The initial business setup cost is an aspect that some companies consider reducing the overall cost. For some companies looking to scale up, investing in profitable businesses in the UAE is a perfect choice.  Such companies will be able to gain maximum revenue with minimum investment.

Also, there are a host of profitable businesses in the UAE that will help investors earn substantial revenue. The business profitability is a result of many factors such as productivity, employee retention, and lower business setup costs. Increase in revenue and more.

Most Profitable Businesses in the UAE

There are many ways a business can become profitable in the UAE. Investors can keep the cost low by initially opting for a virtual company and not leasing an office space.

Several business activities can scale up without having an office space. Choosing the right business activity will help in reducing the overall cost of the company investment.

Following are a few business activities that are profitable business in UAE. Additionally, these most profitable businesses will help in acquiring higher revenue for the services provided. There are many options to keep the overall cost low and in this article, we will run through the most profitable business to start at low cost.

Real Estate Brokerage

Real Estate Brokerage does not require large office space or workforce to start initially. In Dubai to start a Real Estate Brokerage company is a hugely profitable business. The real estate segment in UAE is at its peak and expected to further rise to new levels.

There is an enormous demand for the real estate market in Dubai and many investors would like to finance their property through banks, financial houses, or from the developer directly. Real estate brokers will help in facilitating the property buying and documentation.

General Trading

A general trading company is a profitable business in the UAE and requires minimum infrastructure. You can easily sell multiple items in UAE as there is a large addressable market. Investors can easily set up a trading company and obtain a trading license in the UAE at a minimum cost.

IT Consulting

IT Consulting is another profitable business to start in Dubai without much expense. There is no requirement to have a physical office space for an IT Consulting company. Most of the work happens remotely.

Influencer Marketing is a popular business category that entrepreneurs can easily manage within the comfort of their homes.

HR Consultancy

HR Consultancy is another profitable business that an investor can operate remotely. There is no requirement for an office for an HR Consultancy.

eCommerce Online Store

The eCommerce Online Store is another popular business that can be very profitable in Dubai. There is a large addressable population in the UAE. Also, online shopping is a day-to-day activity for most residents in the UAE.

Life Coaching

Life Coaching is a profitable business in the UAE. It helps is guiding individuals to progress well in their life. There are various categories of life coaching such as personal grooming, counselling sessions, career advice, life lessons, wellness, and more.

EdTech – Education Technology

Education and Technology are very much interlinked. There are several opportunities in the Edtech segment. It is again a profitable business idea that can be easily scalable.

Renewable Energy Startups

Technology’s impact on the energy sector is huge. There is a new wave of renewable energy startups in the field of wind power, electric batteries, and other sustainable fuels such as biofuels, etc.

There is a huge potential for renewable energy startups to scale up in the coming future due to the growing demand.

FinTech- Financial Technology

Fintech is a sector that is growing at a rapid pace. There is huge profitability in the fintech sector. Dubai is a hub for financial, banking, and investment.

Arts and Culture

The Arts, Culture, Painting, and crafts are witnessing a growing demand in the new age. Individuals are choosing careers in arts and crafts. There is enormous government support in the UAE to promote local as well as international culture in the region. So, many art galleries, non-profit crafts workshops, etc are booming in the market.

So, in conclusion, there are many profitable businesses in UAE that investors and entrepreneurs can easily start and scale up.

Connect with our expert team to know more about the most profitable business in UAE.

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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.

UAE is home to numerous Free Trade Zones that support the growth of trade and the economy of the region. There are various business activities available in the Free Zones for doing business. In UAE there are more than 45 Free Zones delivering various company packages for investors.

Foreign investors choose to establish their business in the Free Zones due to various reasons such as:

• The ease of setting up an office,
• Registering the company easily,
• Avail of the numerous business benefits offered by the Free Zones.

Free Zone in UAE

Free Zone in UAE is an area demarcated within the country. It is a designated area where investors can legally trade and avail various incentives for their business. Furthermore, for a Free Zone Company in UAE there are a host of benefits such as:

• Provision of Complete Ownership of the Company
• Trusted Governance
• Absence of taxation,
• Plug and Play Office Spaces
• Easy Company Registration and more

Also, there are designated Free Zones in UAE that are VAT Exempted under certain circumstances. The VAT is levied depending on the place of supply of the services and goods by the Free Zone company.

Free Zone – Available Privileges for the Investors

The jurisdiction of a particular Freezone is limited to the area where it is established. A company registered in a Freezone is essentially an onshore resident company. So, it can avail all privileges of an onshore company such as:

1. It is eligible for Office premises in Freezone
2. It can have a Visa quota
3. It can trade or do business within the UAE and outside
4. It can be registered with the Chamber of Commerce
5. It can obtain import-export code
6. Tax Residency Certificate can be obtained so that investors get the benefit of DTAA ( Double Taxation Avoidance Agreement)
7. Certificate of Origin can be obtained for manufacturing companies
8. 100% Expatriate Ownership and 100% repatriation of profits

The Free Zones in Dubai will be pricier when considering the total cost of setting up a business in UAE. It is dependent on various factors such as the location, office rent, other infrastructure facilities, and more.

Top Free Zones in Dubai

The Free Zones in Dubai offer various company formation packages for the investors. Depending on the specific business requirement, the Free Zones have custom-made business solutions.

There are popular Free Trade Zones in Dubai that offer variety of company packages. Few of them are:

• Dubai Airport Free Zone
• Dubai Multi-Commodities Center
• Dubai CommerCity
• Dubai Silicon Oasis – IFZA

Also, the investor can choose from a wide range of business activities for setting up their company. The Free Zones of Dubai has many advantages due to the strategic location and improved infrastructure facilities to support business growth.

Free Zones in Abu Dhabi

There are Free Zones in Abu Dhabi that offer various specialized license packages and business activities to the entrepreneurs. For example, the Masdar City Free Zone offers special licenses for startups in the field of renewable energy, energy management, environment management, etc.

Similarly, the Khalifa Free Trade Zone (KIZAD) offers logistics, shipping, packaging, and commercial trading license at budget friendly rates for the investors.

Additionally, for airlines chartering, flight maintenance, and aircraft management companies, the Abu Dhabi Airport Free Zone is an ideal choice. It offers various cost-effective business license packages for the entrepreneurs.

Top Free Zones in the Northern Emirates of UAE

The Northern Emirates especially Sharjah has few cost-effective alternatives for companies to set up at a much affordable rate in the UAE.

Let’s look at the various options available in the Northern Emirates for company setup and successfully set up your dream business venture in UAE most comfortably and cost-effectively.

1. Sharjah Airport International Free Zone (SAIF Zone)

Sharjah Airport International Free Zone is one of the most dynamic Free Trade Zone driving a variety of trade and business activities in the UAE. Hence, it is one of the busiest trading and manufacturing hubs of UAE.

With an in-house Customs Clearance, proximity to the Sharjah International Airport and the Khalid Port, SAIF Zone facilitates global trade with more than 100 countries.

The custom warehouse and light manufacturing units allow entrepreneurs to easily scale up their business operations and profitably run the operations. SAIF Zone offers customized office spaces starting from 9 Sq.m cubicle to fully furnished executive offices.

Also, the company formation process, state-of-the-art infrastructure, staff accommodation, etc., are best in class making the Free Zone a favorable option to consider for setting up a business establishment in the UAE.

2. Hamriyah Free Zone

Similar to Sharjah Airport International Free Zone, the Hamriyah Free Zone is another popular Free Zone for commercial and manufacturing licenses mainly. It hosts some of the top manufacturers of the world.

Hamriyah Free Zone offers warehouses with office space requirements with up to 50 employee visa quotas for large manufacturing setup.

There are top-class warehousing and storage facilities in Hamriyah exclusively for food manufacturers, healthcare providers, etc.

The proximity to one of the busiest ports in the UAE makes it a trader’s hub. There are daily import-export transactions from Hamriyah Port to numerous countries around the world with the majority share to Asia and then Africa and Europe.

3. Sharjah Media City

Sharjah Media City is one of the most competitive Free Zone gaining a strong presence as the popular Free Zones for profitable business investment in the UAE.

SHAMS offers a wide range of business activities at a low-cost business setup package starting from as low as AED 8,050 for a Zero visa quota company setup.

The Free Zone offers investors a multitude of company formation options and a wide list of business activities to choose from.
As the name goes, SHAMS just does not only offer Media related Business License but several business licenses and activity categories ranging from general trading, services, eCommerce, and more.
To know more about Company Formation in Sharjah Media City, talk to our expert Business Consultants, connect with us here!

4. SPC Free Zone

The Sharjah Publishing City Free Zone is a competitive Free Zone in the emirate of Sharjah. It has various company packages that suit the investor business requirements. SPC Free Zone is a popular choice among the freelancers and startup companies.
The Free Zone offers cost-effective company packages that will enable investors to easily start there business venture and scale up. SPC offers flexi-desk spaces and Co-working spaces for startups and freelancers to work.
SPC offers the investors more than 1000+ business activities across services and commercial business categories. The proximity to Sharjah International Airport makes it an ideal location for business travelers to easily visit the office premises for project discussions and meetings.

5. Ajman Free Zone

For entrepreneurs looking at further low-cost options, there is Ajman Free zone that offers attractive business setup packages across various business license categories and trade activities.
Choosing a Free Zone with the only objective of a low-cost business license will have implications in the future during office space expansion, warehouse space addition, bank account opening, address and reputation, and more.
Hence, entrepreneurs must look at a holistic approach while choosing the right Free Zone for their business establishment and not just a low-cost option.

6. Ajman Media City

Ajman Media City Free Zone is another low-cost option for investors who are looking at an entry point to the UAE business landscape.
The Ajman Media City offers a Freelance Permit for media enthusiasts, Photographers, graphic designers, web-developers, etc., to enter the entrepreneur world seamlessly.

Also, Ajman Media City offers a host of other business license packages at competitive packages for investors to choose from for their business setup in UAE.

7. Ras Al Khaimah Economic Zone (RAKEZ)

The RAKEZ is a Special Economic Zone in the Emirates of Ras Al Khaimah offering attractive company setup options for global investors.

The Free Zone consists of dedicated business parks, manufacturing units, warehousing, and logistics complexes to cater to a wide business requirement of entrepreneurs.

Also, to promote the academic and education-related business establishments, RAKEZ has a specialized Academic Zone that houses all the companies that offer services and products in the education sector such as training, Ed-Tech startups, tutoring, etc.

In a nutshell, UAE Free Zones offers global investors all that they require to set up their business seamlessly and easily scale up to achieve business sustainability.

Seasoned Business Setup Consultants like Aurion will assist in the end to end Business Setup Processes, Visa Processing, Bank Account Opening Assistance, and beyond making the journey of Company Formation in UAE hassle-free for the investors.

Read more about Business Setup in Fujairah and Business Setup in Ras Al Khaimah (RAK).

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Out of UAE’s total exports, the re-exported goods form more than 45% approximately. Despite the slowdown in global economies and the onset of a pandemic, the re-exports from UAE hold a significant share of growth.

What are Re-Exports?

Re-Exports are goods that are imported from abroad to UAE that go through customs. Then, it is re-exported by a third party without any alterations made to the product.

Free Zones play a vital role in promoting the re-export market in UAE. They offer attractive infrastructure, legislative environments, ports & Customs departments support, and logistics support. The Free Zones support the growth in the re-export market in UAE.

Import Procedures to UAE

To import goods into the UAE, companies must have a trade license. Obtain the Trade License from the Department of Economic Development (DED) or the Free Trade Zones in UAE.

Foreign companies can either set up a branch office or a new company in UAE for conducting business. They can also appoint a UAE National as their agent, distributor, or sponsor to set up a business in the UAE

Documents Required for Importing Goods to UAE

To import goods, the UAE-based company (agent) must get a delivery order from the shipping agent and submit a few trade documents to the customs.

• Commercial Invoice from the exporting company to the importer with consignment details – Quantity, Goods Description. Total Value of each imported item
• Certificate of origin – starting the country of origin and approved by the chamber of commerce of the country
• Detailed packaging list – weight, method of packing, HS code for each item
• Import Code from the authorities (Port & Customs, UAE) and special approvals in case of importing restricted goods or duty exempted goods
• Bill of entry or airway bill
• Food Products import will have additional permits and documentation required:
• Original Health Certificate issued by the Government Agency in the exporting country (Attested for product’s fitness for human consumption)
• Original Halal Slaughter Certificate for meat and poultry products

The Goods imported to UAE for re-export will be notified in the customs using a separate product code and permit letter.

Once the Imported items enter UAE it is either stored in designated Customs Warehouses or Free Zone/Mainland Warehouses. Then re-exported to the desired countries by the re-export company.

How to start a Re-Export Business in UAE?

The company to start a Re-Export Business must first take a trade license from UAE and then apply for an import-export code from the port and customs.

To coordinate the trade operations of imports, and re-exports the company must partner with a freight forwarding agent or shipping company. It enables the smooth transition of goods to and from the ports of UAE and back.

There are a few documentations required at every stage depending on the goods transported and the nature of the re-exports.

The items re-exported must not be re-processed or altered from the original product. As the products have to pass through customs, any alternation will require permits. The Trader must produce required certificates to prove the origin and other details of the product.

Where to Register a Re-Export Company in UAE?

The re-export company in UAE can be registered either in the Free Trade Zones or in the Mainland of UAE. Both the business jurisdictions have their advantages when it comes to operations, logistics, and administration.

UAE mainland is an ideal choice for business focussing on the GCC and North Africa regions for re-exports. It is also beneficial for expanding into the UAE market with a trading unit or distribution network.

It gives the investors room for large-scale expansion. Investors can easily add more branches, retail outlets, warehouse spaces, etc. Also, they can reduce maintenance costs, hire more staff, and expand seamlessly.

However, when it comes to international trade the best option is Free Zones as there is Zero Customs duty to import into the Free Zones. The company can take a warehouse in any of the Free Trade Zones to store the items for re-export.

It is highly beneficial for the company for managing the inventory and coordinate the shipping activities from the Free Zone.

Why Choose Free Zones for Re-Export over Mainland?

There are multiple benefits for the investors in choosing the Free Trade Zones in UAE for setting up a Re-Export Company.

The main ones are the 100% foreign ownership and the full profit repatriation. Also, the free customs duty for Free Zone imports makes it an attractive choice for re-export and international trading companies.

The Free Zones in UAE are well-equipped with their logistics and warehouse setup for facilitating trade and storage of goods. Most of the Free Zones have in-house Customs clearance that will enable faster exist and entry of goods to and from the Free Zone premises.

Facilitating Seamless Re-Exports by Free Zones

The proximity of the Free Zones with the Country’s major Airports and Seaports makes it easy for trade operations. The investors get access to world-class amenities, office spaces, warehouse facilities, etc. They also can obtain land for manufacturing units and get access to administrative services and more. All at a cost-effective fee from the Free Zones of UAE.

Setting up and operating a company in Free Zone is a relatively easy process to follow for a start-up or a new entrepreneur.

In a nutshell, Free Zones remain an ideal choice for starting and operating a Re-Export company in UAE. It helps in international trade and market expansion. Companies can easily conduct re-exporting of permitted goods under the company.

To know more about Starting a Re-Export Company in UAE or Import-export license in UAE, Connect with our expert team right away!

Read more about “How to Import and Export Goods from a Free Zone in Sharjah?“.

The post Re-Export Business in UAE – Things to Know appeared first on AURION.

Also, the cost of company formation in the Sharjah mainland is comparatively lower than in Dubai. Similarly, the Free Zones of Sharjah is the perfect choice for company formation as they offer cost-effective company formation packages. The investor can easily register a company at the lowest cost.

Due to the growing demand from the investors, there are few new Free Zones in Sharjah that offer exclusive company formation packages and related services to entrepreneurs. Also, the Company formation in Sharjah Free Zones start at AED 8,050 for a Zero Visa Quota License.

Why Choose Sharjah for Company Formation?

The Emirate of Sharjah is an ideal choice for company formation as it offer various business packages at a low cost. Also, the business infrastructure and facilities of Free Zones and Mainland in Sharjah are moreover at par with those in Dubai.

Free Zones in Sharjah are one of the main choice for investors when it comes to company formation. The Free Zones are all strategically located in Sharjah and cater to a wide range of business requirements.

For example, the SAIF Zone is strategically located in proximity to Sharjah International Airport and the Khalid Port which is one of the busiest sea ports in the middle east region.

Additionally, the availability of low-cost labor, cheap warehouse rents, availability of land for manufacturing units, well-connected transport links, etc., makes Sharjah an ideal choice for setting up a company.

Hence, investors to keep the company formation cost low prefer the emirate of Sharjah for setting up their business.

The Free Zones in Sharjah offers world-class amenities at an affordable cost. Also, the apartments for rent and other entertainment activities come at a low cost when compared to Dubai.

Sharjah Free Zones offer investors a wide range of business benefits including 100% foreign ownership. 100% profit repatriation, Zero taxation, customized office spaces, specific warehouse requirements, and more.

Hence company formation in Sharjah is an ideal choice for foreign investors to start their business at the lowest cost and scale it up easily.

Company Formation Process in Sharjah

The company formation process in Sharjah starts with selecting the right business jurisdiction. There is mainland of Sharjah and the Free Zones. Hence, investors must choose the right jurisdiction for their company.

The process of company formation in Sharjah is best to be carried out with the assistance of an expert business consultant. AURION will provide complete assistance in the company formation process in all the Free Zones in Sharjah and also in the Sharjah Mainland.

AURION will guide you throughout the company formation process in Sharjah. After selecting the right business jurisdiction, proceed to get the name approval for the company. Depending on the business jurisdiction, submit the approval.

In Free Zones it is not a mandatory requirement of having an office space for obtaining a business license. Make the fee payment and submit the investor details along with the application form to obtain the business license.

Top Free Zones in Sharjah for Company Formation

Here is a list of the Top Free Zones in Sharjah for company formation at the lowest cost. The Free Zones in Sharjah has a long list of business activities that the investors can choose for setting up the company.

1. Sharjah Airport International Free Zone

Sharjah Airport International Free Zone is a dynamic Free Trade Zone located in Sharjah adjacent to the Sharjah International Airport. The Free Trade Zone offers a wide range of business activities and business amenities for the investors to easily set up their company.

Company Formation in Sharjah Airport Free zone follows a structured process with minimal paper works and faster processing of the business license. Ranging from project management consulting, to aviation maintenance, to industrial automation, the Free Zone has a wide range of business activities.

Sharjah Airport Free Zone attracts investors due to the availability of diverse business license types. From service license to trading license and industrial license, SAIF Zone has it all for the investors.

Company formation in Sharjah Airport Free Zone starts at AED 10,800 for an office license package with a shared desk and up to 3 visa quotas. Numerous company formation packages are tailored for the investor requirements.

2. Hamriyah Free Zone

Hamriyah Free Zone is a popular industrial hub of the UAE that is home to numerous top companies in the region and abroad. It is a robust industrial Free Zone that offers a perfect business infrastructure for strategic industry sectors such as oil & gas, manufacturing, assembling, and more.

Situated in proximity to the Khalid Port, Hamriyah Free Zone is also well connected by road with the rest of UAE and GCC regions. When it comes to company formation in Sharjah, Hamriyah Free Zone is the first choice for heavy equipment trading, general trading, import-export and more.

Office and Warehouse Facilities at Hamriyah Free Zone

From office space ranging from shared office to executive office space and different sizes of warehouses, Hamriyah Free Zone has it all for the investor. The business center package starts at AED 8,000 (offer price) for 1 visa quota trading company.

The warehouses in Hamriyah start from 400 Sq. m area and the package price on offer is AED 121, 500, along with the incorporation fee of AED 9000 for the trading license. There are also various land lease rates available in the Free Zone for establishing large manufacturing units.

3. Sharjah Media City

Sharjah Media City is one of the fastest-growing Free Trade Zone in Sharjah. It is home to numerous media and creative companies, start-ups, and freelancers. It is a perfect option for company formation in Sharjah especially for entertainment, art, and creative companies.

The Free Zone has a lot of business activities and business license types. It has a robust business network and start-up ecosystem ready for new entrepreneurs to easily scale up their business ventures through collaboration.

Sharjah Media City contributes significantly to the company formation in Sharjah by attracting new entrepreneurs to set up their business in the Free Zone and contribute to the economy of Sharjah and UAE as a whole.

4. Sharjah Publishing City

Sharjah Publishing City is a dedicated Free Zone for media, print, and publication. It also offers numerous business activities in other fields of business operation such as consulting IT Services, engineering, project management, and more.

Investors can benefit from the low-cost company formation in Sharjah Publishing City. It offers Flexi-desk and co-working packages and specialized business setup packages for freelancers and start-ups.

Sharjah Publishing City has more than 1500+ business activities that the investors can choose to set up their company at the lowest cost. Company formation in Sharjah Publishing City starts from AED 9000 for a Zero visa quota business license,

Depending on the business requirements the investor can choose an office space and the right business activity from the Free Zone and set up their business.

5. Sharjah Research and Technology Park

The Sharjah Research Technology and Innovation Park is a growing start-up hub of the UAE. The Free Zone offers a perfect Launchpad for start-ups to test and launch their products at the lowest cost.

The Free Zone offers a host of business infrastructure and amenities such as customized office spaces, meeting rooms, conference halls, common meeting areas, IT solutions, easy company registration processes, and more.

It helps the investor to easily scale up their business and achieve faster business growth. There are significant cost savings for the investor in choosing Sharjah Research Technology and Innovation Park.

To know more, read: Company formation in Sharjah SRTI Park

Hence, overall Sharjah has numerous options for company formation. The Emirate offers the perfect infrastructure facilities and low cost company packages for easily setting up a company.

The Free Zones of Sharjah play a vital role in providing the investors with the right company package for the specific business requirement. Investors can seamlessly setup their company in Sharjah and continue business operations without any hassle.

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

Contact Us: Aurion Business Consultants

The post Company Formation in Sharjah – Top Free Zones for setting up a company in Sharjah appeared first on AURION.

The Visa cost for an investor/ employee in Sharjah based Free Zones range from Approx. 3,500 to 4000 AED. The 100% foreign ownership, no income tax and corporate tax, full profit repatriation, favorable business environment, etc., makes Dubai a perfect choice for business investment and establishing a company.

There are many cheapest residence visa options available across the Free Zones of UAE. There are a few special offers where one residence visa cost is waived off too. Taking the cheapest residence visa in UAE will help investors to keep the overall business setup cost low.

Types of UAE Residence Visa for Expatriates

There are many ways in Dubai to obtain a residence Visa. Following are few resident visa options that ex-pats can avail of themselves in the UAE.

1. Free Zone Business License

The easiest way to get a residence visa in UAE is by starting a small business by obtaining a single visa quota business license from anyone Free Zone in UAE.

The Free Zones in UAE offer virtual business licenses to investors with Flexi-desk, and co-working spaces for conducting their desired business activity through obtaining the business license.

The Free Zones in UAE are a vital part of economic growth. It is a secured business jurisdiction and offers UAE residence for company owners, and employees under a company registered in the respective Free Zone as well as provides all required infrastructure facilities for the business to thrive.

2. Mainland Company License

For investors aiming to venture into the mainland of UAE and actively expand their local business, a mainland company license is the right choice. Start a Limited Liability Company in the mainland of Dubai, take an investor visa, and sponsor employees and thrive the business.

Mainland business has many advantages for investors. With 100% ownership for expatriates, easy bank account opening, lower rental expenses, flexibility to expand, etc., LLC Company formation is one of the investor’s favorite choices.

3. Freelance Permit

For young entrepreneurs who want to start their business for the first time or try out the UAE market before going full-fledged by opening a company, getting a Freelance Permit is an ideal choice. It is a type of self-employment visa as the Freelancer is all on his own when it comes to conducting business activities.

There are few Free Zones in UAE that offer Freelance Permits for various business activities. The Freelance Permit will be issued for a person and it won’t be a company. The Self Employment Visa will be available from the respective Free Zone for the entrepreneur. The Self Employment Visa will be for two years (renewable) sponsored by the respective Free Zone.

Using the Freelance Permit, the person can take up projects for the specified business activity in the permit. They can also apply for a UAE residence visa and sponsor dependents for 2 years which is renewable.

Some Free Zones in the UAE offer affordable Freelance Permits that freelancers can apply easily.

Freelance Permits from SHAMS free zone start at AED 5,740. Similarly, there are other Free Zones such as Ajman Free Zone, Umm Al Quwain Free Zone, etc., that offer Freelance Permits at an affordable free for entrepreneurs.

4. Golden Visa

UAE has announced full-fledged long-term visas for expatriates to continue their tenure and contribute to the economy by being in the UAE.

It is also aimed at retaining the best talent in the UAE and generating more business opportunities and business growth. The Long-term residence Visa is not tied up to an employee as the sponsor and the individual will have a 5 to 10-year visa in UAE that is subject to renewal.

The Golden Visa will enable significant foreign investment from global investors who are aiming to make Dubai their home for the long term and will boost the economic outlook.

The strategic industries of UAE such as tourism, real estate, commercial, etc., will get talented employees, more foreign investment, and achieve business growth through long-term golden visas.

5. Green Visa

To further strengthen the economy, create more job opportunities, and retain global talent in UAE, the Government has introduced the Green Visa. There are a lot of benefits in terms of visa rules such as:

• Staying in UAE without a job for 3 to 6 months
• Self-employed people can sponsor themselves and family without the need of an employer
• Sponsor parents and children up to the age of 25, and more.

The recent amendments in the UAE residence laws are for encouraging the expatriates to stay in the UAE and contribute more to the economy. UAE has launched numerous residence visas and other supportive programs for expatriates to easily live, work, and study in UAE along with the family.

6. Property Investment

The real estate market in UAE is very mature with numerous projects read to occupy in various prime locations of UAE.

UAE has a wide range of properties available ranging from affordable to luxury penthouses. With the long-term residence visa and property visas tied up to the property purchase in UAE, the real estate market in UAE is witnessing a major growth prospect.

As per latest update, any one who have purchased a property worth AED 2 million in Loan, Mortgage, or EMI can now apply for Golden Visa. There is no minimum down payment requirement of AED 1 million, the investor will receive a 10-year visa and be able to sponsor dependents too.

The investor must get an NOC from the Developer or the Bank and submit along with the few documents for processing their Golden Visa. Expert Business Consultants such as AURION will guide you through the process seamlessly.

To know more read: Property Visa in UAE

7. Employment Visa

Getting employed in the UAE will entitle you to a UAE resident visa under the sponsorship of the employer. For a first-time visitor to UAE getting on employment, the pathway is ideal to get UAE market experience and later venture into setting up a company for themselves.

Along with the above-stated residence visa, under the new development plan and promoting ex-pat living in UAE, there are retirement visa, special work permits for teenagers, residence visa extensions for widowers for up to 1 year, employment visas holding up to 6months, and more.

The Job Loss Insurance scheme is a new scheme launched by the UAE Government to support the employees incase of a job loss. It is an insurance scheme where a very nominal premium is paid by the employee monthly to the insurance scheme, and they can avail of the benefits during an instance of job loss.

What is UID Number?

The unified Number (UID) is a 6-digit code that can be found on the entry stamp on the last page of the passport or on the visa sticker. Without a UID Number, one cannot complete the application for Emirates ID.

A UID number is a 9-15 digit unique number that gets assigned to a visitor or tourist or resident. The UID numbers are issued by the General Directory of Residency and Foreign Affairs (GDRFA). UID remains the same even if you change your visa or status from tourist to resident.

It is a permanent unified identity number. UID is located on the visa page right above the file number. Many expats are not aware of the codes and numbers on their residence visa page

How to Check UID Number Online?

UID numbers can be verified online by visiting the GDRFA website. From the home page click on e-Services and click on ‘Find my UID’.

Provide the passport number, nationality, date of birth, and other information required, and click on the submit button. The webpage will provide you with the UID Number.

In case you are unable to obtain the UID Number online, visit the GDRFA main center in Al Jaflilya, Bur Dubai, or Dubai International Airport Terminal 3. They can issue the UID number for you after reviewing the request.

How to Merge UID Numbers?

There could be instances where one applicant will be having multiple UID numbers. It is mostly caused due to system errors but could affect your resident visa processing.

Hence, in such cases, the multiple UIDs must be merged into a single UID Number by raising the request for the merging. It will clear the immigration records and only one UID will be active for the applicant.

Follow the below steps to merge the UID numbers

• Visit the immigration office in UAE – GDRFA – Al Jafliya, Bur Dubai
• Submit the required documents – Passport copy, entry visa copy ( if any)
• Old, expired, or canceled visa page in passport and copies – for reference purposes
• After submitting the documents for review, the authorities at GDRFA will provide you with the updated UID number that you can use for your new residence visa application, Emirates ID, etc.

So in conclusion, UAE is becoming a family-friendly and expat-friendly location with ample facilities and infrastructure to power businesses of any scale and retain global talent within UAE and boost growth prospects.

To know more about UAE Residence visas and the process of applying, talk to our expert business consultants right away!

The post How to Apply for Residence Visa in UAE – Types of UAE Residence Visa Explained appeared first on AURION.

With one of the busiest airports in the world and the largest man-made seaport in Dubai, the country is on a fast pace of development. It’s a wise decision for investors to set up a business headquarters in UAE as it is becoming a popular trade hub of the world.

Company Incorporation and Role of Business Consultants in UAE

Business Consultants in UAE assist the investors in the process of company incorporation in the region. There are various options in UAE for setting up a company. The 45 plus Free Zones in UAE offers more than 1000 business activities.

Hence, often the investor is confused when it comes to selecting the right option to establish their business. This is where the role of a Business Consultant becomes vital.

Also, the Business Consultants in UAE will ensure investors the right company registration process. The company in UAE must be set up the right way and comply with all the company laws and regulations.

For entrepreneurs who are new to business setup in UAE will be overwhelmed by the process of applying for clearances, getting approvals, applying for a residence visa, bank account, etc.

In such instances, getting assistance from an expert Business Consultant will help entrepreneurs to easily kick start their business journey.

How Business Consultants help an entrepreneur in Setting up a Company in UAE?

The role of Business Consultants in the process of setting up a company in the UAE is crucial. They help the entrepreneurs in many ways. Here are some of the key areas where consultants will handle it efficiently.

Hiring a business consultant to establish a company in the UAE allows investors to grow and add more value to their organizations. The best part of hiring a business consultant is that they can assist with developing growth-oriented strategies and have a plethora of experience in establishing a company.

In that regard, AURION can help investors establish their company in UAE with expert knowledge and all the crucial information regarding procedures to start a company in the UAE.

1. Result-driven Expert Advice

Starting a business requires a lot of knowledge and experience to make it hassle-free. Furthermore, investors may not have enough information to start it themselves. Sometimes, they may even miss out on certain facts and then have issues with establishing their company.

That’s where the role of business consultants comes in. They help investors effectively establish the business since they have a solid perspective of the local market and the competitors.

Furthermore, they can also guide investors through the benefits and risks of the business they are trying to establish.

2. Efficient Handling of Legal Matters

As the UAE legal system is the backbone for starting a business in the UAE, it’s crucial to comply with all the legal procedures. Whether investors want to opt for mainland, offshore, or free zones for opening a company, each has its regulatory authority.

Hiring a business consultant means they will also inform and guide about the laws applicable to companies, establishments, and employees in UAE.

Furthermore, they will educate about all the legal requirements and formalities, allowing them to carry out the business setup process smoothly. Not only that, but they can also help with the risks and options available while setting up a business.

3. Better Understanding of Business Jurisdictions

The UAE has different business jurisdictions with different rules, regulations, and laws. Investors need to comply with all these, which require professional assistance.

Furthermore, if these rules aren’t taken care of correctly, there may be certain penalties. A business consultant helps investors understand the legal structure and provide valuable advice.

1. Company Formation Application

Submitting the application form with the supporting documents is the first step in company formation.

The Business Consultants will provide accurate information on the latest business setup packages of various Free Trade Zones in UAE and the mainland packages to the investor. 

Depending on the business requirements and preferences of the investor, the business consultants will proceed with the right choice.

2. Choosing the Business Type

Based on the number of shareholders, nature of business, the business type must be chosen. In Free Zone, there are two major business types FZE (Single Owner Company) and FZC (Two or more Shareholders).

Few Free Zones in UAE have Free Zone -LLC (Limited Liability Company) business type and Dual Licenses. Expert Business Consultants will provide ample information about the various business license types with the investors and proceeds with their selection accordingly.

Also, depending on the nature of the business activity the type of business license must be chosen. Businesses in UAE are categorized into commercial (Trading, General Trading), industrial (manufacturing), services, eCommerce, etc.

3. Choosing the Office Type

Choosing the office space is an important step in the company formation process. The Business Consultants will ensure the perfect office space depending on your business requirements.

The Free Zones in UAE offer customized office spaces on their premises. Free Zone Companies will have to choose an office within the Free Zone. To move to the mainland, the company must be having a registered branch office.

Free Zones in UAE have various office types ranging from Flexi-Desks and shared Office Spaces to executive Offices with fully customized interiors (25 sq.m, 50 sq.m). Also, there are warehouses and light manufacturing units that are ideal for small-scale manufacturing industries.

4. Obtaining Clearance and Approvals

Based on the business activity chosen by the investor, there is a requirement for special approvals from the Government Departments, municipalities, and other Government Authorities.

For example, aviation companies to start their business operations, require the approval from Civil Aviation Authority in UAE. Similarly, all construction Contacts in Dubai must be approved by the Municipality of Dubai. Business Consultants will help investors in obtaining the clearances on time to ensure smooth business operations.

5. Obtaining the Business License

The business license is obtained from the respective Free Zones upon submitting the required documents of the shareholders, the approvals, and the fee.

The Business Consultants will handle the whole process of company formation in UAE across various Free Zones and the mainland. The investors can focus on their core business strategy while the administrative work will be taken up by the Business Consultants.

6. Assessment of Costs for Business Setup

Investors can incur high costs while establishing a company in the UAE if it’s not directed properly. The cost can include business setup assistance, visa attainment, liquidity & sponsorship services, or business support.

In addition, the business jurisdictions in the UAE have their legal processes, laws, documentation, office space structure, etc. All these have different types of costs. Depending on all these, only the registration can cost you around 9000-15,000 AED.

However, one may not be aware of all the costs that may come up at each stage. In the end, investors may have to expend more than they calculated just because they were unaware of a certain type of cost. Business consultants ensure that it doesn’t happen. They can help investors with an exact assessment of the business setup costs.

7. Compliance Process for Business Operation

The business compliance in UAE is tighter with the newly amended Economic Substance Regulation and Ultimate Beneficiary Ownership Declaration, Anti Money Laundering declaration, VAT Registration, etc.

Hence, all new and existing businesses registered and operating in UAE must file for all of the above compliances. This is where Business Consultants will be helpful.

They will assist and coordinate the filing process and maintaining the deadlines and taking action at the right time. UAE Government has strict regulations and fines for the defaulters, hence companies must be well aware of the compliances and the after-effects of violations.

8. Business Support Services

Business Consultants provides a host of Business Support Services such as Resident Visa Processing, Bank Account Opening Assistance, customs registration, document attestation, document delivery, driving license, and more. Clients can use the services on the go depending on the requirements.

9. Company Closing

Company Closing procedures are very structured and a mandatory process in UAE. Investors must follow the company closing procedures and settle all dues of the company.

For the investor to return to UAE on a later day or start a new business here, the termination of the existing company the right way is essential. Business Consultants will help in closing the company the right way by following all the procedures and getting all the required clearances.

Hence, in a nutshell, Business Consultants form an integral part of the business setup ecosystem in the UAE. Business Consultants, Free Zones of UAE, and other Government entities all make up the business setup ecosystem in the region.

To know more about the Company Formation Process in UAE, talk to our expert business consultants right away!

Contact Us: Aurion Business Consultants

The post Why Choose a Business Consultant in UAE for Company Setup? appeared first on AURION.

Why Choose UAE for setting up a Company?

Investors choose UAE for establishing their business due to:

• Save tax in the home country by registering a company in UAE
• 100% foreign ownership based company with full capital and profit repatriation
• No personal and corporate tax
• World-class office infrastructure, meeting room access, customized office space, and more
• Wide range of warehouse specifications with attached office space, and land lease
• Well connected transport network (air, sea, and road) to facilitate east trade across UAE, Middle East, and rest of the world
• Enhanced lifestyle and low crime rate
• No geopolitical tension and good economic stability
• And many more…

Hence, UAE is the most preferred choice by investors around the world for opening their dream companies.

Factors to Consider While Choosing the Right Emirate for Company Formation

When it comes to choosing the emirates for easily opening a company in UAE, there are multiple factors that the investor must consider such as:

1. Cost of Setting Up a Company

The Cost of registering a company in UAE varies according to the Emirate where the Free Zone is located. The cost of setting up a company starts from AED 11,800 for zero visa quota virtual company license in one of the most competitive Free Trade Zones of UAE.

In Dubai, opening a company with an office in the Free Zone or Mainland is costlier than any other emirate of UAE. Mainly due to the intensity of business activities and business houses in Dubai that are constantly doing business and promote trade operations in the region.

Hence, investors are all intending to share a piece of the pie by being in Dubai and grow their business.

Low-Cost Company Formation in Dubai

In Dubai, few Free Zones offer relatively low-cost company formation package for investors to set up their base in Dubai.

Dubai Silicon Oasis-IFZA and Dubai South offer low cost company formation packages in Dubai. Both of these Free Zones provide investors with a host of business infrastructure and required business support platforms to start at a lower cost.

Premium Company Setup in Dubai

Then there are prestigious Free Zones such as the Dubai Airport Free Zone that is home to some of the world’s top companies.

Hence, altogether company setup in Dubai gives the investor a prestigious address, sophisticated office space, access to the world’s best businesses and infrastructures, and an improved lifestyle.

Free Zones in Sharjah, Ajman, Ras Al Khaimah, etc., offer low-cost company formation packages to the investors without compromising on the infrastructure facilities and other support services.

2. Location

For certain business activities like consulting where global clients keep coming for meetings, having an office space that is close to the airport is beneficial for both parties.

Also, the ambiance of the office and the premises play a vital role in the perception of the company from the client’s point of view.

For businesses such as trading, export, or, e-commerce, the office location does not matter. It could be located anywhere in UAE and not necessarily be at the heart of the city where the rents are high typically.

3. Company Formation Package

Free Zones across the UAE offer various company formation packages. Depending on the exact business activity and company formation requirements the right company setup package need to be chosen by the investor.

For trading companies that are aiming to expand into the local UAE market and the rest of the GCC region, having proximity to airports or seaports is beneficial for the company to easily facilitate global trade.

Similarly, for start-ups and entrepreneurs, there are a whole lot of attractive low-cost business packages on offer from the Free Zones based in Sharjah and Ajman.

The Sharjah Media City and Sharjah Publishing City have exclusive company formation offer starting from AED 11,800. The investor can choose from a wide range of business activities and company formation packages.

4. Business Infrastructure

For establishing a company in UAE, the right business infrastructure is essential. Free Zones in UAE offer top-class business infrastructure facilities for entrepreneurs. Dubai Based Free Zones have a wide choice for customized office spaces with 11 sq. m, 20 Sq. m, 50 sq. m offices, warehouses from 100 sq. m to 300 sq. m.

Also, there are other amenities such as large meeting halls, conference rooms, training sessions, and more on offer from Dubai-based Free Zones.

Similarly, for industrial and Commercial warehouses, land lease, and factory setup, the industrial areas and free zones in the northern emirates like Sharjah, Ajman, Ras Al Khaimah are the ideal choices.

Hence, in choosing the right Emirate for setting up the business, the above-stated parameters play a vital role in the decision making. Company Setup in UAE is a straightforward process with the Free Zones and Mainland offering easy and quick company formation process.

To know more about the Company Formation Process in UAE, connect with our team right away!

The post Which is the best Emirate in UAE for Company Formation? appeared first on AURION.

The ease of doing business in UAE, the robust business ecosystem, improved lifestyle, secured corporate banking network, lowest crime rates, etc., make UAE the perfect destination for establishing a company.

Why is Investor Visa a Popular Visa Category in UAE?

For business owners, there is a separate visa category known as the Investor or partner visa. Business Owners can register their companies in the mainland, or Free Zones and can apply for the investor visa.

Investor Visa in UAE allows an individual to manage a company of their own and sponsor employees and family members under the newly incorporated company.

Based on the location where the company is established the entrepreneur can apply for the UAE Investor visa.

How to Get a Dubai Investor Visa?

In Dubai, the entrepreneur can obtain an investor visa in two ways –

1. Registering a Mainland Company
2. Incorporating a Free Zone Company

There is one more popular way of obtaining an investor visa in Dubai and that through property purchase of a residential apartment, or a villa worth value (current sale price) above AED 1 Million for a 3-year visa, and AED 5 Million or above for a 5-year visa.

Also, there is a 10-Year investors visa where the applicant must invest about 40% of the total investment value (AED 10 million) in real estate in UAE and the rest in any business establishments or funds in the region.

Documents Required for Obtaining an Investor Visa in Dubai Mainland

• Passport copy
• Photograph with white background
• Memorandum of association for the company
• Copy of the Local Sponsor Agreement with UAE Nationality
• Immigration Establishment Card
• Trade License
• Office Space Lease Agreement
• Bank Statement for last 3 months

How to Apply for Dubai Investor Visa?

In Dubai Mainland, the Investor Visa can be applied in Amer Centres across the city.

After registering the company and obtaining the trade license, the entry permit for the entrepreneur must be applied if he/she is not in UAE currently (if in UAE, apply for the changing status by paying the in-country status change fees).

Steps in Applying Dubai Investor Visa

Once the confirmation of change status is received, the investor visa will be stamped on the entrepreneur’s passport. The required visa stamping fee must be paid to obtain the Investor Visa in Dubai.

The required documents must be submitted to the Amer Center for processing of the investor visa.

There will Extra charge for the medical testing and Emirates ID. The immigration Establishment Card would be required for applying for the investor visa.

Dubai Investor Visa for Free Zone company

The Free Zones in Dubai plays a vital role in attracting significant foreign investment through facilitating company formation.

It also provides the required infrastructure and support functionality to entrepreneurs wishing to invest and settle in UAE.

There is a steady growth in economic activities that are centered around the Free Zones of UAE.

Free Zones in UAE – Major Highlights

The major highlight of a Free Zone company formation is the 100% foreign ownership, ease of business setup, and the tax savings from VAT while being in a VAT Exempted Free Zone.

Free Zones are the favorite choice of foreign entrepreneurs for company incorporation due to the umpteen business benefits and the ease of setting up a company.

Also, obtaining an investor visa is hassle-free with the Free Zone.

How to Obtain Investor Visa for Free Zone Company?

For Obtaining the investor visa for a Free Zone Company, the following documents are submitted to the respective Free Zone Authority.

• Investor passport copy & photograph (white background)
• Establishment Card for the Company
• Company Trade License
• Memorandum of Association
• Tenancy Contract for the Office
• Bank Statement for 3-6 months

It usually takes 5 to 7 working days to complete the whole process of processing the investor visa.

Starting from applying for the visa to the final stamping of the investor visa on the passport the process is streamlined by the immigration authorities in UAE.

Depending on the Free Zones, the time taken to process the investor visa varies as the schedule of processing the visas differs across the Free Zones.

10-Year and 5-Year Investor Visa (Golden Visa)

UAE Government has launched a long-term Golden Visa to boost the economy and provide a platform for long-term investments in the region.

The long-term investor visa enables entrepreneurs to extend their tenure and expand their business investments in UAE.

There is a set of criteria specified by the UAE Government for the investors to be eligible for the investor visa.

To know more about it, read the criteria for Golden Visa in UAE here.

Other Residence Visas Launched in UAE

To make UAE a global tourist, family-friendly, and business-centric country, UAE Government has a list of specific UAE Residence Visas for individuals from different walks of life.

There a student visa for students studying in UAE colleges with the eligibility to sponsor their parents by meeting specific criteria.

Similarly, there is a retirement visa for ex-pats aged above 55 years subjected to few criteria such as having a financial saving of more than AED 1 million, property investment of value more than AED 2 million, etc.

To know more about various UAE residence Visa and steps in obtaining an investor Visa in UAE, connect with our expert team right away!

Contact Us: Aurion Business Consultants

The post Investor Visa Types in UAE – How Company Formation helps in Settling in UAE with Family? appeared first on AURION.

UAE tops the list of ‘Ease of Doing Business in the Middle East region and offers a variety of low-cost company license packages for investors to choose from. The Business Amendment Laws in UAE aims at providing entrepreneurs a friendly ecosystem to easily do business in the country.

The article covers a list of the latest business amendment laws in UAE that an entrepreneur must know for conducting smooth business operations. To avoid fines and do business legally, there are certain business laws the investor have to adhere.

Following are few of the Business Law Amendments in UAE that every entrepreneur must know for operating a business in the country.

Business Laws Amendments for Entrepreneurs in UAE

To streamline and create transparency in the business world over the years UAE has introduced a series of transformational business law amendments.

Safeguarding the interest of investors is the topmost priority in UAE and the changes are reflecting positive sentiments in the market of UAE being the safest and most robust business center in the world.

List of Recent Business Amendments for Entrepreneurs

Here is a list of a few business amendments that every entrepreneur in the UAE must be aware of and comply with.

These amendments are aimed at promoting economic activities more effectively and helping global investors to easily set up companies and scale up their establishments quicker in the region.

1. Stimulus Packages and Incentives

The Stimulus Package and Incentives were provided to businesses in the UAE during the pandemic period. When globally there was a slowdown in trade, employment, and business growth, the Stimulus Package from the UAE Central Bank and the Government saved ailing companies in the region.

Stimulus Package and Investor Confidence

The issuance of the stimulus package in the UAE has raised investor confidence and the new company registrations in UAE are at an all-time high.

The Dubai Government launched an AED 1.5 billion economic stimulus package for supporting the business affected by the pandemic.

From rent relief to interest-free loans and payment deferrals, the UAE government is in-game with boosting the business scenario in the region.

2. Foreign Direct Investment on Key Sectors

With 100% foreign ownership in onshore companies in the mainland of UAE to reducing the minimum share capital to set up a mainland company in UAE for foreign investors. The 100% expatriate ownership in mainland came in as a major business law amendment in UAE.

UAE is offering several options for opening a business in the region for foreign investors. It is focusing on building a transparent and robust business ecosystem for the investor to do business in the region.

The Free Zones in UAE are a major driving force to foreign direct investment in the form of opening new companies in the UAE and strengthening the economic activities.

3. Economic Substance Regulation

The Economic Substance Regulation is a policy launched in UAE to ensure the companies operating in UAE comply with the international tax laws. The ESR is also another major Business Law Amendment that all companies under the ‘Relevant Activities’ must adhere to the ESR Filing and Regulations.

ESR states that any business entity in the UAE onshore and Free Zone companies and other business forms that carry out any of the ‘Relevant Activities; listed in the regulatory framework must maintain an adequate ‘economic presence’ in the UAE.

ESR Regulations are aimed at creating transparency in the market and a strategic move towards Anti-Money Laundering and Combating the Financing of Terrorism and illegal organizations.

4. Ultimate Beneficiary Owners

Ultimate Beneficiary Owner (UBO) is a natural person who owns more than 25% of a company shares registered in UAE. UBO Registration is another latest business law amendment that all companies operating in UAE must adhere with to avoid any compliance issues.

All details of the shareholders are now to be included along with the ESR Documentation. It is aimed at creating transparency and reduce illegal transactions.

Hence the declaration of Ultimate Beneficial Owner helps in establishing an effective regulatory mechanism and procedure for stating the ownership details of the company operating in UAE with the Ministry of Finance.

5. Know Your Customer (KYC) Norms for Opening Corporate Bank Account

UAE has a well-secured network of international and local banks UAE. Recently with the impact of the Pandemic, business lending and day-to-day transactions have had a significant impact across every bank globally.

Banks in UAE are highly supportive of the business sector with business incentives such as loan deferrals, banking charge waive-offs, attractive financial solutions, easy bank accounting openings, and more.

There is strict KYC Compliance in all UAE Banks for opening a corporate bank account. They require a bank statement (from the previous bank), a robust business model, and an investor profile to review.

6. VAT Registration and Filing

The Value Added Tax in UAE applies to all consumer and commercial transactions in the region at a rate of 5 %. There are certain criteria for registering the VAT. Companies must be aware of the VAT rules in UAE for smooth operations of their business.

The Federal Tax Authority is the governing body for overseeing VAT compliance, regulations, and the VAT regime in the UAE. For small businesses, entrepreneurs, and freelancers it is not mandatory to file until they have not reached the VAT Threshold.

VAT Registration Compliance to Follow

VAT registration is mandatory for companies that have an annual turnover of AED 375,000. Companies that get VAT-registered benefits can opt for voluntary registration for VAT even though the annual turnover is less than AED 375,000.

Those companies registered for VAT must submit the VAT Returns periodically. Also, file for any VAT refund for business supplies, maintain the VAT record, and pay the due to FTA accordingly.

To know more, read: VAT Registration in UAE

Legal Documents every Entrepreneur must be having in UAE

A new business in UAE must have a strong legal structure and disciplined operations to successfully scale up and achieve sustainability. The company while registering in UAE will receive the Trade License where the mention of the list of business activities chosen will be present.

Also, the Trade License will have the shareholder information, date of company incorporation and expiry date. Another important document is the Memorandum and Article of Association. It states the terms and conditions and rules relevant to the company operations.

Having all the company documents in place enable the business to protect their investment and intellectual property of the business.

An investor or a company must always have their establishment card valid for applying the employee visas as required.

Employee and Company Documents that Must be Available Handy

The next key document is the Non-Disclosure Agreement, employee contracts, and offer letters to keep the employees, and supplier relationship strong.

Then comes the requirement of documentation like the company trade secrets such as trademark registration certificates for the marketing assets, Intellectual Property rights for new products/applications, etc.

Hence, in a nutshell, there are numerous business law amendments in UAE that the investor must closely follow.

All the latest amendments in the Ultimate Beneficiary Ownership, Economic Substance Regulation, VAT Registration, and is having a significant effect on the current businesses that are operating in the country.

To know more about the process and documents required for company formation in UAE, talk to our expert Business Consultants right away!

Contact Us: Aurion Business Consultants

The post Latest Business Amendment Laws in UAE for Entrepreneurs to Follow appeared first on AURION.