunities for suppliers
- The country bears a strategic geographic location in a resource-rich region
- The UAE has easy access and global connectivity with over 90 airlines and 170 shipping lines
- Above all, the commerce in the UAE is based on free trade barriers (no quotas or exchange controls)
- The country levies no tax on personal, capital or corporate income, and allows 100% repatriation of capital and profits
- The real estate and freight charges are competitive
- There are no currency restrictions on the exchange of money
- The energy supply is abundant and low-priced
- The populace in the country is educated and skilled, so the place is favorable from the standpoint of hiring workforce – not that there are any restrictions on hiring foreign nationals
- The transportation system throughout the UAE is well developed
- The infrastructural advancement in the UAE is no secret – its plush real estate, state-of-the-art telecommunication systems, and dependable power supply & other utilities are a fertile breeding ground for business entities
- There is top-notch accommodation for residential and office purposes, with cutting-edge venues for exhibitions and conferences
- The financial and services sector in the UAE is remarkably developed, especially suited to complement the business milieu in the region
- The nation has a cosmopolitan lifestyle with first-rate educational institutions, medical facilities, hotels, and shopping complexes
Company Formation in UAE
Commitbiz is conversant with the company formation laws and regulations in the UAE and can help you set up your business here, availing the required license. You can choose from among a free zone, mainland or offshore company in UAE.
The process of Company Formation in UAE
Steps for Company Setup in UAE
- Find a local sponsor to act as the service agent for your business in the UAE
- Decide upon the economic activity and, based on that, the legal form of your business
- Submit an application for company registration to the Department of Economic Development (DED) with a suggested company name
- Obtain a trade license by submitting the company’s documents to the DED or the Chamber of Commerce and Industry
- Get the company’s Memorandum of Association (MOA) notarized
- Register the trade name
- Apply for an Establishment Card
- Obtain the initial and special approvals
- Sign the MOA and lease agreement in front of a public notary
- Obtain location and inspection approval from the Municipality
- Get document processing done to get a payment voucher issued
- Pay the license fee to get a trade license issued
- For hiring employees, get an approval from the Name Board and Ministry of Labour
- Certified copy of tenancy contract
- Photocopies of visa, passport, No-Objection Certificate (NOC), residency certificates, land map or ownership certificate, national ID and family book
- Approval document from the Legal Affairs Department
- Approval documents from the Ministry of Economy and other government entities, if required
- License form
- Partnership contract certificate from a public notary
- Photocopies of Technical Evaluation Report
- Trade name certificate
- Stamped visa from the Immigration Department
Our Business Setup Services in UAE
Commitbiz Management Consultants can help you with the following business setup services in UAE:
- Company incorporation
- Company registration
- Local sponsorship
- Public Relations Officer (PRO) services
- Accounting and bookkeeping
- Tax consulting
- Value Added Tax (VAT) registration
- Legal advisory
- Setting up a branch office in UAE
- Intellectual property protection
Commitbiz helps entrepreneurs and firms establish their company through UAE company registration, incorporation and legal consulting services. Our experts take care of the banking, visa, legal, and licensing formalities, in accordance with the UAE laws. We guide you through your company formation, with your business objectives at the centre of our ecosystem, all the way.
If you are thinking of doing business in UAE, Commitbiz can help you with strategic consultation, legal and documentation formalities, and negotiations with local stakeholders. We have liaisons that help us handle the entire company formation procedures cost-effectively in an efficient and timely manner. Contact us for business setup in UAE – our advisors will be glad to understand your requirements and fulfill them at the earliest.
Is it mandatory to have a local office to set up a business in UAE?
Yes, a physical office is required for a company to be set up in the UAE.
What is the corporate income tax in the UAE?
The corporate income tax rate in the UAE is 0%. In addition, the Emirates allow full repatriation of capital and profits.
Is a local sponsor mandatory for setting up a company in the UAE?
For setting up a company in the UAE mainland, a local sponsor (who must be a UAE national) to act as your company agent. In a free zone, however, there is no such prerequisite.