If you are planning to enter the world of business and entrepreneurship and your business brainchild has a global vision, Dubai is the place where you would be able to make your dreams come true. Dubai is home to over 1.5 million people where over 80 percent population consists of expatriates, which are quality human resource from many countries in the world. Dubai is nothing less than a global village where you get to see and meet people from over a hundred countries. Doing your business within such a diverse society gives you an extra advantage of highlighting your business ideologies and beliefs.
The state of Dubai could be the best part of your success story as an entrepreneur. In a bid to attract foreign investment, the rulers have introduced a multitude of policies and benefits over the years at the free zones located everywhere in the United Arab Emirates. There are many upsides of launching your business brainchild in Dubai. You can fully own an offshore company or can launch an onshore company with a local partner. The possibilities are endless when you’re in Dubai. Let’s take a detailed look at the various options to set up your business in Dubai.
In this way, you can set up an onshore company in Dubai. You need a UAE-based organization or an individual to act as a sponsor of your business or startup. As per the Federal Law in the United Arab Emirates, the local sponsor shall have a 51 percent major stake in an onshore or mainland company. The local partner or sponsor will be your guarantor to the local authorities as you’re a foreign investor. In order to establish an onshore or mainland company, one needs to interact with the Dubai Economic Development (DED) for the tasks like issuing, renewing, cancelling, and upgrading the business licenses in Dubai. The DED has offices located in multiple places within the state to facilitate investors and businesspersons.
Free Zone Option
Setting up an offshore company in one of the free zones spread across the UAE has turned out to be the most popular option for foreign investors. An offshore company allows foreign investors to fully own their company, which has helped this option resonate perfectly with the foreigners. Some of the key features of a free zone company include:
- Fully own your business
- Business diversification not a no-go-area
- Tax exemption on corporate and personal income
- Earliest documents clearance
- Free to repatriate capital or profit
Both of the options have many advantages for the foreign investors. For more information, you may get in touch with a business services company which would streamline your entry into the Dubai business arenas.