WHAT MAKES UAE A PROSPECTIVE BUSINESS DESTINATION?
In today’s developed and globalized world, United Arab Emirates (UAE) has become one of the most developed countries in the world with an efficient infrastructure for various business and commercial activities. It has a large number of expat population from various different corners of the world who have migrated into the country in search of better avenues as well as opportunities in one’s professional career.
Some of the important factors that one needs to consider before establishing a business are as follows
Selection of Business Activity
It is quite important to have a complete knowledge and understanding of the business before aspiring to start a business in the country. The owner must also have a brief knowledge on the feasibility and profitability of the business.
Selection of Jurisdiction
As the UAE is divided into various different economic zones- Mainland, Free zone and Offshore which has different set of laws and procedure for registration of company. The selection of jurisdiction strictly depends on the needs and requirement of business and various commercial activities.
Selection of a Legal Structure/ Business Entity
There are different form of legal structure that are permissible for registering a company in UAE. The selection of legal structure or business entity has to be selected in accordance with the present day standard.
There are certain criteria that must be fulfilled before starting a business in United Arab Emirates (UAE). Some of them are as follows
Selection of Unique Company Name
A unique company name helps in increasing the brand value of the organization and helps in building an exclusive identity.
Application for Trade License
A suitable Trade License has to be procured depending upon the business of the organization
Getting External Approvals
It is quite important in availing external approvals from various agencies before registering the company.
Drafting of Memorandum of Association
It is an important procedure that is important for registration of the firm and ensures smooth operation of business without any issues.