With Dubai’s growing economy and tax-free economic zones, the state is primed to welcome more international entrepreneurs looking to expand their ventures and start their business in Dubai. Hexagon Advisory, one of the leading independent advisory firms in the Dubai Emirate, recently published a new report on the key things international investors should consider before a business setup in Dubai.
To know about the 7 steps to start a business in Dubai, go to https://www.hexagonadvisory.com/how-to-start-a-business-in-dubai-uae-mainland
The new report lists the seven most important considerations before a business setup in Dubai mainland. In particular, it guides readers on the different licenses they may need for their specific business.
As per the new rule, majority of the commercial activities can now be 100% owned by a foreign national. Certain regulated activities require external approval from the governing authority before the license issuance. All the service-related activities can also be made as 100% ownership license but will have to appoint a UAE national as a local service agent in the license.
Further, there are options to hold Free Zone licenses. There are approximately 40 plus free zones in UAE. The Dubai-based free zones are typically more expensive compared to the other Emirates Free Zones. This is because of their state-of-the-art infrastructure, prime location, and self-sufficient ecosystem. Not only are these zones in Dubai friendlier to foreigners, but they are easily accessible, with an international airport delivering to all countries in the world.
These advantages make Dubai-based licenses high in demand. Foreign investors should understand the right authority based on their specific industry. For example, if someone is looking forward to starting a business, in the healthcare sector they should consider Dubai Mainland or Dubai Healthcare City (as a Freezone option) to know the specific requirements one should get in touch with the Business Consultants. Each authority has its own benefits as well as disadvantages. Depending on the activity and office requirements, one must select the right authority accordingly.
After obtaining the necessary licenses, entrepreneurs should consider applying for a residency visa or permit. This is recommended even for foreigners who have no intention of living in Dubai. This is because a residency visa is required to set up a company bank account.
While a company representative may set up the company bank account, it is still advised that the owner himself completes this.
Hexagon Advisory is committed to offering transparent and personalized services for its clients. The firm offers strategic advice for various business concerns, including financial transactions and asset structuring.
Its new report continues its mission of assisting business owners from around the world to set up their business within the UAE.
Interested parties can find more information by visiting https://www.hexagonadvisory.com/how-to-start-a-business-in-dubai-uae-mainland
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Times of Chennai journalist was involved in the writing and production of this article.