Dubai has emerged as a fertile ground for business persons and entrepreneurs all around the world. Being the commercial capital of Emirates, the city has a whole lot to offer for new businesses. The city has been beholding mushrooming businesses for the last decade. Small to medium businesses are having a very fairground in the megalopolis. But, what is flagging you to get started in Dubai? Well, a quite lot of myths are revolving around Dubai business setup. You need to have a settlement with those even if they aren’t slackening you so much.
Here are some myths you have to get rid of. Discard and refill with facts!
The Myth: OMG! Starting a business in Dubai is so expensive
The fact: Starting a business in any country needs a fair amount of capital. We too admit this. But what makes this capital so unfair when it comes to Dubai? There is nothing like that. The UAE is a business heaven and the government of Emirates too knows this well. The government has been cutting down every extra expense for company formation in the land. There is no income tax in the nation, VAT is as low as 5%, and also, the nation is blessed with zero corruption and bureaucracy. The UAE Companies Law does not prefer any minimum share capital. The generally accepted minimum share capital for an LLC registered in Dubai was AED 100,000 but now lower capitalization is also getting normal.
These numbers might help you more to unlearn the popular myth,
To open an IT company in Free Zones may require an average of, USD 7,700 to USD 14,000.
Licensing fees of a beauty salon will be around USD 8,700
Starting a trading company may require an average of USD 7,700 to USD 14,200.
The Myth – Dubai business formation is a lengthy and time-consuming proces
The fact: The frequent growth of businesses in the UAE is catalyzing the growth of business setup companies too. If you are not so sure about the business regulations and legal complications of the land, keep going by allying with a good business setup partner. Reliable business setup solutions like Al Arabiya can cement the whole process for a hassle-free business setup. We can help you to set up your dream branch legally within 4 to 5 working days. This may also change according to several factors and certifications obligated to your company’s establishment. But we can make your company possible as sooner it can.
The Myth – Offshore Business is Illegal
The fact: We can remark this myth as the most idiotic one among all. Starting an offshore company is legal all the way down the line and is the most economical and fastest way to own a business in UAE. There are already numerous celebrated businesses in off shores. Offshore companies in the UAE can own property and do businesses anywhere in the world, including the UAE. Offshore companies are allowed to open multi-currency accounts in the UAE and take part in foreign business. Entrepreneurs across the board are heavily investing in establishing an offshore business in the Emirates because of heavy tax breaks and a handful of other benefits.
The Myth – Can’t start a business in the UAE without a local sponsor for business setup in UAE
The fact: This local sponsor myth is really a deep-rooted one. Many foreigners and entrepreneurs believe in this. But the truth might hit you sweetly. The need for a local partner will be based on the type of company and the location you are planning to begin. And then, these two factors will determine whether or not a local partner is required. More than 20 free zones in Dubai can start your business without appointing a local sponsor.
What more?
There are a few more myths to unlearn. But before getting into that, make sure you are heading towards the right business setup consultant. Our experienced business setup consultants can clear all your doubts for a smooth company formation in Dubai. Contact us for more!
