Source: How to Start Business Setup in UAE as a Foreigner – Eagle Wings

Entrepreneurs from all around the world call Dubai home. Every year, more and more foreign investors and businesspeople come to the emirate to benefit from its excellent economic climate.

In addition to having a 0% tax rate, a prime global location, and a straightforward incorporation process, Dubai now generally permits foreigners to hold 100% of their businesses. an alteration that was only recently put into effect.

This has strengthened Dubai’s position as the ideal destination for foreign entrepreneurs, along with the provision of long-term visas.

Read on to learn how to launch a business in Dubai as a foreigner; it doesn’t have to be difficult, but it does take some local, specialized expertise.

Can a foreigner open a business in Dubai?

Let’s begin with the fundamentals. Yes, and many foreigners do, setup business in UAE. Over 80% of the residents are foreigners, and many of them own their own enterprises.

Dubai aggressively welcomes foreign investors and entrepreneurs. The emirate is home to a large number of setup agents and company formation specialists who were established to assist international business owners with the licensing, visa, and business incorporation procedures.

Starting a business setup in UAE as a foreigner 

Your first responsibility as a foreign businessperson starting out in the UAE should be to become familiar with regional business customs and procedures. Many of the arrangements used in this country’s company formation process will be new to you. Early comprehension of these processes is important for a smooth procedure.

Documentation that may be needed includes:

The regulations of each individual free zone apply to businesses that have been formed there. The papers needed will therefore vary depending on the free zone to which you submit your application.

> Filled-out application

> Business strategy

> A duplicate of the current trade license or registration document (if you are an existing company, applicable for local company only)

> Colored copy of the shareholder of the company and the Manager/Director chosen for the new company

> Sample signatures of the company’s shareholders and the newly appointed manager or director

> Two years’ worth of audited financial statements for a corporation or a letter of recommendation from the shareholder’s personal bank

> The current sponsor’s NOC (for individuals)

Benefits of Foreign Entrepreneurs to Setup a Business in UAE

> Dubai has grown to be a major trading center with numerous commercial options. Several factors support participation by foreign businesspeople in this thriving economy, including the following:

> Dubai is in a prime location, acting as a bridge between Asia and Africa.

> World-class seaports and airports for simple trade with Asia and the Middle East.

> Corporate taxes, withholding taxes, import or export taxes, and capital gains taxes are not applicable to businesses in Dubai.

> There are more than 66 international agreements to prevent double taxation with significant corporations.

> No exchange restrictions exist.

> The economy is very varied. Dubai no longer depends on its natural gas or oil deposits; instead, it prospers in industries like innovation, trade, tourism, and transportation.

> Dubai is an excellent area to live and work because it has a low crime rate.

> Trading opportunities exist on the Mainland without regard to geography.

> Business-friendly government. The Department of Economic Development (DED) was created to aid in the creation of firms and provide financial support for commercial endeavors.