In all of the UAE, Dubai happens to be the first emirate that has opened its market to foreign ownership. However, the fact remains that the government has established a completely different set of regulations that apply on foreign investors. In most cases, procedures happen to be rather fast-tracked. If you are interested in establishing your business in Dubai, then here are a few tips that you should keep in mind:
Before working on your RAK free zone business setup, it is necessary for you to look for a reliable legal services team. Believe it or not, but doing so is definitely going to save you from a lot of hassle in terms of paper work. Apart from that, the team will also help you acquire in-depth details about local values and traditions that will definitely play a role in your success. With that, your company will be registered through the Department of Economic Development (DED). But before that, you will have to acquire preliminary approvals from the Licensing Section. You will also have to acquire membership registration from the Dubai Chamber of Commerce and Industry (DCCI).
Legal requirements with regards to business partners
If truth be told, legal requirements in Dubai are rather strict when it comes to having a business partner. In case you set up your business outside the free zone, it is required by law that you do so in partnership with a local. However, the catch here is that the local partner will hold the majority interest in the business, which means he will own 51% share in it. What you need to bear in mind here is that the local partner will have majority interest in the business irrespective of whether he actually makes a financial investment or not. However, if you want to have complete ownership of your business, then it is best for you to establish it in one of the free zones.
Having a local sponsor is basically another requirement set by the Dubai Economic Department (DED). If truth be told, this is one of the most basic issues that you will have to deal with if you plan on establishing your business in Dubai. The sponsor will manage all the legalities and help you out with aspects like finalizing legal documents, filling up application forms and planning etc. Go to website for more information in this regard.