Dubai is the one of the fastest growing business hub with the state of the art facilities available for local and international business. Dubai is an integral part of business world and is leading with innovation. Dubai is politically stable and has strong economic culture and government of Dubai offer friendly business regulations which attracts the investors from around the world admin
. This article will provide you a Compaq guide regarding business setup in Dubai. Before you start your business in a unbeaten economy like Dubai first you need to under the culture of it. Dubai being an international city is a multi-cultural city, people from all around the world are present in Dubai. After familiarizing yourself with the cultural you must learn about the rules and regulations and kind of the business you can start.
Legal structure of business setup in Dubai is according to UAE Federal Law No. 8 of 1984, and after the amendment in Federal Law No. 13 of 1988 – the Commercial Companies Law, and its by-laws regulate the function of foreign business in Dubai, United Arab Emirates. In wide terms the requirements of these regulations are: The Federal Law requires a total local equity of not less than 51% in any commercial business and describes seven categories of business organizations which can be established in the UAE. This regulation explains the requirements in terms of shareholders, directors, minimum capital requirements and business incorporation processes. This law further lays down the requirements of governing conversion, merger and dissolution of companies and businesses.
In Dubai, you are given plenty of opportunities; you get benefits of best economy based on strong administrative foundations. Authorities of Dubai have divided the city in different economic jurisdictions. You can start different types of businesses in Dubai bases on type of business and location; types are divided in three main categories which are Mainland, Free Zones and Offshore. Another thing to remember is that Dubai welcomes foreign investment but there are rules and regulations that must be followed. In order for you to enter in Dubai, UAE you need to have sponsor, a sponsor will take your responsibility. Importance of a sponsor can be determined by the fact that for any purpose if it is business or you are just visiting you must have a sponsor. When it comes to start a business in Dubai you are require having a sponsor, any kind of business needs a sponsor or service agent. In mainland a local resident or a of United Arab Emirates based company act as a sponsor, for professional service you need service agent as sponsor and for setting up a free zone business you also need a sponsor, in this case free zone acts as your sponsor.
Business incubators are organizations that nurture the development and growth of businesses in the early phases to help them persevere in their most vulnerable stages. Incubators provide numerous resources and support services to aid in the development of businesses. The general purpose of incubators is job creation, business retention, enhancing entrepreneurial climate, growing local industries and economies. Approximately 93% of North American incubators are nonprofits focused on economic development. About 7% are typically set up to receive returns from shareholders investments. (Business Incubation FAQs)
It is important to conduct research on the incubator(s) and consider the advantages and disadvantages before embarking upon the application process and working with an incubator.
Conduct Ample Research: It is important to understand that incubators will have their own set of unique offerings for their entrepreneurs. The package offered should help meet the needs and goals of the company. The location of the incubator should allow for a flourishing business, with a market that can sustain the business for the duration of the term of stay. The mentors and specialists available should also have experiences and networks beneficial to your business.