Dubai International Academic City
Setting Up an International Academic Company in Dubai
Dubai is a Middle Eastern state that has attracted scores of international students to its shores in the recent past. The city boasts of many different business opportunities and thus attracts students from all around the world. One of the main reasons for the success of the city in attracting so many academicians is its recognition as an academic city. As mentioned before, there are numerous academic institutions and universities in the city. Therefore, if you are planning to establish a new company or venture in the business sector, there are few things you need to keep in mind about company formation in Dubai.
There are several reasons behind Dubai being an attractive destination for corporate formation. First, it has a lot to offer to students from various corners of the world. Besides offering good work and study facilities, Dubai is home to some of the best international academic institutions. Some of these international universities are affiliated with some of the leading research institutes in the world. For example, JKUAT University is affiliated with prestigious University of London. The presence of prestigious international academic institutions in the emirate has significantly boosted the number of students looking forward to establishing a company or venture in the industry of business.
Another significant factor that contributes to Dubai’s business popularity is its business environment that is conducive to smooth business formation. As mentioned earlier, there are several legal requirements to be fulfilled if you wish to set up a business in the field of business. For starters, you need to secure the legal permission for your operation. This is required both for domestic operations and for outsourcing services that will be performed on a daily basis from outside the country. Besides this, you need to make sure that all the legal formalities are fulfilled, including those related to the registration of your business, the payment of its annual taxes and related registration, etc.
Once you have obtained the necessary legal permissions and all the required documents to start your business, the next step is to look forward to setting up the business itself. There are several ways in which you can do this. You may want to look into establishing a partnership with another company based in Dubai. This way, you will be able to take advantage of the low labor costs in the emirate. It is also possible to employ the services of skilled personnel from abroad in order to take care of the various responsibilities that come with running a business. If you are able to hire such professionals, you will be able to cut down on your overall manpower requirements significantly.
The Dubai authorities have also made it possible for foreign professionals working in Dubai to acquire a visa for stay purposes. In most cases, these visas will allow them to work in the country for an additional year provided that they continue to maintain their position and comply with all the rules and regulations of the country. These rules and regulations include not just the rules governing business activities within the country, but also the rules governing the international business. For this reason, it is highly recommended that you look into the proper licensing and other requirements needed to conduct your business activities internation.
Top 3 categories of licenses issued in Dubai to register a company
Depending on the nature of the activity a business entity plans to undertake, license in one of these categories will be issued:
1. Commercial License – is issued to a company who will engage in any kind of trading activity.
2. Industrial License – is issued to a company who will engage in manufacturing or any industrial activity.
3. Professional License – is issued to service providers, professionals, artisans, and craftsmen.
The Dubai Economic Department for Business Development in Dubai is the government agency who is responsible for issuing Dubai company/Business licenses. This department operates from several locations to deliver licensing services in Duabi, UAE.
- The very first step in the process of incorporating a company in Dubai is getting an effective legal name for the business entity. One can choose any name for the company including the name of the company, its address, the name of its director and the management team, and many more. The legal name of the company must comply with the laws of the country where it is incorporated. An expert firm will help you choose the name of the company accordingly. Another factor that you need to take care of is that the name of the company should not be confusing.
- Once you have selected the name of the company, you have to get the ownership of the business. If you are not aware of how do I start an LLC in Dubai, this aspect is the responsibility of the firm that you have chosen to do the task for you. As far as the ownership of the business is concerned, you need to get in touch with an experienced business lawyer who will help you carry out the procedure legally. Once you are done with the process of incorporating the company in Dubai, you need to register it at the Companies Registry. You will have to provide all the details about the nature of the business, the owners and the type of trade that you undertake. All these details are mandatory and you need to submit them along with the application form in the database maintained by the Registry.
- After getting the registration of the company, you need to register the company. This process can be done online or by visiting the Companies Registry office in the city. You need to pay a nominal fee for the registration and you need to provide the latest contact information of the directors to the registry authorities. If you are still wondering how do I start an LLC in Dubai? then you need to know that all this entire process can be completed within three months from the time of filing the first set of forms.
- Now, you need to decide about the capitalization of the business. This decision depends on your requirements and the profit margins that you can get from the business. For instance, if you are running a small retail business, then you can start a limited liability company with a capital of only a few thousand dollars. However, if you are planning to set up a manufacturing business, then you need to have a business plan that will include figures regarding the investments, profits, losses, etc. That is the reason why it is necessary to have a well-written business plan before starting the business.
- The next step in the process of how do I start an LLC in Dubai is to find a name for your company. It is not mandatory to choose the name of the company when you apply for its registration. But, if you are going to establish a limited liability company, then you have to use the name of your company or brand. Again, you have to select a trademark that will be able to represent your company and its products. For instance, if you are dealing in the manufacturing of sports equipment, then you can choose the name of the brand or you can even purchase a trademark from the trademark department of the United States Patent and Trademark Office.
- After you have chosen the name of your company and trademark, you need to register the name. This is done by filing the appropriate paperwork with the concerned office. However, you must remember that even if your company name is already registered, it does not mean that the name cannot be changed anytime in the future. Therefore, you have to keep this factor in mind. Even if you have registered your company’s name, you should still check on it once in a while so that you can make the necessary changes as and when necessary.
- One important point that you have to consider when you want to set up an LLC in Dubai is the formation procedure. You will have to complete the set of procedures and formalities required to get a legal registered company up and running. In addition, you will also have to abide by certain laws, regulations and rules in order to become functional as a business unit. In order to deal with these requirements, it would be better if you seek help from a company that specializes in establishing a limited liability company in Dubai. You can discuss the details of the company’s formation with this company and you can also take a look at the services that they are offering to get the ball rolling.
The members of the Dubai International Academic Association can help you by providing you with assistance when it comes to business planning. They can also help you decide what equipment and materials you need for your business. They can even help you choose the best location for your business so you will have a well-prepared business plan beforehand. The Dubai intellectual property laws are strictly implemented, so you must make sure you have the right tools and materials needed to protect your business. Also, they can give you information on the types of licenses that are available for you. This will help you choose which ones are the most appropriate for your business.