Starting a business in Dubai is not easy, especially when you are on your own. To run a business successfully in Dubai, you need to have some professionals in your team by your side as you drive your entity towards growth. Such experienced people in your team will assist you in simplifying the process of business setup in Dubai and help you comply with all the legal requirements after incorporation. The list includes business setup consultants in Dubai, accountants, tax agents, and others.
As a new entrepreneur in Dubai, you may not be aware of the laws and regulations. Trying to form and run a business in the UAE without knowing the regulations may lead you to penalties and other punishments. However, the assistance of experienced professionals will help you to ensure compliance and avoid reputation damage. Let’s proceed to learn about the people you need to have by your side while opening a company in Dubai:
Business Setup Consultants
The process of business setup in Dubai is a strategic decision because you will have to choose between the mainland, free zone and offshore options. Setting up a business in the mainland allows you to trade anywhere in Dubai. However, a free zone license in Dubai permits you to trade within the free zone premises or internationally. An offshore entity is appropriate for investors with objectives such as asset protection and owning real estate properties. As a rookie entrepreneur, it would be tough for you to clearly understand the pros and cons of each option and make the right decision.
Here is where the assistance of business setup consultants in Dubai will come in handy for you. You only need to hand over your business plan, preferred activity and visa requirements to the consultants. They will guide you on which option is best for you based on your requirements. Business setup consultants in Dubai are well versed in UAE immigration laws and labour laws. They will guide you on all the steps of business setup in Dubai such as activity selection, choosing an appropriate legal entity, drafting legal documents, choosing an office space/facility, opening a bank account etc.
Public Relation Officer
Foreign investors are required to navigate many barriers to successfully incorporate a company in Dubai. Dealing with government entities is the prime challenge every expatriate entrepreneur find tough while starting a business in Dubai. Lack of legal knowledge and language barriers make the process tougher for foreign investors. However, the services of a Public Relation Officer or PRO in Dubai make it easier for you.
Availing PRO services in Dubai is essential for you to meet critical requirements such as trade license approval, obtaining visas & Emirates IDs, sponsoring the visa of your dependents, translating and attesting legal documents, etc. Outsourcing your requirements to PRO companies in Dubai will prevent you from wasting time running around various government departments for approvals and other bureaucratic requirements. By hiring PRO firms in Dubai, you can productively spend your time setting up or scaling up your business.
Accounting Service Providers
Accounting is one key area that you should never attempt to do on your own. You need to hire laser-focused, by the book, meticulous professionals to keep your financials under control. Keeping books of accounts for at least five years is a legal requirement as per the Commercial Companies Law, UAE VAT Law and regulations of various free zones in Dubai. Accountants can help you with bookkeeping, monitoring all financial records to ensure taxes are being filed correctly, keeping track of the budget and creating financial plans for maximum profit.
However, it’s advisable to outsource your accounting requirements to accounting firms in Dubai for a wide range of reasons. Accounting & bookkeeping firms in Dubai will help you from hiring inexperienced people, spending money on training accounting professionals, paying them salaries and extra benefits etc. If you outsource your accounting function, you only need to pay for what you require.
Trademark & Intellectual Property Professionals
You need to ensure your brand is protected from competitors to step up your game plan in Dubai. Since it’s a vast consumer market, you need to establish your brand and protect it through trademark registration. Trademark registration helps you from creating a brand value for your goods or services and protect them from competitors and counterfeiters. Consumers attach a certain level of trust and quality to established brand names and this trust could get you to achieve more profits.
However, your competitors may try to imitate your brand name and snatch your customers away from you. To prevent such a situation, you need the assistance of trademark agents in Dubai. Similarly, if your company wants to protect an invention you can hire patent registration agents in the UAE. Protection of brands and inventions is paramount to business success in Dubai.
FTA-Approved Tax Agents
Businesses making taxable supplies can’t ignore hiring the services of tax agents in Dubai. Tax agents in the UAE are defined as persons appointed on behalf of taxable businesses to represent them before the Federal Tax Authority (FTA). Tax agents must be registered with the FTA and assist the taxable persons to meet their tax obligations and exercise their tax rights. Tax agents will assist you to meet mandatory obligations such as VAT registration, VAT record keeping, filing VAT returns on your behalf, enquiring about tax-related matters with the FTA, preparing you for tax audits, submitting a request for reconsideration of decisions issued by the FTA.
Compliance Service Providers
Dubai has witnessed a wide range of regulatory reforms steadily since 2018 with the introduction of VAT, Anti-Money Laundering & Combatting Financing of Terrorism (AML-CFT), Economic Substance Regulations (ESR) and Ultimate Beneficial Ownership (UBO) etc. Companies that fall within the scope of these regulations must ensure compliance without fail as non-compliance will result in hefty penalties and reputation damage.
However, ensuring compliance is not an easy task as you will need to conduct periodic assessments, create of robust compliance framework, and file the submissions on time without errors. You can hire regulatory compliance service providers to ensure compliance with ESR, AML-CFT and UBO. The best business setup consultants in Dubai can offer bespoke solutions for all your regulatory compliance requirements.
Jitendra Business Consultants Offer All Services under One Roof
Entrepreneurs can’t go solo to navigate the requirements of business setup in Dubai. Going alone for company formation in Dubai may result in non-compliance and other unforeseen events. That’s why you need to associate with each of the professionals listed in this article. Hiring individual professionals for each service will waste your time and money. However, business setup consultants in Dubai such as Jitendra Business Consultants (JBC) can provide you with all the services under one roof. JBC can provide you bespoke services related to business setup in Dubai, accounting & bookkeeping, tax agent services, trademark & patent registration etc. We also provide compliance services related to ESR, UBO & AML-CFT. Being a one-stop solution for all regulatory services, JBC is the best option for running a company in Dubai hassle-free.