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Questions to Ponder Over When Considering Company Formation in Dubai

Susan Alisa by Susan Alisa
October 28, 2020
business
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Are you looking to establish a new company in Dubai? Here are a few questions you need to look into before making the big decision.

How Beneficial is the new Tax Policy of Dubai for New Companies?

Dubai’s taxation laws and policies were put in place to lure foreign and domestic investments. Regardless of whether you are looking for new company formation in the Dubai Mainland or in one of the Free Zones, you will be exempt from corporate and income taxes, as well as import or export duties to all non GCC countries. However, as of Jan, 2018, the government of Dubai introduced the Value Added Tax (VAT) with a 5% rate, which is nothing when compared to other countries. For new company formation in Dubai, entrepreneurs are required to pay a one-time registration fee to the respective municipalities. It’s most prudent to partner with a company set-up consultancy to help you get an estimate on the taxes that are applied to your business.

What Kind Of Business Set up Works Best for Me?

Dubai houses a plethora of specialized zones, established in specific trading areas, equipped to facilitate different industry verticals, so that entrepreneurs enjoy various tax-related opportunities. These zones were especially constructed to attract foreign investment and offer better regulation of trade.

Control of Free Zones 

All the free zones of Dubai are controlled by individual authorities, so before you can start a new company in a free zone, you need to register and get yourself a relevant permit and trading license.

Opening a Company in a Certain Zone 

If you are thinking about company formation in a specific zone, there are two options available to you. You can either use a Free Zone company or a Free zone establishment. The main difference in between these two approaches is that two owners are needed for the former, while only one individual can launch and own a free zone establishment. The benefits of a Free Zone company is that you can enjoy 100% of foreign ownership, as well as exemption from taxes and import/export duties. Not only that, you can also tap into the local talent pool of Dubai. However, if you choose this option, the only trading option that will permitted to you will be in other registered zones. But, you can always partner with a commercial agent or a local distributor in order to trade outside of these zones.

Offshore and International Business Companies 

If you don’t want to trade in Dubai or UAE, an offshore company setup is the best choice for you. This company setup is one of the most popular throughout UAE due to its many advantages. For instance, these companies can be established in the free zones and foreign investors enjoy 100% ownership, as well as exemption from taxes. However, since an offshore company can’t trade in UAE, so you won’t be entitled to a visa.

Are You Eligible For A Visa?

Investors looking to set up an onshore business in Dubai, will need visas for themselves, their families, and their employees. Ease of obtaining visas in Dubai is one of the many reasons investors flock to Dubai for company formation. However, you will need to fulfill certain criteria in order to be eligible for a visa. You will need to disclose information about your business operations, who your investors are, your office premises, number of employees, and so forth. To get a visa, you’ll need to provide documents like a letter from the sponsor, proof of income and address, and your passport.

Is it Necessary to get A License? 

Whether your company is commercial, industrial or professional, you need to get the appropriate license from the relevant authorities. These authorities govern the specific zones in which you are considering company set up. Your business activity will determine the type of business license you can apply for. Some of the most common licenses include manufacturing, warehousing, freelancer, offshore, ecommerce, Industrial, commercial, Media, educational, trading, services, and logistics. Individual authorities have their own procedures and laws for granting licenses for the establishment of companies.

How Much Time Does It Take for Company formation in Dubai?

Depending on the structure of your company- whether it is an LLC or a Free Zone Company – the time varies from company to company and also from free zone to free zone. Whether the company has an individual or corporate shareholder also impacts the time it takes to launch a business. However, as a rule of thumb, company formation in Dubai can take as little as 48 hours and as long as 3 – 6 weeks.

Tags: company formation in Dubaiembarkohgroup
Susan Alisa

Susan Alisa

I have been writing article for about 3 years and have contributed over various categories.

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