Step-by-step Guide to Shifting Your Business from India to Dubai. With the recent changes to the foreign business setup laws in Dubai have taken the world by storm. There are several tax and ownership amenities and perks that you, as a business owner, can expect in Dubai. This has also led to many new entrepreneurs shifting their business setup Dubai from India.
If you, too, want to hop on the train and choose Dubai as a profitable environment for your business, this blog is a must-read. To make the registration procedure a success, these few steps are integral.
Carefully Choose Your Business Activities
A majority part of your registration application includes the type of business you run and its activities. So the first step should be to determine the organisation’s business model. Certain activities might also require special certification and permission.
Having all such approvals ready before your business goes into operation can save you a lot of time and hassle. If you want to register your company in a specialised economic zone, choose a free zone. For mainland businesses, you have to find a local sponsor.
On the mainland, you can either register as a sole establishment or an LLC partnership. What company structure aptly fits your business depends on business activity.
Decide On a Company Trading Name
The next thing you have to ensure is a registered company trading name. Unlike many other cities, the Dubai government is quite particular about company names. There are certain rules you should keep in mind as well. For starters, the name should not have any profanity or offensive words.
And you should also steer clear of any existing, well-known brand names. Trade names often are an indicator of your business practices, and the right one can help enhance significance in the industry.
Choose the Right Business Location
Once your company name and certifications have been secured, you will have to choose an apt location. The place you choose can have a direct impact on resource availability, tax regulations structure, and economic exposure. There are also different pros and cons for each location.
Make sure you read the terms carefully before finalising a location. Being able to find a suitable location will further ensure the rampant growth of your business. It is best to consult a professional business setup company regarding the best-yielding locations in Dubai.
Draft the LSA and MoA
If you are looking to set up your business on the mainland, you need to work alongside an LSA or local service agent. They will only assist you when it comes to license applications and relevant approvals. They will have no say in your business decisions.
However, there is a lot of paperwork involved in a mainland business setup. Try finding a professional who can help you with that. Even a small slip-up in documentation can be a time-consuming mistake to rectify. Next, you have to sign and establish the Memorandum of Association, or MoA. This depends on your business model and company structure.
Apply For a Business License
With all that taken care of, you now have to file for a business license. Which relevant body you submit your application to will depend on where you are setting up your business. For instance, mainland businesses usually submit to the Dubai Department of Economic Development.
Similarly, a free zone company has to submit it to their specific authorities. More so, once you have the business license, you need external approvals from other associated governing bodies, when needed.
Open a Banking Account
You will then need to open a business banking account. Finding a banking service for your company is not hard. However, each bank has a different set of terms and conditions.
So make sure you read the paperwork carefully before submitting it. Choose a bank that suits your company’s demands aptly and offers profound concessions and benefits. This will help you optimise costs for your newly found branch.
Get a Dubai Resident Visa
While it is quite possible to sit in India and manage your company in Dubai, it is not always the most feasible option. This approach often requires more manpower, increases expenses, and leads to confusion. If you want, you can live in Dubai and run your business as well.
Once your business formation is complete, you can apply for a golden visa Dubai. Once the business owner, in this case, you, has the Visa, you can then apply for your family and other employees as well.
Following these steps will ensure the business formation procedure is simple, easy, and effective. However, if you are confused or want some guidance, you can always seek help from reputable companies like Business Setup Dubai. They have the required professionals and experience to ensure you face no issues with your venture.