This article highlights the reasons why many business entrepreneurs and individuals are moving back to the UAE from other countries. 

UAE has a diverse business ecosystem with super-efficient government, business-friendly policies, top-notch public safety, a luxurious lifestyle, and more. It is a hub for business professionals, millionaires, job seekers, and more. 

Why Choose UAE for Reverse Migration?

Lately, UAE is receiving back many of its previous residents who have moved to Canada, the US, and other countries for different reasons. Many of them are returning to the UAE to make it their permanent home. There are many reasons for the reverse migration. 

The most important reasons are the high taxes, rising prices of commodities, rent, property prices, and dwindling business opportunities. UAE’s business landscape is very mature now with almost 45 plus Free Trade Zones and the Department of Economy of the seven Emirates supporting the business growth. 

Also, there are numerous reasons why UAE is the perfect choice for business professionals and individuals who are seeking greener pastures for them to settle down with long-term goals.

The growing business opportunities, technology adoption, large addressable audience, business-friendly policies, Free Trade Zones, Golden Visas, easy property purchase, favorable taxation policies, and more. 

Common Reasons for Reverse Migration from Canada, the UK, and the US

The higher taxation rates are the major factor that is making the residents in Canada, the UK, etc., move to the UAE. Furthermore, the cost of living, rent expenses, cost of purchasing a property, good health care access, etc., are a few more reasons to look for a haven for many business professionals and entrepreneurs. 

Additionally, the long winters and lack of business opportunities to expand are another major concern. The addressable market in developed countries such as Canada, the US, UK are becoming more price-conscious. Also, the consumer market is being hit hard by inflation. 

Furthermore, job opportunities are also becoming stagnant, and the government is finding it challenging to manage the large influx of migrants through various pathways. Educational institutions are also experiencing a downfall due to a lack of job opportunities for graduates.

Why are previous UAE Residents Returning?

Expats from India, Pakistan, and other South Asian Countries come to the UAE for short-term work on work visas. They mostly come and work for a period of 2 to 5 years for a company and return to their home country or migrate to countries such as Canada, the UK, etc. 

These expats who were once residents of the UAE are now considering coming back to the UAE to settle down here. It is due to the growing business opportunities in UAE and Asian Countries. Dubai real estate is growing at a fast pace and there is an enormous growth opportunity for real estate in the UAE. The country can expand to the sea and the desert. 

So, expats and nationals living in countries such as Canada, the UK, and the US are investing heavily in properties in the UAE. They can benefit from the rental income and as well enjoy the numerous lifestyle options, business reach, and social life in the country.

Additionally, the residents living in Canada pay almost 40-50% of their income as taxes. On top of that, the lifestyle is simple, and day-to-day expenses are very high. On the contrary, in the UAE, there is no personal income tax.

Also, the lifestyle and accessible services in UAE are top-class. Public transport, public safety, e-Governance, digital banking, and more. 

A millionaire’s paradise – United Arab Emirates 

UAE has become the favorite investment destination for all from around the world. More than 1,500 millionaires have moved from the UK to Dubai in the past decade, and the numbers are just going to increase in the coming years.

Dubai, UAE continues to maintain its appeal as an attractive destination for the wealthy. British billionaires may be attracted to the UAE because of financial services, healthcare, oil and gas, real estate, technology, etc. 

Travel and tourism are very strong sectors that attract foreigners to the UAE. Along with that, the economic diversity of the region makes it a perfect choice for entrepreneurs. The Financial District in Dubai (DIFC), the Dubai Multi Commodities Centre (DMCC), the Dubai Airport Free Zone (DAFZA), etc., are world-class Free Trade Zones for entrepreneurs to easily launch and expand their businesses in the UAE. 

Additionally, the UAE has some of the most competitive tax rates in the world, along with Bermuda and Monaco. “The UAE has a world-class healthcare system and many expats choose to receive treatment there.” It is a safe place with a low crime rate and beautiful beaches.

Business Implication for UAE from Reverse Migration

There are many business benefits for the UAE from the Reverse Migration of its previous residents. It will contribute positively to the growth of the economy. There will be more real estate investments and new business registrations in the UAE.

The entrepreneurs and their families will settle in the UAE, they will enroll in the schools and universities in UAE. They will experience the vibrant city lifestyle of Dubai and natural locations of Ras Al Khaimah and more. 

Additionally, for expats from Asia, the UAE is always close to their hearts as it is a shorter flight to see their loved ones back home in India, Pakistan, etc. So, these expats will purchase property in the UAE and bring in their loved ones, they will travel to their home country together, etc.

Furthermore, the new company registrations from residents from Canada, the UK, and the US will boost the overall business landscape of the UAE.

Expert Business Consultants such as AURION will coordinate the complete process of company formation, visa application, emirates ID application, bank account opening, and more. Connect with our expert Business Consultants right away! 

The post Reverse migration from the UK, US, and Canada to the UAE – What to Know? appeared first on AURION.

Also, Beauty Salons are becoming increasingly popular because in the business and work front; grooming is an important aspect.

As physical meetings are still preferred by many of the business personnel in the country, Beauty salons in the UAE are most preferred by residents in the region. This article highlights the steps to get a Beauty Salon Business License in UAE.

Even though the digital infrastructure is very advanced, physical meetings are a part of the UAE culture as well. So creating a first impression is very essential to pitching a deal on the business side. 

Similarly, during job interviews, work-related meetings, meetings with Government officials or other delegates, public functions, trade shows, etc., to create an impression, physical grooming is a crucial aspect in the region. Hence, there is immense potential for a Salon business to prosper in the country.

Additionally, the growing younger population is constantly in the process of meeting people to pitch ideas, close deals, and attend job interviews and other meetings. So, for them to groom and look good, they rely on the salons near their residence.

Opening a Beauty Salon Business in UAE – Things to Know

There are a few things the salon owner must keep in mind before opening a Beauty Salon Business in the UAE. The most important aspect is the location of the salon. It must located in a busy residential area which has a fair footfall and ideally lesser competition around. 

Furthermore, the target audience is another crucial element. Which gender to cater for – Gents Ladies, or Unisex saloons?  Also, what are services to cover? These parameters will differentiate the salon from its competitors.

There are various specialized services that a Salon offers ranging from hair styling, personal grooming, facials, pedicure, manicure, and more. To stand out from the competition, differentiation is a vital component.

The Salon must adapt to the latest trends in the fashion world as well as meet the requirements of the customers. Additionally, on the business front, the salon owner must consider the rent – one of the major expenses.

Then comes furnishing of the saloon interiors, the equipment and accessories, marketing costs, etc., which adds up to expenses to set up a Salon business in UAE. 

Steps involved in opening a Salon Business in UAE

There are various steps involved in opening a Salon Business in the UAE. To start with it is deciding on the business jurisdiction. A Beauty Salon business can be open ideally on the mainland of UAE and an area where the maximum population resides.

A Free Zone is not an ideal choice for a salon, however, if any import-export operations are required, having a Free Zone is a good option. Import Export of private labels of shampoos, soaps, and accessories under the tradename. However, a separate trade license is required for the same. 

1. Choosing a Tradename

Choosing a Tradename is an important step in the opening of a beauty salon business in UAE. The tradename can be trademark registered in the future to maintain brand identity and credibility. The Tradename will appear in the Trade License of the salon in UAE.

So, after confirming the Tradename, select the business activities related to salon and personal care to include in the Trade License. Salon business falls under the services license category in the UAE. After finalizing the business activities and Tradename, apply for initial approval from the respective Economic Department of the Emirate. 

2. Taking a Retail Space 

Furthermore, taking a retail space is essential for the salon business. Also, furnishing the interiors and getting the required supplies for providing haircutting and other related personal grooming services. Hence, the owner must prepare a tenancy contract for their shop. 

Aurion will provide the necessary assistance to the salon owner to get the shop of his desire at the lowest cost and with reduced paperwork. Once the tenancy agreement is in place, submit the tenancy agreement and other shareholder details to the Department of Economic Development of the specific Emirates.

There will be an inspection from the municipality and respective departments to ensure all safety features of the premises are in place.

3. Obtaining the Salon Business License 

After the inspection, the municipality will provide a clearance certification to the Economic Department. Also, all other details regarding the shareholder must be submitted to the DED for review. 

Upon making the fee payment, the Department of Economic Development will review the documents and approvals and will issue the trade license for the salon owner. Now, the salon owner can legally start their business operation in the region.

Business Scope for a Salon in Dubai

In Dubai, there is an immense opportunity for opening a Salon. There are various categories of Salons in Dubai. It ranges from small salons to franchises, to large boutique salons Also, it caters to a diverse audience base. 

There are always large business events, trade shows, weddings, parties, award shows, etc, and the attendees to look good will be visiting the salons and boutiques. Hence, there is a growing requirement for a salon business in the region.

There are several requirements that the salon owner must keep in mind when they take the retail space. A few of the mandatory installations for the salon premises are the following

• Signboard with the trade name 
• Ample lighting, hygienic seating layout, open layout with privacy walls
• Multi-purpose washbasin for hair cleansing, facial treatments, etc.
• Fire insulation and proofing for areas prone to fire disaster
• Electric geysers and storage units to keep electrical gadgets and other types of equipment
• Chair, other furniture, accessories, and supplies 

There is municipality approval required for salon businesses before they start business operations. The authorities will inspect to ensure the safety and other installations and in place the right way.

Aurion will help in setting up the Beauty Salon Business in Dubai in the most cost-effective way. Connect with our expert team of Business Consultants right away!

The post How to get a Beauty Salon Business License in UAE? appeared first on AURION.

They handle all the unique needs and tailor the services accordingly to the interests of the family office. This article highlights the scope of a family office. Also, it covers the steps in setting up a family office in Dubai. Family offices in Dubai will help business owners to manage their wealth in a more specific way.

What is a Family Office?

Family Offices are private firms that manage the wealth of High Net Worth (HNW) Individuals and Ultra-High Net Worth (UHNW) Individuals from around the world. Family Offices in the UAE a separate Companies or an entity. The Free Zones or Offshore jurisdictions in UAE provide the business support to set up a Family Office.

Dubai is a major investment destination for global businessmen. The City is a primary choice for Ultra High Net Worth Individuals to start their family offices to effectively manage their wealth. There are numerous advantages in setting up a Family Office in Dubai.

Why Choose Dubai for Setting up a Family Office?

Affluent families or individuals have their family offices in Dubai to manage their wealth efficiently. These family offices provide comprehensive services including investment management, financial planning, real estate planning, philanthropy, administration, and more.

The administrative and business support services of the Family Office will be to fulfil the business requirements and wealth management needs of large families or high net-worth individuals.

Steps to Setup a Family Office – Things to Consider

There are a few things to consider before setting up a Family Office in Dubai. The business investor or the family must be well aware of the types of family offices, how to structure the entity, rules and regulations to follow, future plans, and more.

So, the business owner and other stakeholders in the Family Office must conduct a meeting and understand the key steps involved in setting up a Family Office in Dubai. Following are a few of the key things to consider before setting up the Family Office in Dubai.

1. Assessing the Family’s Needs

The family’s financial requirements, goals, risk tolerance, succession planning, etc., are important aspects to consider. Having an effective wealth management strategy will help in achieving success for a family office.

Additionally, a clear understanding of the financial resources, operational expenses, other hidden costs, etc., is a requirement. The Family Office must ensure they have enough funds and resources in hand to sustain the office over the long run.

2. Structuring the Entity

There are two ways to set up a Family Office in Dubai. First is setting up a single-family office (SFO), which caters exclusively to one family, or a multi-family office (MFO), which serves multiple families.

The decision depends on factors such as the size of the family’s wealth, the complexity of financial affairs, and the desire for privacy.

The owner can register the Family Office as a normal Company (FZE or FZC) in any of the Free Zones in UAE. The steps in setting up a Family Office is similar to that of any other normal company.

Setting up a Family Office in UAE Free Zones

Register the Company in any of the Free Zone in UAE by getting a Trade Name (Family Name) approval, and deciding on the shareholder pattern (Single Owner or Multiple Owners).

Also, provide the supporting documents (passport copy and photo of shareholders) to the Free Zone authority, choose the family office as business activity (for managing the wealth of the family business), and make the payment.

The Free Zone authority will verify the documents, and the Family Office Business License will be issued by the respective Free Zone Authority.

There are various aspects in a Family Business such as financial transactions, the scale of the wealth accumulation, family members, diversity in the business, etc., that determine the company structure. Also, a single family may have multiple sub-family businesses.

In such cases, the business owner can choose a Multi-Family Office for managing more than one family’s asset.

3. Legal and Regulatory Compliance:

The Family Office in Dubai must adhere to the Free Zone regulations and also the Central Bank of UAE compliance for wealth management. They must ensure that licensing requirements, tax planning, and other compliance with regulatory frameworks are in place.

Similarly, the Family Office must conduct frequent training and educational sessions for its members on the changing regulatory rules and tax laws. Thereby enhancing operational efficiency and remaining educated on the changing industry trends and best practices.

4. Building a Team

A skilled team is the success of a family office. Talents in specific fields of investment, tax planning, legal services, administration, real estate, trust management, etc., support the Family Office. The team will work to fulfil the business goals of the family office.

5. Implementing Technology

Having robust technology and systems to report financial activities, risk management and perform portfolio management is essential in a Family Office. To achieve operational efficiency, the team must leverage technology.

It also helps in performance tracking and enables family offices to make informed decisions and adapt to changing market conditions.

6. Establishing Governance Structures:

The Family Office must prepare a robust Governance System to manage its diverse portfolio. Having a clear Governance Structure helps in maintaining family harmony. Also, it will help in effective decision-making and establish policies, procedures, etc., for enhancing transparency.

Also, having a Governance System will help in promoting transparency and accountability in the family. It helps in the long-term success of the family office.

Also, establishing a family office is a significant undertaking that requires a long-term perspective. Families should have a clear vision for the future and a commitment to preserving and growing their wealth over multiple generations.

Types of Family Offices in Dubai

In Dubai, family offices vary in structure and scope, catering to the diverse needs of affluent families. Some common types of family offices include:

1. Single-Family Offices (SFOs)

SFOs are dedicated to serving the needs of a single family, offering personalized wealth management solutions tailored to their specific requirements. These offices provide maximum privacy and customization, allowing families to maintain full control over their assets and investment decisions.

2. Multi-Family Offices (MFOs):

MFOs serve multiple families, pooling their resources to access a broader range of investment opportunities and shared services. These offices offer cost-effective solutions and economies of scale, making them an attractive option for smaller families or those seeking to diversify their investments.

3. Virtual Family Offices:

Virtual family offices provide remote wealth management services, leveraging technology to connect with clients worldwide. These offices offer flexibility and convenience, allowing families to access comprehensive wealth management solutions from anywhere in the world.

Where to set up a single-family office in UAE?

There are few Free Zones in UAE where a Single Family Office in UAE can be set up. The DIFC Free Zone, DMCC, and Dubai World Trade Center, ADGM, are a few Free Zones that offer the License for a Family office in the UAE.

Free Zones in the UAE offer the business infrastructure to set up Family Offices. It can be registered as a Free Zone Establishment or Company. The Single Family Office can also be set up as an Offshore entity.

To know more about setting up a family office in Dubai, connect with our expert Business Consultants right away!

The post How to Setup a Family Office in Dubai? appeared first on AURION.

The world around them is changing constantly and businesses are adapting by launching new business ideas that are profitable in the market. Industry sectors such as Tourism, Hospitality, Event Management, etc., are ideal sectors to start a company in Dubai.

To cope with the fast pace world business owners must look at innovative ideas to achieve sustainability. There are a few key areas the organizations must focus on for realizing their business ideas profitably.

New Business Ideas in Dubai for Starting a Company

In industry sectors such as hospitality, tourism, food & beverage sectors, investors must look at new business ideas for starting a company. It will help them be unique from the competitors and other players in the market.

This article covers the important business sectors and new business ideas for starting a company in detail. While choosing new business ideas for starting a company, the entrepreneur must focus on business ideas that will help in overall productivity and betterment such as:

• Faster recovery of revenue
• Easy Re-building of business operations
• Flexibility in changing the current business model, and
• Adapting to digital technology seamlessly.

Presently, organizations across various sectors see a drastic shift in their fundamental business operations. For example, tourism, hospitality, travel companies, real estate, and shipping, were a few strategic sectors that had felt the impact hard during the pandemic.

Hence, Investor in these sectors must re-strategize their current business operations and bring in new business ideas to start a new business. They must become more become leaner and innovate the way they conduct business to reach out to more customers effectively at a lower cost.

Business Ideas and Technology Adoption in UAE

New business ideas for starting a business in 2023 must-have technology adoption as a key focus area. For example, the Services Industry must look at ways to migrate to 100% online services. They can offer online consulting, online payment systems, online service delivery, etc.

Similarly, companies must leverage technology to connect with clients and meet their demands. IT & Consultancies can use technology to remotely reach out to their clients. The new company must have a business idea that will easily help gain more customers and business growth.

In UAE, presently, the following technologies are put to use as part of new business ideas.

• Remote Networking,
• Screen sharing,
• API integration
• File Sharing,
• Website & App Development,
• Software development,
• login accounts, etc.

Similarly, trading companies can restructure their supply chain and distribution network. Finding alternate markets and local distribution networks could help them get short-term gains.

7 Top Business Ideas in Dubai for Starting a Company with low investment

The following key sectors in the UAE are ideal for applying business ideas to start a business in 2023 with a low investment. The companies are anticipating growth and demand in the coming months and are reviving from the slowdown caused by the Pandemic. The following are the 7 business ideas in Dubai that investors can easily setup with low investment:

1. Domestic and International Tourism

Companies in the domestic and international tourism sectors will have to enhance their capacity to welcome the visitors to UAE. There are new business ideas in Dubai for starting a local tour company.

Local tours are going to become a popular choice for many travellers. Hence, the tour operator can launch special offers and packages promoting local tourism.

Similarly, international travel is opening up completely. So, entrepreneurs in the tourism sector can launch interesting tour programs to new destinations for the travellers.

2. Hospitality Sector

The hotels in UAE are all ready to welcome guests year-round. Most hotels have increased their beds, rooms, and amenities to accommodate the increasing flow of tourists.

Hotels in UAE introduce innovative business ideas to gain more bookings like event sponsorships, travel discounts, and more.

The hotels in Dubai will witness a high booking rate during the six months from October to March due to the winter climate. Many hotels are adding up the infrastructure to support the requirements of the tourists.

3. Food and Beverages

The food and beverage sector in Dubai will witness the largest demand ever from the world-class event. There will be a constant requirement for food and drink at various events happening during the winter months in UAE.

Also, the visitors will be heading to Dubai and other emirates to experience the diverse cuisines and restaurant formats ranging from five stars resorts to food trucks.

New business ideas in Dubai such as conducting corporate events, clubbing events, etc., will attract a diverse crowd. It will help in boosting the Food and Beverage sector in UAE.

4. Events and Entertainment

There will be a refresh to the event and entertainment sectors with live music, dance, and other entertainment programs around the clock.

New business ideas in Dubai pertaining to the events & entertainment industry such as live performance, special screening, laser & light show, etc, will invite a new audience to the shows and helps the show to be profitable.

The events sector will be in high demand for about 6 months when everyone can go out without the extreme heat. Also, the visitors will be eager to watch what UAE has in store for them.

Hence live and virtual entertainment and event industry will see an increase in books during the last quarter of the year. Metaverse, in entertainment and event sector, is going to be a next big thing.

In Dubai, UAE there are already Metaverse Service Licenses available for businesses to opt from DMCC Free Zone. There is scope for various events and entertainment aspects in the Metaverse space that will become a reality in the future.

5. Small and Medium Enterprises

The new brand registration and company formations are on the rise in anticipation to contribute significantly due to year-ending offers.

The companies are expanding to new markets and geographies to grow their business. The growing business infrastructure in UAE and the brand’s expansion mode are ready to cater to the winter month requirements.

The various trade shows, business events, etc., conducted in Dubai are perfect avenues for small and medium companies to network. They can attend events in UAE to build a relationship with clients and customers around the world.

6. Real Estate

The real estate sector in UAE will witness a growing demand from international visitors. The ultra-luxury real estate in Palm Jumeirah will have more international buyers intending to get a plot or piece of luxury apartment for them.

Even moving down to the mid-range and affordable properties in UAE will have a high rental yield. As, there is market confidence in UAE post the pandemic to be a safe place to live, work and settle.

Hence, the real estate market is a sector that will grow significantly over the coming years due to the demand from foreign investors who wish to settle, work and live in UAE.

7. Cleaning Services & Engineering-MEP Works

The engineering, mechanical, electrical, plumbing works, and cleaning services are always in growth mode. It is driven by the rise in demand for construction projects in the country.

As more visitors, job seekers, and investors settle in UAE, and businesses expand to new office spaces, there will be a growing requirement for cleaning services & MEP works.

Growing Start-up Opportunities in Dubai

Here are a few Free Zones that support the startup opportunities in Dubai and UAE as a whole. The Free Zones play a vital part in providing business support and facilities for a start-up to grow seamlessly.

Investors can set up a startup company in Dubai or any Free Zones in UAE through the available low-cost company package. They can easily turn their business idea into reality by opening a company in the UAE Free Zones at minimal company setup cost.

1. Dubai Technology and Entrepreneur Centre

The Dubai Technology and Entrepreneur Centre offers a range of attractive business setup options for start-ups and entrepreneurs.

The start-up ecosystem offered by DTEC is beneficial for new entrepreneurs to easily test and launch their products and services in UAE.

There are a series of incubators and business investors in the start field to power innovation and speed up the new technology adoption in the region.

To know more about it, visit DTEC Dubai.

2. Dubai Silicon Oasis – IFZA Dubai

IFZA Dubai offers low-cost business setup packages for investors in Dubai. IFZA has a wide range of business activities that the entrepreneur can choose from for setting up a company.

From the shared desk to the executive office, IFZA has customized office solutions for all categories of business investors.

The 100% foreign ownership, Full Profit Repatriation, Easy business setup, etc., make the Free Zone a favorite choice for business investors.

3. Sharjah Media City (SHAMS)

Sharjah Media City is one of the most competitive Free Zone in UAE.  SHAMS is located at a strategic location close to the Sharjah International Airport and is well connected by roads to Dubai and the neighbouring emirates of UAE.

The Free Zone offers attractive Multi-Year License Packages for business investors. It also offers a special media license for Freelancers in the field of marketing, art, media, creativity, and many more.

The wide range of business licenses and activities offered by the Free Zone makes it a perfect choice for all types of investors. From general trading licenses to media licenses, there are diverse companies registered in SHAMS.

Business Ideas and Starting a Business in Dubai

There are multiple business ideas for investors to start a business in Dubai. The Free Zones, Dubai Economy, and other infrastructure support, etc., provide the perfect platform for starting a business in UAE.

There are a lot of options for setting up a company in UAE. This is where expert Business Consultants like AURION will be of great help. Our team of experts will guide you to the right Free Zone by analyzing your exact business requirements

Contact Us: Aurion Business Consultants

The post Business Ideas for Starting a Company in Dubai with low investment [2023 Guide] appeared first on AURION.

Starting a Company in UAE is a prospective business investment for investors. The Country has a stable government, top-class infrastructure, and favorable taxation policies. Additionally, the Free Zone infrastructure, improved lifestyle, and security make it investor-friendly.

Step by step procedures to start a Company in UAE Free Trade Zones

The Free Trade Zones play a vital role in supporting foreign investors with their business requirements. There are more than 45 Free Trade Zones in UAE. Often, it is a challenge for investors to choose the right one for their business.

AURION will assist the investors with the right Free Zone and company formation package. Here are a few tips for foreign investors to start a company in UAE in the most comfortable way. Starting a company in UAE is best conducted through a Business Consultant like AURION.

The team will handle all the specific tasks related to company formation. subsequently, the Agents will register the company in the desired business jurisdiction in UAE. However, there are certain parameters the investor must consider while starting a company in UAE and they are the following.

1. Choose the Right Free Trade Zone

Select the Free Zone depending on the nature of the business activity. Businesses involved in global trading operations would be ideally located in a Free Zone that is close to the Airport or Seaport. It will help in easy transfer of goods.

Similarly, for an IT Consultancy, being in a Free Zone Community with startups and IT companies is an ideal choice. It helps to easily grow the business through networking and collaboration.

Also, there are multiple factors involved in choosing the Free Zones. It could be the location of the Free Zone, budget constraints, office space facilities, availability of desired business activity, etc.

2. Select the Right Business Activity

Selecting the right business activity for the trade license is an important step in starting a company in UAE. Business activities selected are listed in the Trade License of the company.

The company is legally entitled to conduct trade as per the selected business activities. Hence, the company owners must choose the business activities based on their exact requirements. it will avoid the occurrence of any challenges at a later stage.

Depending on the various business operations indulged by the entrepreneur, they must choose the right business activities for the company. Aurion will assist in selecting the required business activities based on the entrepreneur business category.

3. Obtain Special Clearance ( if any)

For certain business activities, there is a requirement for special clearance from the authorities. They are mainly, from the Free Zone Authority, Municipality, and the specific Government Department.

The investors must be aware of the business activities that require additional approvals. AURION will assist in obtaining the special approvals from the required authorities.

Special Approvals for certain businesses are mandatory to process the trade license in UAE. It will help in the smooth functioning of the business at a later stage.

4. Take an Office Space

Taking an office space along with the trade license is beneficial for the investor for many reasons. The opening of a corporate bank account in the UAE will be easy. Having a physical office space and tenancy contract ready will be an add-on for quick KYC clearance for banks.

Also, having an office space will add up to the credibility. Additionally, it enables to hire more staff and operate the business efficiently from the selected Free Zones. The Free Zones have a wide variety of office spaces in varying sizes.

Warehouses are available for investors to choose from depending on their business requirements. The investors can lease the right office space and warehouse facility at affordable rates in UAE.  It varies based on the budget, requirement, nature of the business activities, etc.

5. Get all the Company Documents

Ensure all the process of setting up a company is followed the right way. Deliver the company documents to the investors soon after the issuance of the Trade License.  It includes – Trade License, Memorandum of Association, Company Stamp, and Special Clearances (if any) 

Our dedicated PRO Agents will ensure the investors receive all the company documents at the earliest. It will enable them to start operating the business legally in UAE immediately.

Company Documents are important for the smooth functioning of the business. In many instances, the Investors will require to produce them in front of various Government Authorities, suppliers, business partners, etc.

6. Apply for UAE Residence Visa & Corporate Bank Account

Once the investor receives the Trade License, they can proceed to apply for the UAE Residence visa for themselves under the company.

They are also eligible for sponsoring dependents and staff depending on the visa quota available for the company. The investors can also open a corporate bank account in UAE for the company with the obtained company documents.

In conclusion, there are a few essential components to consider while setting up a company in the UAE for entrepreneurs. There are numerous choices available for setting up a company in UAE. Hence, investors must make informed decisions by consulting with an expert Business Consultant for choosing the right option for their company.

To know more about register a company in UAE from India or setup a company for UK Citizens, talk to our expert Business Consultants right away!

Contact Us: Aurion Business Consultants

The post How to Start a Company in UAE? appeared first on AURION.

Hence, gold trading as a whole in UAE is a prospective business establishment with many key players already operating in the region. With the DMCC Free Zone, Gold Trading has evolved from tangible Gold Bar trading and Jewelry to digital Gold.

Import Gold from Ghana to UAE

Commodities Trading in Gold is a lucrative business for investors. Raw Gold of any purity or bullion (over 99.5% purity) makes entry into UAE. Gold Bars, nuggets, or gold dust are not acceptable in Dubai Customs.

All the legal documentation, together with the Certificate of Origin and Proof of Taxes paid are to be submitted for customs clearance in UAE.

As the gold reaches the UAE, the registered Gold Traders will get it cleared through Customs. The Gold Trader has partnerships with internationally accepted Security Transport companies and also warehouse companies to store Gold and Precious metals.

Scope of Transport Security Companies in Gold Import in UAE

There are many global security companies such as Trans Guard, Brinks, G4S, etc. These Security Transport Companies will move the Gold to the Nominated Refineries in UAE.

There are about 14 Gold Refineries in UAE that provide fine gold to their sellers for distributing it to the buyers who will be transforming it to jewelry for retail and other commercial uses.

Gold Purchase Procedures in UAE for a Gold Trading Company

Knowing your Client is an important aspect of the Gold Trading business. As it is a high-net-worth business, the channels of operations must be clear and free from any suspicion. Hence, the Know-your-Client form is a vital component to start with and collect all the required documents and Agreements stating the quantity, purity information, initial base price, etc.

Steps Involved in Export Gold from Ghana to UAE?

Following are the steps in registering the seller and buyer by the gold trading company

• The Miner from Africa must prepare the corporate offer for the buyer or the gold trading company in UAE.
• The buyer reviews and both parties agree on principle, & sign the KYC form.
• The seller must send all the credentials, and proof of fund documents, to the buyer for review. All the due diligence is to be conducted by the buyer and seller, and vice versa to avoid getting into any scam.
• The Seller must pay all the export document processing fees, required taxes, duties, freight & Insurance cost, and other expenses related to the delivery of the Gold Bars to the Designated International Airport.
• The buyer must be notified at least 3 days before the date of transport with all the details of the shipment. Failure to update will cause delays in customs clearance, and reaching the Buyer on time.
• As the Consignment reaches the buyer’s Designated Airport, either the Buyer or the authorized Security Transport division of Brinks, Trans guard, G4S, must receive the shipment and transport it to the specific Refinery assigned by the buyer to initiate the refining or processing of the Gold Bars.
• The Buyer will pay for the Customs Clearance, Security Transport, Storage, and refining process and reduce these expenses from the final price paid to the seller.
• Also, weighing and sealing of refined gold is a crucial process and must be going through a strict compliance process as per the guidelines of the Security Industry Regulatory Agency (SIRA) and Dubai Multi-Commodities Centre (DMCC) Regulations.
• There should not be any tampering with the Boxes of Gold after the refining and weighting process. The Seller cannot touch the gold during this stage. The seller can oversee the process of weighting and refining process with special permission from the refining unit.

After all the processes, the final Commercial Invoice will be generated by the Seller. The buyer accepts the order and signs the document in the presence of the buyer’s banker.

The invoice amount will be transferred within 3 working days and the ownership changes to the buyer after this stage.

Documentation Requirements for Importing Gold from Ghana, Africa

• Delivery documents as per Sales & Purchase Agreement (SPA) – Shipment Contract Number, copies of the document for Customs Clearances
• Original Performa Commercial Invoice in favor of the buyer.
• Certificate of Origin and Certificate of Circulation of Merchandise
• Original Bill of Lading/ Bill of Entry (BOE)/ Customs Declaration Form
• Mark the Shipment as “believed to contain gold” and Custom Code for Raw Gold Ingot form is 71081210. Also, mark the Air Way Bill as “Air Freight Pre-Paid” and show the Gross & Net Weight of the shipment.

For Customs Clearance and transfer of payments, the above-listed documents need to be in place. For the Refinery to accept the shipment, Banks, and Government Authorities to process the clearance faster, a few additional documents will be handy for the seller to avoid any delays.

Additional Documents Required for Government Authorities

• Inventory of Good Report – Packing List with a gross and net weight of gold content. Net weight of each Raw Gold bar, number of Gold Bars per box serial numbers of packing boxes
• Insurance Certificate – Export License & Permit from Customs Certificate of Ownership stating that seller is the lawful owner of goods
• Title of Exportation and Declaration – Seller/Supplier/Owner stating that payments of all duties, charges, taxes to relevant authorities at the origin.
• The Gold Bars are of non-criminal origin and can be imported legally to UAE and other countries.
• Shipping Approval Certificate
• Any additional documentation requested by the Customs Authorities or the refinery in the importing country.

Additional Documentation for Gold Coming from the Democratic Republic of Congo

If the Gold is coming from the Democratic Republic of Congo or neighboring countries, the Import Country requires the following documentation, as follows:

• UN Clearance
• Interpol Clearance Certificate
• Compliance that Gold is pure and not an alloy of other minerals. There are specific tests to determine the purity of Gold Bars for authenticity.

Hence, in a nutshell, the Gold Trading Company must follow the above steps to ensure they import legit Gold to UAE from Ghana and other African Countries.

Gold Transportation

Gold Transporting in and outside of the UAE can be facilitated by various Commercial Carriers. The finished items such as Gold bars and Coins from the Gold Refineries of DMCC and SAIF Zone can be safely transported with the help of the commercial logistics providers.

A few of the most trusted and popular logistics partners in the UAE are Transguard, Brinks, Emirates Sky Cargo, etc. Even the Gold Bullion coming from Ghana, India, Brazil, South Africa, or anywhere else can utilize the Commercial Logistics Provider’s services to safely transfer Gold in and out of UAE.

These Carriers will securely transport Gold and other Precious Metals, Cash, or any valuable items to your desired location. The Logistics providers will help in inventory management, customs clearance, vaults & storage, secure transportation, and more.

To know more about Gold Trading License in UAE, talk to our expert business consultants right away!

Contact Us: Aurion Business Consultants

The post How to Import Gold from Ghana to UAE? – [Steps Explained] appeared first on AURION.

UAE is no 2 in Safety Rankings as per a new report from Numbeo. The Survey Analysis considers various factors to arrive at the ranking. Public safety, crime levels, burglary rate, etc., are key factors for Numbeo’s Safety index for the ranking.

It is the right time to choose UAE to establish a business. There are multiple factors that make UAE the right choice. The business-friendly laws, future growth plans, growing business infrastructure, and improved lifestyle. Also, the low taxation, 100% foreign investment, and many more.

Investors have several options for successfully setting up their company in the UAE. There are two popular business jurisdictions in the UAE. It is the Mainland and Free Zones. They offer various business licenses and attractive business setup packages for investors.

Various options to choose for starting a business in UAE

The investors have various options to choose from for starting a business in the UAE. There are business jurisdictions, numerous company formation packages, visa requirements, etc., to look at before finalizing the company package.

Entrepreneurs can obtain a trading license in UAE and conduct specific business activities. They can also indulge in Import export business in case looking at an international market expansion.

Additionally, entreprenuers can look at starting a company in UAE as a branch or subsidiary. The investors can setup a company in UAE with the assistance of an expert Business Consultant such as AURION.

They will help avoiding any hassles in the incorporation of the company. Also, provide clarity on the business laws and regulations for successful business operations in the UAE.

Let us look at the various options to choose for starting a business in UAE for a foreign investor. The following options will enable the investors to setup a company, work and live in UAE. The entrepreneurs can obtain the company trade license, company documents, and residence visa. They can get the residence visa for themselves and family under the company. Thus, enabling them to stay, live and work in the UAE for a longer period.

1. Get a Trading License in UAE

Getting a Trading License in UAE is the right way for global investors to set up their businesses in UAE.

A trading License enables investors to conduct trade operations in UAE and abroad by setting their base in UAE. The country offers advanced business infrastructure and logistics support for the business owners.

Also, there is a large consumer market for the trading companies to successfully operate and become profitable easily.

2. Start an Import Export Company in UAE

Foreign investors can start an import-export company in UAE . They can easily reach out to the Middle East, Asia, and European market. Establishing a company in UAE is a straightforward process.

Depending on the business activity, a few businesses require additional clearances from the authority. For starting an Import Export Company in UAE, the investor has to apply for customs registration. Then, obtain the import-export code.

There is immense potential in trade and commerce operations in UAE. The Free Trade Zones have customs duty waived. So, for all imports into the Free Zone, the trading company doesn’t have to pay customs duty.  Also, certain Free Zones in the UAE have an in-house Customs Department. It will allow for easy clearing of goods to and from the Free Zone.

To know more read: Import Export License in UAE.

3. Start a Branch or Subsidiary

Foreign investors having a parent company abroad can open a branch or subsidiary in the Free Zones or Mainland of UAE. They can do it with minimal documentation and clearances required.

The foreign business owner must attest the parent company documents from the UAE embassy at their home country. Also, counter-attest the documents in UAE from the Ministry of Foreign Affairs and Ministry of Economy.

The investors can operate the branch company by being in Dubai and hiring employees for work. Get the Tax Residence Certificate from UAE and get the benefit of double taxation avoidance.

To know more read: Branch of a Foreign Company

4. Start a Free Zone Company

Free Zone is the most preferred business jurisdiction in the UAE for establishing a company. There are more than 45 Free Trade Zones in UAE offering various business licenses at cost-effective packages.

Free Zones companies are essentially onshore resident companies. The investors can have physical office spaces and employees under them on company visas. The Free Zones offer a lot of attractive business infrastructure to investors. They have shared offices, executive offices, and warehouse space at a cost-effective rate.

Investors can easily register their company with minimal documentation. There are more than 2000 business activities the free zone is offering to the investors. Based on specific requirements the investor can choose the Free Zones across UAE for starting their business.

5. Get a Mainland Business License

The Mainland of UAE is a perfect choice for entrepreneurs looking at large-scale business requirements. For example, a Large manufacturing unit would require several business resources to operate. There more flexibility in the Mainland for obtaining large warehouse spaces, retail expansion, and local market penetration.

For Commercial trading activity within the mainland, the most popular legal structure is the Limited Liability Company. Here the liability of a shareholder against any claims or damages is limited by the value of shares held in the company.

Registering a Limited Liability Company in the UAE Mainland enables the investors to obtain a trade license in UAE. Also, take office space, and apply for a residence visa. expand their company into a new branch, and more. Professional Civil Work company is the legal structure for professionals to set up their company on the mainland.

In a nutshell, the mainland of the UAE allows investors to easily expand their business. UAE Mainland companies achieve business growth quickly. They offer great flexibility in terms of conducting trade operations and expanding rapidly to new markets.

6. Apply for Long Term Residence Visa

Investors can apply for Golden Visa under various categories depending on their eligibility.

1. 5-Year Long Term Visa [ Currently Unavailable]

Investors can apply for a 5 year long term visa. They must have an investment in a business or startup project with worth more than AED 5 Million. Or have company shares worth AED 5 Million or above.

Similarly, an investor is eligble for the 5 year visa if they purchases property worth AED 5 million or above.

Read more to know about 5 Year Long Term Visa.

2. 10 -Year Golden Visa

Also, specialized talents, innovators, media professionals, creative minds, etc., can apply for the Golden Visa valid for 10 years.

Also, investor with AED 2Million Property Value can apply for a 10-Year Golden Visa. However, there is a set of requirements to be fulfilled by the investor to be eligible for the visa.

UAE is transforming itself into a business-first and family-friendly destination. It is triggering global investors to establish a business in UAE and settle down with the family.

To know more details, read about: Golden Visa in UAE

How Growing Business Infrastructure supports Investors in UAE?

Hence, in a nutshell, UAE is a perfect destination for foreign investors to set up a company. There are multiple options available for entrepreneurs to establish and grow their businesses in the country. There is a growing business infrastructure in UAE that supports the investor’s business growth and daily business operations.

A company can be set up in UAE’s Top Free Zones for a cost of AED 11,800 ( zero visa quota). Thus, making UAE a low-cost company formation destination for investors.

The investors can take an office space and take a residence visa under the company. They can upgrade for a fee based on the business requirements.

To know more about ‘How to start a company for foreign investors in the UAE?‘, talk to our expert Business Consultants right away!

The post Business Choice for Foreigners in UAE appeared first on AURION.

Starting from choosing the right company structure to obtaining the trade license, there are few steps that investors must be knowing to have a hassle-free company setup in UAE.

Investors in UAE – Things to Know before setting up a company

Knowing the right steps will help entrepreneurs save significant start-up costs. Also, to successfully run the business operations, the investor must ensure the company registration is done the right way complying with the business laws and authority guidelines.

Things to Know for the Investors before setting up their business establishment in the UAE.

Company Structure

There are a few company structures for setting up a business in the UAE. The company structure varies depending on the business jurisdiction – Free Zone, Mainland & Offshore.

1. Limited Liability Company

Limited Liability Company (LLC) is the most popular company structure in the Mainland of UAE. It No longer requires appointing a UAE National Sponsor for the company (51% share ownership) and the rest by the foreign owner.

Now, expatriate investors can own 100% shares in a mainland LLC Company as per the latest Commercial Companies Law.

There are only few strategic industry sectors and special business activities such as chemical products, petroleum products, banking services, etc., where local partner requirement is still a requirement.

Again, depending on the share capital deposit and approval requirements, the full ownership can be retained by the expatriate investor.

2. Sole Proprietorship

Another type is Sole Proprietorship where the investor will be the Single Owner of the establishment. A professional License has to be taken for this and is a favorable option for consultants, advocates, doctors, to start a small establishment themselves.

3. Civil Works Company

Civil Works Company in the mainland is another common company type that requires a professional license. It requires appointing a Local Service Agent for liaising with the government authorities for administrative and visa works.

4. Public Joint Stock Company

There are other types of Company Structures like Public Joint Stock Company, General Partnership, Simple Limited Partnership, Private Shareholding Joint Stock, and Branch of a Foreign Company.

5. Free Zones in UAE

Moving to the Free Zones there are mainly two Company structures that are Free Zone Establishment – Single Shareholder Company, and the Free Zone Company – Formed by more than 2 and up to 50 shareholders.

Some Free Zones in UAE has the provision of registering an FZ-LLC company structure for the investors, it is a 100% foreign-owned company eligible to enjoy all the benefits offered by the Free Zone

Documents Required for Company Setup in UAE

Most of the companies registered in the Free Zones and the mainland requires very minimal documentation. Few business activities require additional approvals and site inspections.

Often Commercial and Industrial Licenses require site/warehouse inspections and clearance from the government departments for ensuring the safety standards are in place.

Special Approvals and Business History for Corporate Bank Account Opening

Also, there are certain selected industry sectors like Finance, Transports, Oil & Gas, Healthcare, Education, etc., that require pre-approval.

Most of the business activities to be registered requires minimal documentation – investor passport and photograph.

However, during applying for the corporate bank account, the KYC norms would require to furnish previous business history, investor profile, previous company details (if any).

LLC Company in UAE – Documents Required

For LLC Company setup the following documents are required:

• Shareholder Agreement with the UAE National Sponsor
• Side Agreement to protect the rights of the foreign owner as well as UAE National Sponsor
• No-Objective Certificate (if already having UAE Residence Visa)
• Passport Copy & Photograph of Investor
• Board Resolution stating appointing of director/manager to newly formed LLC Company

LLC Company is an establishment in the mainland and can easily expand to locations within the UAE by forming branches of LLC Company. It is an ideal company structure for general trading companies intending to tap the local UAE market.

Steps for Company Steps in UAE

Now comes the understanding of the steps in the company setup process in the UAE. Be it a Free Zone company or an LLC one, the steps are the same. For Free Zones there is no requirement for the local Service agent.

Following are the Steps involved in Company setup in UAE

1. Choose the trade name and get the name approved. Follow the guidelines while choosing the trade name as the brand is built on the trade name
2. Finalize the company structure and the business activity (Aurion will assist you in choosing it right)
3. Choose the right business jurisdiction- Free Zone, mainland, or offshore
4. Submit the required documents, get the clearances and pay the fees
5. Choose the right office space and prepare the tenancy contract
6. Obtain the business license and start operating the business from day 1
7. Apply for a UAE Residence visa and proceed to open a corporate bank account.

Company setup in UAE is relatively straightforward, however, the process could get lengthy if not done the right way.

Hence, it is advisable to take the assistance of experienced Business Consultants like Aurion Business Consultants to set up your company in the most comfortable way.

To know more about Company Formation in UAE, talk to our expert Business Consultants right away!

Contact: Aurion Business Consultants

The post Company Setup in UAE – What do new entrepreneurs/investors need to know? [ A Detailed Guide] appeared first on AURION.