UAE is a popular business hub in the middle east region and many international investors are looking at setting up their base in UAE. Business Consultants in UAE guide global investors to set up their company without any hassle in the country.
With one of the busiest airports in the world and the largest man-made seaport in Dubai, the country is on a fast pace of development. It’s a wise decision for investors to set up a business headquarters in UAE as it is becoming a popular trade hub of the world.
Company Incorporation and Role of Business Consultants in UAE
Business Consultants in UAE assist the investors in the process of company incorporation in the region. There are various options in UAE for setting up a company. The 45 plus Free Zones in UAE offers more than 1000 business activities.
Hence, often the investor is confused when it comes to selecting the right option to establish their business. This is where the role of a Business Consultant becomes vital.
Also, the Business Consultants in UAE will ensure investors the right company registration process. The company in UAE must be set up the right way and comply with all the company laws and regulations.
For entrepreneurs who are new to business setup in UAE will be overwhelmed by the process of applying for clearances, getting approvals, applying for a residence visa, bank account, etc.
In such instances, getting assistance from an expert Business Consultant will help entrepreneurs to easily kick start their business journey.
How Business Consultants help an entrepreneur in Setting up a Company in UAE?
The role of Business Consultants in the process of setting up a company in the UAE is crucial. They help the entrepreneurs in many ways. Here are some of the key areas where consultants will handle it efficiently.
Hiring a business consultant to establish a company in the UAE allows investors to grow and add more value to their organizations. The best part of hiring a business consultant is that they can assist with developing growth-oriented strategies and have a plethora of experience in establishing a company.
In that regard, AURION can help investors establish their company in UAE with expert knowledge and all the crucial information regarding procedures to start a company in the UAE.
1. Result-driven Expert Advice
Starting a business requires a lot of knowledge and experience to make it hassle-free. Furthermore, investors may not have enough information to start it themselves. Sometimes, they may even miss out on certain facts and then have issues with establishing their company.
That’s where the role of business consultants comes in. They help investors effectively establish the business since they have a solid perspective of the local market and the competitors.
Furthermore, they can also guide investors through the benefits and risks of the business they are trying to establish.
2. Efficient Handling of Legal Matters
As the UAE legal system is the backbone for starting a business in the UAE, it’s crucial to comply with all the legal procedures. Whether investors want to opt for mainland, offshore, or free zones for opening a company, each has its regulatory authority.
Hiring a business consultant means they will also inform and guide about the laws applicable to companies, establishments, and employees in UAE.
Furthermore, they will educate about all the legal requirements and formalities, allowing them to carry out the business setup process smoothly. Not only that, but they can also help with the risks and options available while setting up a business.
3. Better Understanding of Business Jurisdictions
The UAE has different business jurisdictions with different rules, regulations, and laws. Investors need to comply with all these, which require professional assistance.
Furthermore, if these rules aren’t taken care of correctly, there may be certain penalties. A business consultant helps investors understand the legal structure and provide valuable advice.
1. Company Formation Application
Submitting the application form with the supporting documents is the first step in company formation.
The Business Consultants will provide accurate information on the latest business setup packages of various Free Trade Zones in UAE and the mainland packages to the investor.
Depending on the business requirements and preferences of the investor, the business consultants will proceed with the right choice.
2. Choosing the Business Type
Based on the number of shareholders, nature of business, the business type must be chosen. In Free Zone, there are two major business types FZE (Single Owner Company) and FZC (Two or more Shareholders).
Few Free Zones in UAE have Free Zone -LLC (Limited Liability Company) business type and Dual Licenses. Expert Business Consultants will provide ample information about the various business license types with the investors and proceeds with their selection accordingly.
Also, depending on the nature of the business activity the type of business license must be chosen. Businesses in UAE are categorized into commercial (Trading, General Trading), industrial (manufacturing), services, eCommerce, etc.
3. Choosing the Office Type
Choosing the office space is an important step in the company formation process. The Business Consultants will ensure the perfect office space depending on your business requirements.
The Free Zones in UAE offer customized office spaces on their premises. Free Zone Companies will have to choose an office within the Free Zone. To move to the mainland, the company must be having a registered branch office.
Free Zones in UAE have various office types ranging from Flexi-Desks and shared Office Spaces to executive Offices with fully customized interiors (25 sq.m, 50 sq.m). Also, there are warehouses and light manufacturing units that are ideal for small-scale manufacturing industries.
4. Obtaining Clearance and Approvals
Based on the business activity chosen by the investor, there is a requirement for special approvals from the Government Departments, municipalities, and other Government Authorities.
For example, aviation companies to start their business operations, require the approval from Civil Aviation Authority in UAE. Similarly, all construction Contacts in Dubai must be approved by the Municipality of Dubai. Business Consultants will help investors in obtaining the clearances on time to ensure smooth business operations.
5. Obtaining the Business License
The business license is obtained from the respective Free Zones upon submitting the required documents of the shareholders, the approvals, and the fee.
The Business Consultants will handle the whole process of company formation in UAE across various Free Zones and the mainland. The investors can focus on their core business strategy while the administrative work will be taken up by the Business Consultants.
6. Assessment of Costs for Business Setup
Investors can incur high costs while establishing a company in the UAE if it’s not directed properly. The cost can include business setup assistance, visa attainment, liquidity & sponsorship services, or business support.
In addition, the business jurisdictions in the UAE have their legal processes, laws, documentation, office space structure, etc. All these have different types of costs. Depending on all these, only the registration can cost you around 9000-15,000 AED.
However, one may not be aware of all the costs that may come up at each stage. In the end, investors may have to expend more than they calculated just because they were unaware of a certain type of cost. Business consultants ensure that it doesn’t happen. They can help investors with an exact assessment of the business setup costs.
7. Compliance Process for Business Operation
The business compliance in UAE is tighter with the newly amended Economic Substance Regulation and Ultimate Beneficiary Ownership Declaration, Anti Money Laundering declaration, VAT Registration, etc.
Hence, all new and existing businesses registered and operating in UAE must file for all of the above compliances. This is where Business Consultants will be helpful.
They will assist and coordinate the filing process and maintaining the deadlines and taking action at the right time. UAE Government has strict regulations and fines for the defaulters, hence companies must be well aware of the compliances and the after-effects of violations.
8. Business Support Services
Business Consultants provides a host of Business Support Services such as Resident Visa Processing, Bank Account Opening Assistance, customs registration, document attestation, document delivery, driving license, and more. Clients can use the services on the go depending on the requirements.
9. Company Closing
Company Closing procedures are very structured and a mandatory process in UAE. Investors must follow the company closing procedures and settle all dues of the company.
For the investor to return to UAE on a later day or start a new business here, the termination of the existing company the right way is essential. Business Consultants will help in closing the company the right way by following all the procedures and getting all the required clearances.
Hence, in a nutshell, Business Consultants form an integral part of the business setup ecosystem in the UAE. Business Consultants, Free Zones of UAE, and other Government entities all make up the business setup ecosystem in the region.
To know more about the Company Formation Process in UAE, talk to our expert business consultants right away!
Contact Us: Aurion Business Consultants