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Many of my friends, family, have created a mental block by thinking that this is a confusing topic. I am sure you too have one or two queries or you wouldn't be reading this discussion. My concept is to provide an overview of the present economic scenario of Dubai which leads to the questions WHAT, WHY, and HOW; this is because by asking the questions WHAT and WHY, the big question of HOW will be answered. By the time you're done reading this I hope to have addressed your query of "how to set up a business in Dubai". I would feel contented if one or 2 points which you were not aware of before is adopted by you regarding starting a company in Dubai. This observation commences with the reason behind the desirability quotient of individuals to begin doing business in Dubai. There is not one single reason for this but rather a combination of many. Freehold Zones These are areas designated by hamilton model elinvar replicas the Dubai government where foreigners could invest in property (typically you aren't permitted to own property in Dubai). In freehold zones, corporate income tax is not levied by the government of the Dubai emirate. Payroll taxes also do not apply. Dubai was built on free trade and relaxed tariff laws, and the designation of freehold zones have encouraged MNCs to establish a presence in Dubai. The laws are no different for the small mom and pop business. In my opinion, the best benefit the freehold zone concept provides you is the exemption from having a local business partner who has the ownership of at least 51% of your business (keep reading below). Labor Arbitrage I do not believe there are minimum wage laws in Dubai (as of early 2008). Due to the fact that daily wage blue collar workers arrive in droves to Dubai from the Indian Subcontinent (India, Pakistan, Bangladesh, Sri Lanka) to seek high-paying jobs and a better life-style for their family members and acquaintances. These workers do not get paid much. Most times, their arrival in Dubai is facilitated by employers looking to hire. Excellent Geographical Location Dubai's wealth was made through trade, not oil. The petroleum sector is responsible for less than 7% of the annual GDP of Dubai. Rather, its central geographical location near water has made it a premier destination for trade. buy rolex Many merchants from both Asia and Europe meet at one of many Dubai ports to conduct business. Foreign merchants find trading in Dubai even more attractive because of the relaxed trade and tariff laws of the emirate of Dubai. Its a win-win situation for all involved. Dubai is a very attractive cheap franck muller conquistador watches place in order to establish a business for many entrepreneurs and even multinational companies due to these benefits. As a multi-national, you'd like your company to be near your vendors and customers. It becomes difficult for you to not establish a a commercial concern in Dubai while all the individuals are doing so. You may just lose your position in the industry you play in. You'd like to be close to people and businesses that you frequently deal with. You want to be at the forefront so that when opportunity knocks on the door, you are there to openly welcome it. And possibly the most underestimated reason is that local businesses and individuals prefer to work with companies which are locally established. In such cultures, building personal relationships is really important, and that involves the sense of fake cuervo y sobrinos habana watches sight and touch. You should be there for that to happen! Business Licenses As a business in Dubai, you will need an operating license for the business activity your company conducts. There are 3 general types of business licenses you can apply for:
* Professional License - for corporations engaging in professional services
* Commercial License - for organizations engaging in import/export trading
* Industrial License - for companies looking to establish manufacturing operations These business licenses could be acquired from Dubai's economic department, a body created for the only purpose of governing economic activity. The general application process for obtaining each of these licenses is similar; nevertheless each license application has its own slight degree of difference. For instance, the department might require that you obtain a guarantee cheap audemars piguet royal oak from a local bank in Dubai, if your company is involved in cheap chronoswiss delphis for sale trading or certain services. For any kind of business to be established in Dubai, the Chamber of Commerce should recognize it and provide registration. To be able to successfully set up a business in Dubai, there are several other important things to comprehend. There are essentially seven types of business entities which could be formed in Dubai. They are as follows:
* Public Company (Traded in the Stock Exchange)
* Private Company (Not required to disclose publicly)
* Joint Venture Company (JV)
* Limited liability Company (LLC)
* General Partnership
* Partnership-en-commendams
* Share Partnership Company My personal choice has always been an LLC. I have multiple LLC registered at the time I am writing this discussion. I find them to be the most flexible. At the same time I get the liability protection from separation of business from personal assets. My suggestion is that even you choose to opt for an LLC. You will not be alone if you choose to establish a limited liability company in Dubai. LLCs consist of the majority of the numerous successful companies in Dubai. It is the number one choice of business entity. If you are used to the western business laws, there are a few key things you need to know about an LLC in Dubai. Your LLC would require a minimum of 2 individual shareholders. You can have as many as 50 (somewhat similar to an S Corporation in the United States). So as to establish an LLC, there is even a minimum capitalization requirement. This number is about 300,000 Dirham or just around $80,000 USD in 2008. You can have this in either cash or capital assets. The Dubai Information Site is a website on Dubai City put together from a practical and first-hand perspective. The site covers information about Business in Dubai , sightseeing, jobs, sports, flights, hotels, weather, visa information, tourism, holidays, history and more. Dubai-Information-Site.com is your guide to fresh, practical and first-hand information about Dubai City.