By – Adv. Mohan Mishra (Finjuris)
In the last couple of years, Dubai is treated as an ideal business destination for foreigners. The rich economy and flexible business laws allow many investors of the world to invest their fun in this rapidly growing place. Dubai seems very fascinating to set up businesses here. The global recession has definitely affected many business sectors around the world, but Dubai has continued to retain its growth in all tough times. So business in Dubai is always a lucrative option for all foreigners in terms of financial return.
Why should foreigners set up business in Dubai?
The low tax system makes Dubai a suitable destination to set up an enterprise. Outside investors can set up their company branches in Dubai and can gain high profits. Companies globally or locally based have prospered in Dubai from the financial domain to real-estate and hospitality. As it is located in the prime area of the United Arab Emirates, the success rate of any business is much higher than other locations.
Dubai is one of the quickly developed cities in the world and one of the finest cosmopolitan hubs. The city gives a plethora of opportunities to foreigners to invest their funds in any kind of business here. It has developed financially over the years. Have you ever speculate why worldwide companies from the US, the UK, and Europe all set up offices in Dubai? The advantage of establishing offices in Dubai is far ahead of the lavishness and broad-minded environment the city has to give.
International organizations are getting a lot of opportunities in setting up their businesses in Dubai. There is a Limited Liability Company (LLC) which permits an outside company to become an investor integrated into the UAE. The obligation is for you to arrange with a native sponsor that carries a 51% share of the company. After getting a sponsor, you need to pay the upfront charge of any kind as the primary share capital should be paid before setting up such LLC. The sponsor arranges all legal documents for the government and helps you to avail yourself of the licenses, work permits, and others.
Once you can get a branch office in the UAE, you are legalized to sponsor your staff, rent offices, and also enter into contracts under your company’s name. The only thing that is not permitted is the import of goods as it requires collaboration with your sponsor.
Overall Dubai offers commendable benefits to the foreigners to set up their business and grow financially. Several industries need skilled qualified resources for better productivity. In Dubai, foreign investors can hire several qualified local professionals to assist them in their work. As the city is growing fast and people from various corners of the world are willing to migrate here, any kind of business in Dubai is a profit-making strategy. Shopping malls, gold markets, travel & tourism, hospitality, constructions, digital marketing, and software are some of the key areas where foreigners are showing their interest to invest funds in Dubai. Overall the city is the finest business hub for people across the globe.