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A guide to setting up a business and starting your own company in Dubai, UAE by Morison Menon Chartered Accountants
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A guide to setting up a business and starting your own company in Dubai, UAE |
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Business,Investment
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United Arab Emirates, formed by the aggregate of seven Emirates namely Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Umm Al Quwain, Ajman and Fujairah, has now turn out to be a hub for business and startups, with many of the SME’s and entrepreneurs having found new empires in the country.UAE is widely accepted to have one of the most developed economies in the MENA region. Foreign companies seeking Company Set up in Dubai can choose from a variety of options including representative office or a registered company. With Dubai being the largest commercial hub, businesses have vast and widespread growth opportunities in UAE. Dubai is emerging as the region’s best and the world’s popular global business hub. This has allowed Emirates in bidding unique economic opportunities and value prepositions in attracting global entrepreneurs and business leaders for Company Formation in UAE. Besides this, Dubai government has showed strong commitment to free market reserves and fiscal diversification. Today lot of Business entities are either headquartered or having major presence in Dubai, demonstrating the city’s global credibility. Global business entities seeking company set up in Dubai can be benefitted with up-to-date market prospects, better client interactions and can see through any secured transactions and orders, besides better trade relationships. In the light of better investment climate and the enabling business environment, global entrepreneurs are showing much interest in making investments in Dubai. Besides this, the rules and regulations behind company formation in Dubai have been streamlined and simplified over time and are becoming increasingly business friendly. Trade and economic activities are now moving towards sustainable growth on a global basis, and has made a proper destination of choice for investors looking for Company Incorporation in UAE. Department of Economic development remains as a key economic driver which creates an environment for sustainable economic growth and the prosperity of Dubai and UAE in line with Dubai strategic Plan. Company incorporation in Dubai is an easy task, largely on account of the foreign exchange control and the trade barriers. Moreover, Dubai possesses a vibrant and highly efficient economy with zero corporate tax, zero income tax and also zero withholding tax. Regardless of the type of business, it is mandatory to obtain a license for setting up a business presence in Dubai. They are the commercial license covering all kinds of trading activities, professional license covering professions, services, craftsmen and artisans and also the industrial license for establishing industrial or manufacturing activity. All these licenses are issued by the Dubai Economic Development Department, and it is the Commercial Companies Law, which governs the operation of foreign businesses in Dubai. According to the Commercial Companies Law, foreign investors can set up seven categories of business organization in Dubai, namely, the General Partnership Company, the Joint Venture Company, the Public Shareholding Company, the Private Shareholding Company, the Limited Liability Company and also the Partnership in-Commendam. Today, businesses from all over the world are racing to set up a presence in Dubai. If you are a global entrepreneur planning to establish a presence in Dubai, Morison Menon can help you to do better businesses for a better future. For more information, visit http://www.morisonmenon.com
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