Four essential services you should look for while opening a new business in Dubai
Dubai accomplished that their economy was too reliant on oil. So they transformed itself into a diversified destination for business owners and entrepreneurs. With its prominent as one of the most fruitful MENA members, Dubai has made a name for itself as a premier venture destination in the world. Big organizations and startups see Dubai as their next growth destination and set up business here.
Benefits of commencing business in Dubai
There are lots of reasons why thousands of entrepreneurs form their business in Dubai. Following are the benefits why many business people set up their company in Dubai:
Low tax
The UAE still owns zero tax on both personal and corporate incomes. The only significant burden to be aware of here in the Emirates is VAT introduced in January 2018, which holds at a flat 5%.
Vibrant economy
The Emirates is home to the second largest economy in the Arab world, with a GDP of about AED 692bn, behind only Saudi Arabia. It is just as different as it is large, with various industries from healthcare and hospitality to technology and trade in the ascendancy of the world.
The high quality of life
The UAE was placed 23rd in the 2017 Best Countries Index, only lightly behind Spain and Ireland and ahead of Portugal and Greece, among others.
Startup support
The UAE is placing too many startups and funding actions intended to stimulate business expansion. Many providers help UAE companies finance projects and offer expert guidance and support to turn business ideas into reality.
Following are the four essential services you should look for while opening a new business in Dubai
A Market & Financial Feasibility Study includes an in-depth overview of the economy, market, consumer and investments. The professional’s study market trends and growth projections. Also, escort thorough research and measure financial ridges to market and economic viability of the investment.
Market & Financial Feasibility Study demands 4 – 6 weeks to achieve depending on the complexity of the topic. The actual cost of a Market & Financial Feasibility Study in Dubai differs as per the number of consulting hours and nature of fieldwork.
Companies in UAE require a Government Liaison Officer also know as PRO for document clearing services. PRO services include immigration formalities, business licenses, passport clearance, etc. Setting up a company involves legal procedures as per the Department of Economic Development, Ministry of Labour, the Dubai Immigration and other public departments.
Benefits of PRO Services
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- Ease of transactions
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With PRO services you get a knowledgeable partner who ensures that there are no fines of delays. Your dedicated account managers who provide hassle-free transactions and renewal reminders for all licenses and certificates in Dubai
Complying with legal requirements on a timely basis reduces the risk of unnecessary fines or setbacks for business.
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- Time-Saving
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Legal compliances and activities consume a substantial time. A PRO agency or service provider can do such tasks for a company without any room for errors.
The international and modern day culture offered by Dubai is a fundamental tendency for expats who are wishing to form a company in Dubai. With real government, backing and investors’ money is secured in the form of an investment asset. It provides a high degree of safety and security for investors. The dynamic target of growing the number of tourists from 10 million (2012) to 20 million by 2020 also signals endless business opportunities available for those who are looking to build their ventures here.
Value Added Tax or VAT is a levied on goods and service consumption at each point of sale. The VAT is an indirect tax and used in more than 180 countries around the world. End consumer pays the VAT. Businesses collect and account the charge on behalf of the government.
As introduced at the beginning of 2018, VAT is charged at 5% of the ultimate price. VAT appeals to the majority of businesses in goods and services. It is necessary to demonstrate the VAT charges on each purchase for a consumer to take the final decision. Companies will be responsible for documenting their business income, costs and VAT entries. Registered companies and traders charge VAT to their clients at the 5% rate and contract VAT on goods and services they buy.
