The UAE is a great country for doing business. The country offers a lot of advantages for entrepreneurs around the world. And of course, those investors and entrepreneurs will need help. This is why there are a lot of company formation agencies. You may wonder how to choose the right business setup company in the UAE.
In this article, you will learn everything about how to select the best business setup company in the UAE. Let us observe:
- An overview of a business setup company
- What are business setup company’s responsibilities?
- Why do you need a business consultant to help set up your company?
- How many different types of business consulting firms are in the market?
- What does a business setup consultancy need to offer to be the right one?
- Criteria to keep in mind
- How to establish a Mainland or free zone business in Dubai, UAE
- How can a business setup company help you?
1. An overview of a business setup company
There are a lot of great reasons to set up a business in the UAE. Its incredible location in the heart of the Middle East. Direct access to the world’s largest markets by land, sea, and air. A vibrant and diverse economy. It is a great business environment that is welcoming and supportive. The list is endless.
But there is another compelling reason to establish a business in Dubai that does not get as much attention as the others. That is the rich community of company formation experts in the country. Because of the UAE’s long history of attracting expatriates, the procedures for relocating and starting a business here are solid and time-tested.
However, not all company formation services are the same. Some are strictly transactional – you pay for your license and you are done. Others, such as Connect Group, provide a personalized and supportive service long after your company has been established.
Therefore, if you want to start a business in the UAE, here are a few things to look for when choosing a business setup partner.
2. What are business setup company’s responsibilities?
A business setup consulting firm provides an end-to-end solution to every big and small challenge that aspiring and established entrepreneurs are currently facing or will face shortly while running their new or existing business.
Hence, a consulting firm’s main goal is to analyze and address problems that a client encounters at the beginning and later stages of their business. In a nutshell, they ensure that nothing impedes the establishment or growth of the company.
In this way, a business consultant who specializes in startup and company set-up advisory can walk you through the process of establishing a company in the UAE. You may be unaware that there are numerous types of consulting services that have an impact on the growth and development of start-ups, small businesses, and corporations.
2.1. More details
They are the solution to all of your financial, legal, commercial, and technological issues. A business consultant will advise you on the best type of business structure to use (Mainland or free zone).
They will take into account the benefits that the recommended business structure may provide for your venture based on your proposed business activity and initial investment. They will also assist you in locating an area in Dubai to establish your start-up to achieve the desired results.
3. Why do you need a business consultant to help set up your company?
Whether aspiring or experienced, almost every entrepreneur in Dubai or private individual prefers to delegate the responsibility to a knowledgeable business setup consultant. And it is easy to understand why. Millions of things to do, ignorance of new laws and guidelines, and a lack of time and knowledge are just a few of the reasons!
Business owner’s life is difficult. Even if it is for some, they still require assistance in removing thorns that may harm their ill-fated venture.
For this reason, a business setup consultant in Dubai not only recommends the best company structure and advises you on the best jurisdictions; but they also help you choose the best location for your business. They can help you to set up a company in a FZ or in the Mainland.
3.1. A deeper insight
Overseas investors can easily see how Dubai is brimming with outstanding investment opportunities; but what they cannot see is – difficulties on their journey until they step into uncharted waters. The local government encourages investment and start-ups in a variety of ways.
However, establishing a business in Dubai is constrained by the country’s various legal departments and judicial bodies. Plus, you must be aware that if you do not have enough expertise in the local business environment, private equity operations, and everything else that has to do with your company; you will need consulting services from local experts for effective strategic planning.
4. How many different types of business consulting firms are in the market?
There are numerous types of business consulting firms in the UAE that can guide you through uncharted territory. Business consultants provide the necessary advice and recommendations to identify problem areas in your business, suggest improvement solutions, and guide you through the entire implementation process.
Without a doubt, all consulting firms, including freelance business setup advisors, that you see on the market are highly specialized in their field. It is nearly impossible to master all levels of activities; thus, they specialize in various segments such as:
- Corporate consulting, management consulting.
- IT consulting.
- Industrial consulting.
- Logistics consulting.
- Tax consulting.
- And shipping consulting.
As an aspiring entrepreneur, you must be clear about the type of consulting you seek.
5. What does a business setup consultancy need to offer to be the right one?
5.1. The history and reputation of the company
Credibility is essential in any business decision. There are many pretenders in all fields, including company formation.
That is why it is important to conduct thorough research on any potential partner. Investigate the company’s history. How long has it been in operation? How large is its clientele? Is there any feedback or references available?
Only enter into a contract or package if you are confident that you are dealing with a reputable and trustworthy service provider.
5.2. Do they cater to all jurisdictions?
When establishing a business in the UAE, location is critical. Do you want to be based in Dubai or a less expensive jurisdiction like Fujairah? Will you establish yourself on the Mainland or in a UAE free zone?
Hence, your company formation partner should not only assist you in making this decision, but they should also be able to facilitate company incorporation in your chosen jurisdiction. So, before you enter into a relationship, double-check your chosen provider’s scope.
5.3. Look for any hidden fees
Unfortunately, it is not uncommon for company formation firms to entice customers with low prices only to reveal hidden fees later on.
So, a reputable provider should also outline a straightforward and transparent pricing structure from the start of discussions. This should include the costs of cancellation and renewal, as well as the costs of getting started.
Thus, if your chosen partner is unable to do so, it is best to look elsewhere.
5.4. Does your partner have a strong network?
Liaison with numerous industry and government bodies is required when establishing a business in Dubai. To the untrained eye, this process may appear intimidating, if not confusing. When you collaborate with an experienced partner, you get an expert on your side.
For this reason, your company formation partner should have close working relationships with all relevant bodies, including:
- The Economic Development Department (DED).
- Tourism and Commerce Marketing Department (DTCM).
- Department of Land in Dubai (DLD).
- Health Authority of Dubai (DHA).
- Economic Ministry.
- Municipalities in every emirate.
5.5. Look for flexible payment plans
Money can be scarce in the early stages of a startup. As a result, it is critical that you keep a close eye on your cash flow and do not overspend upfront. If your company setup partner only wants an upfront payment for your license and visa services, you should look for another one.
Therefore, a reputable provider will be able to set up a monthly payment plan to spread the costs out over a long period.
6. Criteria to keep in mind
Here are a few qualities to look for in UAE business consultants:
6.1. Vast knowledge and expertise
Firstly, they must be aware of various types of business complications and flaws and have demonstrated expertise in dealing with them all. They can be your one-stop-shop, but not those who take a one-size-fits-all approach.
6.2. Experience with entrepreneurship
Entrepreneurship is a fantastic skill in and of itself. Setting up your own business provides an experience that cannot be obtained through any other job. A business setup consultant who has started his or her own company understands the nuances of running a business, from the execution of the idea to the growth phase.
Hence, they already have a wide range of required skills to deal with issues in most of the establishment’s functions; such as finance, human resources, strategy, procurement, operations, and administration.
6.3. Excellent business network
A business consultant, who has a valuable network of contacts, including people from various industries and walks of life, checks all the boxes. Their strong community connections will be a great asset to you, especially in the early stages of your business setup process.
A large clientele base (not just big clients) of the consultant indicates that they have worked with a diverse range of small firms, mid-sized enterprises, non-profit organizations; and other types of establishments in various sectors and are competent enough to handle your venture.
6.4. Outstanding interpersonal abilities
The main characteristics of a business consultant you should look for when selecting your start-up consultant are exceptional oral and written communication skills; as well as excellent interpersonal skills.
So, to avoid confusion, they should be able to clearly and quickly interpret the client’s business perspectives. Transparency and clear communication between the consultant and client are what bring them together.
7. How to establish a Mainland or free zone business in Dubai, UAE
Working with Connect Group makes business setup in Dubai quick, affordable, and simple. Hence, you must carefully follow the steps below.
7.1. Choosing your commercial activities
The first step is to determine your company’s activities. While this may appear to be a simple task, it does necessitate some prior knowledge.
The local Department of Economic Development (DED) or municipality specifies all permitted business activities. There are thousands of options, ranging from consulting to trading.
7.2. Choosing a name for your business
When naming your company in the UAE, you must follow a strict set of naming conventions.
In short, avoid using offensive or blasphemous language. Avoid well-known company names and abbreviations if naming your company after yourself; for example, Chris Taylor Consulting rather than C Taylor Consulting. Additionally, you have to ensure that the name you want to use is available for registration.
7.3. Fill out your license application
After the formalities are completed, we will proceed to the most important step of all: applying for your trade license. When forming a company on the mainland or in a free zone, you usually only need to provide a few details and some basic documentation, such as:
- Application form has been completed.
- Owners’ passport (a copy).
- Two passport-size color photos.
7.4. Fill out your visa applications
You will also require a visa to work in the UAE, as will any employees you may have. Again, the most reputable company formation agents will be able to assist you with this step. You can sponsor others for visas as the owner of a UAE business license. This could be a spouse, parent, child, or a domestic worker such as a maid.
7.5. Establishing a corporate bank account
Finally, you need to open a corporate bank account in the UAE. Again, a company formation specialist can handle all applications on your behalf, liaising with relevant authorities. In addition, our banking services will come in handy.
8. How can a business setup company help you?
Hopefully, this guide has demonstrated that, if you have the right information, company formation in the UAE does not have to be difficult. However, it does need some prior knowledge of the process. Furthermore, you can note that the application process is only simple if your license application is complete and error-free at the time you submit it. For this reason, we recommend that you request the services of a specialized agency.
When establishing a new company in the UAE, it is a good idea to work with a company formation specialist such as Connect Group to ensure that this is the case.
Would you like to contact Connect Group to obtain more information about how to select the best business setup company in the UAE? There are many questions, we can answer if you call us at +971 43 316 688. Email us at contact@connectgroup.co. Then, you will talk to one of our agents.
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