Dubai has become a universal turning point for the business. It has been the aim from Dubai Sheikh and his father, to create something unique. The Father had great visions for the future and when he died, his son Sheikh Mohammed bin Rashid Al Maktoum these took over the visions and he lives them fully. He always has a new idea for what will attract new business partners. Large opulent buildings, man-made islands and indoor ski resort.
The business opportunities in Dubai have enlarged since over the past few years, now Dubai is flocked by many companies and entrepreneurs. Dubai is haven for business, everyone wants to established a business in Dubai because it is one of the most growing and developing city in the world.
Here are some guidelines for anybody who wants to establish or start a new business in Dubai or make their own partnership.
• Dubai’s import annually is humongous it exceeds 14$ billion dollars
• Dubai’s non-oil import have risen amazingly, and Dubai is becoming a hub for trading and a major supplier for the other countries.
• There are increasing demands for foreign food products and latest gadgets or electronics and other high end products. So Dubai is a great target for marketing new technologies and establishing export business.
• There are no foreign exchange rules. quotas or conditions, the import duties are low and many products are trying to exempt from taxation.
What Are The Different Categories Of Business Organizations In Dubai?
There are 7 categories of business organizations in Dubai and they are:
• General partnership company
• Partnership-en-commendam
• Joint venture company
• Public shareholding company
• Private shareholding company
• Limited liability company
• Share partnership company
Business in Dubai
Dubai is one of the best places today to invest on business operations, the conditions, laws and rules are very liberal and very attractive compared to other countries. Dubai has made itself a great economic force, and therefore attracting more and more organizations, investors and entrepreneurs to settle their business in Dubai.
There are variety of options for foreign or international corporations to start operating their business in Dubai, they can start by creating a trading relationship as this is what Dubai is known for from way back 18th century it still hasn’t changed much today, Dubai is still a center for trading due to there are no income taxes or import and export taxes.
For companies there are advantages to have presence in Dubai to research market conditions as well as potential business partners, costumers and finalize transactions and orders.
Setting up a business license in Dubai
For any kind of business you need to set up a license, which is the most important thing, the license issued by Dubai Economic Department will depend on the nature of your business; here are the types of licenses you can get according to your business niche:
• Commercial Licenses – which is highly required for any kind of trading
• Professional Licenses – professional service providers need this license to provide craftsmen and skilled labor and so on.
• Industrial Licenses – for industrial and manufacturing operation.
For engaging in oil production there are more detailed laws that apply. Jewelry and insurance companies require financial guarantee issued by a bank in Dubai.