Establishing a business in Dubai and providing Dubai jobs

Foreigners can set up a business in Dubai in any of the city’s free trade zones, automatically entitling owners and investors the right to work and reside in the Emirate. Setting up a company in these 12 areas means you do not need to pay corporate tax in Dubai for at least 15 years. The government is keen to diversify the economy of the UAE away from oil and is supportive of new enterprises, particularly ones which create new Dubai jobs.

Do your homework about business in Dubai

The first thing to say about starting a business in Dubai is that you must study the market to make sure there is sufficient demand for the product or service. To be successful, you really should have a good knowledge of the region. Outside the free zones, the law requires that you have a local partner who holds the majority interest and can therefore control the business in Dubai. In these areas you must also pay tax in Dubai.

In order to establish a business in Dubai you must complete a viable business plan, illustrating market conditions, the competition and your forecast results. It should also detail how many Dubai jobs will be created.

The process of starting a business in Dubai

To start a business in Dubai you must be able to fund the venture yourself or secure funding through borrowing. If you are new to the region you have more chance of securing a loan from non-local sources.

To register the business you must demonstrate to the local chamber of commerce that you have sufficient funds behind your business in Dubai. The required sum varies depending on the business and is intended to act as a guarantee for creditors but those establishing a business in Dubai can withdraw the money afterwards.

The most important thing to do at all times is to seek legal advice from a lawyer who is expert in company law and tax in Dubai.

Buying an existing business in Dubai

An alternative to establishing your own business in Dubai is to buy a going concern. The process of buying an existing business in Dubai is much simpler than starting a new company. All that needs to be done is for a price to be agreed and ownership of the business to be transferred.

Again, independent legal advice will help you settle into your new business in Dubai. A good lawyer will be able to advise on issues such as the rights of those working in Dubai jobs and requirements of employers.

Cultural issues relating to business in Dubai

Business in Dubai means being met with the bargaining prowess of the Arabs. Arab businessmen are, in the vast majority of cases, honest but also expert in exploiting contractual loopholes. This again highlights the need for professional legal representation to ensure all agreements are watertight.

The potential returns from setting up a company in such a vibrant and prosperous city are lucrative but you should remember that not every area is free from tax in Dubai. If you are employing people you must also determine what the legally-protected rights of those holding down Dubai jobs are. Proper research and legal advice can help ensure your business in Dubai goes from strength to strength.