If you are a foreign investor and wish to set up business in Dubai, you may find difficulties in comprehending the type of business you should set up in the city. In addition, the process of setting up business may look complex; pressing on the need to find a local partner or sponsor. All complexities related to business setup in Dubai are tackled by consultants. Business setup consultants in Dubai are well-versed with the factors that determine if you need partnership for your business in Dubai. Whether or not you need a local sponsor depends on the kind of business you wish to set up in the city and its location. Dig in to gain all the crucial information you need to have for your Dubai business partnership.
- Foreign entrepreneurs can set up their business in Dubai through any of these ways. The first method is to obtain a professional service license. You may even set up business in a free zone or form a Limited Liability Company (LLC).
- In case you establish a professional service company with 100 percent capital repatriation and exclusive foreign ownership, you need a local partner or service agent by your side. The licenses, in such a case, are issued to the professional service business. The service provider is only liable to charge a specific amount of fee from these foreign investors, without any liability and authority to interfere in management, business operations, and profit.
- You may even maintain 100 percent profit repatriation and ownership with your business setup in one of the free zones within UAE. You may, however, be unable to deal with Dubai or UAE market without the assistance of a local distributor or service agent. While setting up business in Dubai, your bank may require a local partner. You should know that Ajman Free Zone does not call for a local partner.
- If your business is the one related to commercial license or industrial category, you need to register your business as a LLC. In order to set up your LLC, you should have a local sponsor upholding the majority of shares.
- Since, local sponsors have to pay annual fees, they may ask for a pre-determined percentage of sales or profit from your business. Start-up businesses and foreign investors in UAE need to understand that collaborating with partners is beneficial and safe.
Now that you know when and why you need partner for your business in Dubai, it is prudent to hire a leading UAE-based consulting firm. Abdulla Bin Dasmal Group specializes in the financial, legal, and company setup sector to individuals, businesses, and entrepreneurs. They have been offering reliable, comprehensive, and industry specific consultancy. Whether it is the process of company formation or license acquisition, they are with you each step of the way. Choosing a consultant for your business setup is, indeed, the safest best right now.