Business Start-Up Costs in Dubai
Business Start-Up Costs in DubaiUpdated on Friday 31st January 2020
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Dubai is a major business hub open for all persons interested in relocating here and starting their activities. The business start-ups are welcomed in Dubai, and investments can be focused on the main areas of interest. It is good to know that the business start-up costs may vary, according to the type of activity you want to establish, but there are several benefits especially if you want to open your company in Dubai Free Trade Zones. With comprehensive support in legal matters from our lawyers in Dubai, you can start your business and enjoy the opportunities you can find in the Emirates.
The costs of opening a business in Dubai
Once you have decided to set up a business in Dubai, it is recommended to apply for the proper visa, such as a business visa for Dubai, where fees will apply. As for the minimum share capital to open a business in Dubai, this is not required for limited liability companies. Entrepreneurs may direct their attention to the free trade zones of Dubai where they can have 100% ownership of their company but considering the fees related to the business start-up procedures in the city. It is good to know that there are no taxes on profits of companies established in Dubai, and the corporate tax can be exempt for 50 years.
Costs for permits and licenses
The legal documents of the company, the business licenses and other registration procedures will be subject to different fees. It is good to know that a business license or permit needs to be renewed once in a year, where additional costs must be considered. Extra costs for your business start-up may include an office for rent, the insurance, and the equipment. We remind that the company registration procedure in Dubai has been simplified, but complete assistance and legal support can be offered by our attorneys in Dubai.
Our Dubai lawyers can provide assistance during the company set-up procedure. We can offer you counseling if you are interested in specific details about the costs for companies in Dubai and also about how to obtain the EORI number if you are interested in trading activities within the EU territory.
What to consider when opening a business in Dubai
Any business needs a bank account for varied money transactions, such as deposits or withdrawals. You can find numerous banks in Dubai, local and foreign, all of them having different levies for their services. An entrepreneur is advised to make a good analysis and solicit information about all charges involved for your brand-new business.
If your business start-up requires additional capital, a local partner or sponsor can help in this matter. A written agreement is recommended for both parties, where details about costs and levies must be mentioned. As soon as you set up your company, it is recommended to hire accountants who can take care of your financial matters such as bookkeeping, payroll, investment plans, and tax advice. It is recommended to consider the costs for these kinds of services.
For additional details about how to open a company in Dubai, we invite you to get in touch with our law firm in Dubai.