The fastest way to set up a company in Dubai will depend on the type of operation you’re looking to run in the UAE. Generally speaking, the Mainland company formation package is the most straightforward and fastest way to set up a company for Dubai, however you will need a good understanding of the current legislations regulating company formation before you start your application.
This is why using a Public Relations Officer (PRO) will help you save time and, ultimately, money when looking to set up your company in the City of Gold. At Time & Motion, we have decades of experience in company formation, licences and visa services, which we use to advise you on what’s best for your business. Depending on the specific requirements of your business, the application process for a Dubai visa can vary, but there are some pointers we can give you to help you better understand the bureaucracy behind it.
The number of perks related to moving to Dubai is outstanding – from the tax-free lifestyle to the wonderful weather – so how does one begin the process to relocate to the City of Gold?
The Golden Visa scheme
Though this isn’t strictly related to setting up a company in Dubai, it’s worth mentioning that any foreigners looking to relocate to Dubai will need to obtain a residency visa. The Golden visa is the most common option, which allows certain foreign nationals to live, study and work in Dubai for five or ten years.
There are specific criteria you will have to meet before you can apply for a Golden Visa. These are usually issued to investors, entrepreneurs, people with specialised talents, researchers in various fields of science and bright students with promising scientific capabilities. The Golden Visa system is therefore geared up to allow wealthy or highly skilled foreigners to live, work and study in the UAE without the need for a national sponsor – and with 100 per cent ownership of their business on the UAE’s mainland.
Relying on a Public Relations Officer to fill in and submit your application will ultimately save you time and money, facilitating the process so that you can receive your Golden Visa for living, working and studying in Dubai in as little as two weeks.
So, a Golden Visa is what professionals or bright academics relocating to Dubai must obtain, but what about setting up a company in the city?
What are your options when setting up a company in Dubai?
If you’re looking into setting up a company in Dubai, chances are you are already familiar with the various types of trading permits and licences you will need to obtain. There are in fact three main options for entrepreneurs interested in operating in the UAE – and, more specifically, Dubai. We are talking about Free Zone, Mainland and LLC.
The key difference between the three lies in the jurisdiction and regulations under which the companies are established. In summary, the choice of business structure in Dubai will depend on the specific needs and objectives of the company, so here is an overview of each.
Free Zone
A free zone company is established in one of the designated free zones in Dubai, offering 100% foreign ownership and tax exemptions. These companies are governed by the regulations of the respective free zones and restricted to conducting business only within the free zone or with other countries.
Essentially, setting up a business in one of Dubai’s free zones means you will be able to trade tax-free with minimal restrictions. Businesses that are able to get a free zone trading licence can produce, assemble, import and export goods without paying any customs duty. An additional perk of free zones is that, in some instances, these are strategically located in the proximity of national borders, international airports and seaports to allow businesses to reap maximum trade advantages.
But choosing the right freezone is highly dependent on the nature of your business. And that’s where a PRO comes in, helping you understand what can and cannot be done within a free zone and, ultimately, advising on whether or not your business is eligible.
There are over 40 free zones spread all over the United Arab Emirates, with plans for expansion in the near future. These attract hundreds of foreign investors every year, ultimately contributing to the non-oil GDP growth of the national economy.
Mainland
A mainland company, also known as a Dubai mainland company, is established in the mainland area of Dubai and is subject to the regulations of the Department of Economic Development (DED). Mainland companies have the advantage of operating in the wider Dubai market and can have business dealings with local and international companies.
Professionals moving to Dubai on a Golden visa or through a local sponsor are eligible to apply for a Mainland company set-up. They will, however, require the help of a PRO to make the process run smoothly and comply with the relevant rules and legislation.
Foreign nationals can stay in Dubai Mainland through a commercial licence, a professional licence, an industrial licence or a tourism licence.
LLC
An LLC company, or Limited Liability Company, is a type of business structure commonly used in Dubai mainland. In an LLC, the owner’s personal assets are protected and their liability is limited to their shares in the company. The profit and loss are shared among the shareholders in proportion to their ownership shares.
Entrepreneurs and business owners looking to set up a company in Dubai might be interested in setting up an LLC, as this is the most common form of business in the UAE. Limited Liability Companies can be formed with a minimum of two and a maximum of 50 shareholders, whose liability is limited to their shares in the business capital.
Though it’s not mandatory to use a local agent for LLC company formation in Dubai, a Public Relations Officer can speed up the process for you, taking care of the bureaucratic aspects. What makes LLC unique and one of the most preferred business types is the level of flexibility it provides; an LLC company can in fact trade anywhere in UAE and GCC.
How can a Time & Motion PRO help?
As an established PRO services business, Time & Motion is ready to become your company setup consultant in Dubai. Our expert agents can take care of the administration and bureaucracy involved in obtaining the right work permits, residency visas and licences needed to set up a business in Dubai.
We have helped thousands of individuals, families and businesses set up in Dubai over the years, accumulating an unrivalled knowledge in the matter. Whether you are moving your first steps in the UAE company set up system, or you already have a clear idea of what to expect, using a Public Relations Officer will facilitate the process, saving you time and money.
Now you’ve found us, please get in touch! We’re ready to start processing your application today.
