The world has spoken, and they’ve chosen Dubai as the second-best destination for start-ups. For people looking to take advantage of the up-and-coming start-up industry in Dubai, we’ve got one piece of advice:
Find yourself an established consulting firm to assist you with the set-up process from start to finish.
Why you need a consultant to guide you through the set-up procedure comes down to one thing, Clarity. A consultant well versed in the setting up and running of businesses in the UAE can ensure that the formation of your start up is done in line with your commercial and financial requirements.
Setting up with bespoke consultants like ACT Pro & Business Services, offers you clarity in 5 key areas. We save you time, money, and ensure that you make an informed decision in establishing the correct entity, meet all the legal compliant requirements while actualizing the vision and model you wish to operate.
1) Clarity in Legal Forms and Licensing:
In Dubai, you need to understand the license, legal forms options available to you and know which box you fit into, further educate yourself on the associated governing bodies along with the exposure and risk associated with each legal form. An ACT advisor will take the time to understand what your core business activity is, and then explain to you in detail the options available so you can make an informed decision.
2) Clarity relating to Costs of Setup:
For anyone looking to set up in Dubai, the first question we are asked is, what are the costs involved in company formation?
There is no simple answer to this question, as the investment to be made towards the set-up is dependent on various factors; your business activity, legal form, type of license and so on. To ensure you save time the more information provided to the consultant including the budget will help narrow the options allowing for a more tailored proposal.
It is to be noted that there are fixed government fees, but they are not specific to activity or legal form and ACT recommends that all costs, fees and government expenses are detailed transparently and that all consultancy or service fees are clearly identified.
3) Clarity in Ownership:
Understand the implications and documentation associated with each available legal form to the activity and company you wish to establish. The consultant can help mitigate risk associated with legal form documentation and provide trusted and established service agents or sponsors.
4) Clarity in Laws and Regulations relating to your Business:
The UAE has strict laws and regulations relating to business activities, hiring capacity of businesses (employment quotas) and the violation of these laws can lead to heavy fines. These issues may only come to your notice after you have set up your company, but your consultant can educate you on the laws that govern your start-up beforehand.
5) Clarity in Work style and Ethics of the Emirates:
A consultant operating in the UAE can give you invaluable advice on how businesses work in the UAE. Although this is outside the scope of work for a set up consultant, we at ACT personally believe in providing entrepreneurs with complete transparency on what to expect during the process of setup and believe in informing you about business conduct and risks involved within the UAE.
As a company that prides itself in our transparent nature, we can assure you that hiring a consultant saves you valuable time and money. A consultant promises smooth transition from incorporation to operations, and support in what can be a crucial step toward actualizing your dream. So, call us now and find out how you can set up your business today!