3 Things to Consider for Business Setup in Dubai

Dubai is one of the best places in the world to setup a lucrative business. This is simply because this city welcomes overseas investments greatly and their restrictions usually are the most liberal in the world. Here we enlighten you on the important things to know before carrying out business setupin Dubai.

•          Extensive knowledge of the area: As a sole proprietor or business franchise, it is essential to have extensive knowledge regarding the region. Research the concerned business sector, status of locally operating markets and overall scope of establishing the business of your choice in the area. Search for investment opportunities from your resources or a bank.

•          Engage a local partner: Dubai laws require foreign businesses to liaise with local partner who holds 51% company shares. This local partner need not contribute financially to the start-up's investment, but they do have a say in the dealings of the company.

•          Approval from Ministry of Commerce: After your business has been registered, you will need to formally get approved from the Ministry of Commerce by showing that you possess the required sum of money for making investments. The actual amount may vary between states, but it usually is around $10,000. This sum is considered as the guarantee against various liabilities.

It is essential to take into account the aforementioned points while considering business formation in Dubai. If you wish to hold 100% company ownership, you should start the business in UAE free zones. However, keep in mind that rental prices in free zones are higher than those in the city.

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Trademark Registration in Dubai & UAE: Tips & Facts

Trademark registration is an important procedure that should be undergone by every company aspiring for nationally recognized standards. A registered trademark is the pride of the company and speaks of its authenticity. Here we present you with a few tips and facts of trademark registration in UAE.

Trademark registration methods: For national registration, you need to register the trademark in only one country. This can be done by applying at the local office of trademark for national registration. The application procedure of trademark in UAE begins with the conduction of an exam by Trademark authority.

Trademark registration procedure: The application procedure involves a formal exam, which is nothing but an exam of uniqueness or a search of preceding trademarks. The process from the first filing step to registration takes up to 12 months. Before registration however, the application for trademark is usually published in official Government gazette.

Duration: A trademark when registered in UAE holds validity for about ten years. Registration stays renewable only for ten-year tenure.

Requirements for the Registration: The set of documents required for trademark registration process includes a PoA authorized by the candidate, the trademark's soft copy, detailed description of products and services covered by the candidate, address and identity proof of the candidate.

Regarded as a cumbersome and lengthy procedure earlier, registration of trademark has become extremely simple and short now, thanks to the advent of technology. To carry out trademark registration in Dubai, it always helps to avail the services of a third party organization.

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Incentives & Limitations of Business Formation in UAE Free Zones

Free zones or free trading zones are areas designed for promoting better business growth by offering 100% company ownership to the expatriates as well as the convenience of single window administration. UAE free zones are either conjoined to ports or are industry-specific.

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How Can a Chartered Accountant Uplift Your New Business?

Every business small or big, requires the assistance of a qualified accountant. This is because every business entails tasks that require professionals or experts in economic matters. The main goal of hiring a chartered accountant is to increase profit and lower cost of the company. Below are listed some main benefits of employing a chartered accountant in Dubai.

•          New business setup: An accountant is one who possesses a vast amount of knowledge to keep you updated on the risks involved in manifesting particular business formats. He/she will guide you on whether you should be working in partnership or as a single proprietor.

•          Efficient record keeping: Every business registered for the VAT taxes should keep records of their finances in order to estimate tax payments. An accountant prepares accurate management figures and also points out the plausible implications of expressing certain financial decisions.

•          Better cost control: The accountant works with the company to draw very realistic budgets in order to analyze the company's performance based on the budget. After a thorough estimation they can provide you with tips to control or balance fixed and variable expenses. They also make sure to note that day-to-day business dealings are error-proof and cost-effective.

Other responsibilities of accountants or accounting firms in Dubai include book keeping, auditing, recording financial statements and tax filings. However, the need of chartered accountants or a reliable accounting firm starts to arise even before the setup of a new business. 

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