Why relocate to Dubai and Set up a Business in 2023?

At the same time, Dubai offers an attractive quality of life and affordable living costs. The average cost of living in Dubai is much lower compared to most other major global cities. As a result, 63% of Dubai’s residents say they can easily afford their living expenses (source: Global Economic Monitor).

In the next five years, Dubai is expected to attract over 2 million new residents and will employ over 250,000 people. The demand for skilled talent in the emerging digital economy will be huge and the Emirate is already committed to attracting highly skilled professionals from around the world. According to a recent white paper by Bayt.com, in 2019, 4% of the professional profiles available in the UAE were filled by expats. This number is expected to grow significantly over the next five years as more and more international companies establish operations in the UAE.

Dubai has also been ranked the “best place to work in the Middle East” for three years in a row according to Glassdoor’s annual report. The city is home to many multinational companies including IBM, Emirates, Microsoft, Deloitte and many more. It is also a hub for start-ups and digital entrepreneurs. In 2020, the city will host Expo 2020, the largest World Expo in history with an expected audience of over 25 million visitors from around the world.

If you are an aspiring entrepreneur, setting up your own company in Dubai is a great option. The government is keen to encourage local entrepreneurs and set up new businesses by offering several incentives and subsidies. For example, small businesses can qualify for up to 100% tax exemption for the first five years! In addition, the majority of universities offer flexible part-time courses for working professionals. Finally, Dubai’s vibrant startup ecosystem provides plenty of opportunities to connect with investors, mentors and other like-minded individuals.

How easy is it to do business in Dubai? One of the key benefits of doing business in Dubai is the low corporate tax rate. Companies registered offshore or abroad are not subject to any taxes at all. Small businesses can also benefit from some of the government grants and subsidies offered to business owners.

You can set up a Mainland or a Free Zone Company in Dubai.

Setting up a mainland company in Dubai involves several steps, and the exact process may vary depending on the type of company you wish to establish. Here's a general overview of the process:

• Determine the legal structure of your company: In Dubai, you can set up a company as a sole proprietorship, partnership, limited liability company (LLC), or branch office of a foreign company.
• Choose a business activity: You'll need to select the business activity or activities your company will engage in. This will help determine the type of license you'll need.
• Select a company name: Your company name should be unique and not similar to any other company name in Dubai. You can check the availability of your chosen name with the Department of Economic Development (DED).
• Obtain initial approval: You'll need to submit your business plan and other required documents to the DED for initial approval. If approved, you'll receive a payment voucher to pay the necessary fees.
• Rent an office space: To obtain a trade license in Dubai, you'll need to have a physical office space. You can either purchase or rent a space, but it must meet the requirements set by the DED.
• Obtain necessary licenses and approvals: Once you've paid the necessary fees and obtained a physical office space, you'll need to obtain additional licenses and approvals from various government authorities, depending on your business activity. This may include approvals from the Dubai Municipality, the Dubai Chamber of Commerce and Industry, and the Ministry of Economy.

Register your company: After obtaining all necessary approvals and licenses, you can register your company with the DED and obtain a trade license.

Setting up a free zone company in Dubai involves several steps. Here is a general overview of the process:

• Choose a free zone: There are several free zones in the UAE, each with its own set of rules and regulations. Research the free zones to determine which one is best for your business needs. My favourite free zone is MEYDAN.
• Determine the legal structure of your company: You can set up a company in a free zone as a sole proprietorship, limited liability company (LLC), branch office of a foreign company, or a representative office.
• Choose a company name: Your company name should be unique and not similar to any other company name in the same free zone. You can check the availability of your chosen name with the free zone authority.
• Submit an application: You'll need to submit an application to the free zone authority, along with the required documents and fees. The application will include information about your business activity, legal structure, and the number of shareholders.
• Obtain necessary approvals: Once your application is approved, you'll need to obtain additional approvals from various government authorities, including the Ministry of Economy, the Department of Immigration, and the Department of Labor.
• Rent an office space: To obtain a trade license in the free zone, you'll need to have a physical office space. You can either purchase or rent a space within the free zone. Some Free Zones allow you to rent hot desk solutions too.
• Obtain necessary licenses and permits: Once you've obtained all necessary approvals and rented a physical office space, you'll need to obtain additional licenses and permits, including a trade license and any specific licenses required for your business activity.
• Obtain residency visas: If you plan to work and live in the UAE, you will need to obtain residency visas for yourself and any employees. This process can be complex, if you need help you can contact us.
• Register your company: After obtaining all necessary licenses and permits, you can register your company with the free zone authority and obtain a trade license.

Those are just a general overview of the process, and there may be additional steps or requirements depending on the type of company you wish to set up. It's important to work with a qualified consultant to guide you through the process and ensure that you comply with all legal and regulatory requirements. If you need help contact us now!

You may as well consider setting up an offshore company in the United Arab Emirates (UAE). There are several offshore jurisdictions in the UAE, including Jebel Ali Free Zone, Ras Al Khaimah (RAK) International Corporate Centre, and Ajman Offshore. Research each jurisdiction and decide which one is the best fit for your business. Here is a general overview of the process:

• Choose a registered agent: You will need to appoint a registered agent to incorporate your offshore company. This agent will act as your company's representative and handle all administrative and legal matters related to your company.
• Reserve a company name: Once you have selected a jurisdiction and registered agent, you will need to reserve a company name. The name you choose should comply with the guidelines set by the jurisdiction and must not already be in use.
• Submit the necessary documents: You will need to submit the necessary documents, which may vary depending on the jurisdiction you choose. Generally, you will need to provide copies of your passport and proof of address, along with details of your business activities and the proposed company structure.
• Obtain the necessary licenses: Depending on the nature of your business activities, you may need to obtain specific licenses or permits. Make sure you research the requirements for your particular business activities and obtain any necessary licenses or permits.
• Open a corporate bank account: Once your company is registered, you will need to open a corporate bank account. Choose a bank that is authorized to operate in the UAE and meets your business needs.

Keep in mind that the process of setting up an offshore company in the UAE can be complex and time-consuming. It is advisable to seek the assistance of a reputable business consultant with experience in the UAE offshore company registration process to ensure that everything is done properly and efficiently. If you need help you can contact us, we have a lots of experience in setting up business in the UAE.