A Comprehensive And Holistic Analysis Of The Legal, Financial, And General Business Climate In Dubai

A Comprehensive And Holistic Analysis Of The Legal

, Financial, And General Business Climate In Dubai

I am assuming you have some interest of setting up a company in Dubai? Otherwise you would not be reading about this. Companies in Dubai have paid their fair share to establish get going. The abundance in the Dubai employment market has made it easier than ever to start a business today and run at full speed tomorrow.

I was also interested in setting up a business in Dubai not long ago. So this discussion is based on my personal research and experience from the time I was serious about the idea. If you want to establish your corporation in Dubai you'd have to go through the Dubai Department of Economic Development or the "DED" as most refer to it.

This agency was established in order to stimulate financial activity that would grow the emirate of Dubai. Most cities, states, provinces have an agency of identical stature that reviews business applications, approves them and provides them licenses to operate.

Your cost of setting up a business in Dubai will include the following costs:

* License involved with the type of business activity you engage in (service vs. manufacturing vs. intellectual capital)

* Business and liability insurance (still a relatively weak infrastructure compared to the USA)

* Professional fees (legal and accounting)

* The cost of a local partner (this varies from Dhs. 20k to 2M annually based on their self-indulgence)

You can always approach the banks in Dubai for start-up capital. However, be prepared to sign for the loan with a personal guarantee. Even if the banking companies in Dubai ever lend money to you, its crucial to show them the appropriate credentials and the financial performance of your business during the last several years. After all, everyone wants to protect their behind.

Many entrepreneurs start their companies in one of Dubai's numerous free zones like the Jebel Ali free zone Dubai in order to avoid paying a local partner. These free zones were instituted by the Dubai Government to encourage business formation and foreign investment. These zones are treated as stand alone entities and they can be your "silent partner" in business.

If you'd like to get an idea on the amount of money needed to begin a company in Dubai, check out the DED website Dubaided(dot)gov(dot)ae and choose the "English" option on the upper left hand side of your monitor. This is only if the web site reads in Arabic. Once you are in the English mode, navigate to the eservices menu where you can do the cost simulation.

As much as I am an entrepreneur at heart that loves to take charge and execute things first hand, setting up a business in Dubai is something that I DO NOT RECOMMEND you do alone. There are numerous cracks to slip through and they can prove really costly for you both in the short short term and long term perspective.

You must comprehend the legal structure and the general rules and regulations regarding finance and commerce in Dubai. Starting your company in Dubai all by yourself can also end up costing you way more than what it should.

If you are hell-bent on doing business in Dubai, I strongly suggest you consider the team at Global Office FZ led by Christine Orth. Christine has over 6 years of work experience, as of 2006, and is my single trusted point of contact with everything that has to do with doing business in Dubai. You could read more about their credibility and qualifications here.

This is a very serious move and you want to ensure you go about it the right way. Having the right business mentor in order to guide you would make all the difference as you get started and continue to need guidance along the way. I wish you very well and I'm definitely eager to hear about your experiences. Do come back and give us an update. We would be keen on featuring your success story in our Dubai personal stories section.

2010 UPDATE New - Virtual Office company set up with full business license and 3-year residence visa now available in Dubai. Costs start at AED 18,000 p.a. You as an Investor are entitled to get five visa for you and staff and could sponsor your family and a maid.

The set up is approved by Abu Dhabi High Court and is being licensed through a Northern Emirates Free Zone that is legally entitled to provide Free Zone business licenses in Dubai.

Their business center is conveniently situated at Dubai Marina with loads of restaurants, hotels and ample free parking in walking distance . To get to know more about our activities, please contact our business partner Christine.

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