Foreign investors are flocking to Dubai to set up new businesses in 2024, lured by reasons such as Golden Visas, 100% foreign ownership, excellent infrastructure, ease of doing business etc. Moreover, the process of company formation in Dubai involves simple steps and procedures.
The process can be further simplified by applying for a license through business setup consultants in Dubai. This blog lists the top reasons why you should set up a company in Dubai in 2024:
100% ownership of companies
Before 2022, the process of company formation in the UAE mainland had one major drawback compared to a free zone business set-up. Foreigners were not granted 100% ownership in UAE mainland companies. They were required to partner with a local sponsor (UAE national) to open companies in the country’s mainland area.
However, the government removed this requirement by issuing the Commercial Companies Law in 2020. Nowadays, any foreigner can open a business in Dubai without partnering with a UAE national. The removal of the local partner requirement has increased the inflow of foreign direct investment into the UAE.
Free zones for COmpany Setup
Foreigners can set up a company in any of the free zones in Dubai. There are more than 40 free zones in Dubai that allow you to set up a company with 100% ownership. The free zones provide relaxed rules for business setup in the UAE, compared to a mainland license. Moreover, free zone companies that meet specific conditions can elect for 0% corporate tax rate in the UAE.
2,000 economic activities
Foreigners have the opportunity to choose from around 2000 business activities in Dubai. Some of the lucrative business opportunities in the UAE include trading, agriculture, services, education, health, construction, e-commerce etc. Business setup advisers can help you select the right economic activity.
Legal Forms of Companies
You can set up a business in Dubai in any of the permitted legal structures. Some of the permitted legal structures in Dubai include public joint stock companies, private joint stock companies, limited liability companies (LLC), civil companies, sole proprietorships etc.
Choosing the wrong legal structure may derail your business operation in the UAE. It is advisable to consult with company setup consultants in Dubai before selecting the legal form of your company.
Golden residency for investors
Investors can ensure long-term residency in the UAE by applying for Golden Visas. The UAE Golden Visa allows investors meeting certain conditions to stay in the UAE for 10 years. The Golden Visa holders can renew their residency every 10 years.
The Golden Visa also allows the holders to sponsor their spouse, children and domestic workers for 10 years. Business setup specialists in Dubai can get you a Golden Visa in easy steps.
Hire the Top Business Setup Consultants in Dubai
Hiring the leading business setup advisers in Dubai is the best way to remove the complexities of company formation. They know the local market and the local laws better than you. Their expertise will save you the time and cost of opening a new company in Dubai.
Leading business setup experts in Dubai such as Jitendra Business Consultants (JBC) are well-versed in the UAE immigration laws and labour laws. We can guide you on how to apply for a business license in Dubai. JBC can also help you with residency visas and the UAE Golden Visas. Call us today to make the company formation process hassle-free.
