The United Arab Emirates, commonly referred to as the UAE, came into being in 1971; it is a federation of 7 states; these are Abu Dhabi (the capital), Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. The total population 4,967,142 (source Wikipedia)
Why Particularly Dubai?
London-based notary public, Basil Preuveneers,
renewed contacts and made new friends whilst investigating new business opportunities in Dubai recently…
Global Investment interest in Dubai heightens as Dubai becomes the first city in the MENASA (Middle East, North Africa and South Asia) region to host a World Expo.
Every five years and for a period of six months, World Expos attract millions of visitors
If you are considering establishing a Business in the UAE we can point you in the right direction.
Why Particularly Dubai?
Oil was discovered there in 1966; that was just the start! Dubai is apparently the fastest growing city in the world. Dubai has attracted world attention through many innovative large construction projects and events. Dubai has been named as the host city for Expo 2020; we at Notary Co UK think this will further fuel the pace of growth in the region, opening up even more business opportunities. It certainly seemed like it when Notary Co UK visdited.
Notary in Dubai
Notary Basil Preuveneers and LisaP for the MyNotary Network were in Dubai when it was announced that the city had won the bid to host Expo 2020. Coinciding with the UAE’s 42nd National Day, the city was jubilant; a four-day weekend was announced and the city went mad!
“Despite it being a ‘bank holiday’ we managed to make several business meetings. We talked about the system of ‘double’ legalisation and how to minimise such problems. Sometimes documents we have notarised, apostilled and have had stamped at the UAE Embassy in London still have to be presented to the Minister of Justice in Dubai for further verification.
Getting documents – even obtaining certified copies of academic certificates - is at best a long winded process; at worst – impossible as the British Consulate in Dubai has stopped providing a number of such services.
“During our 4-day stay we made some new connections with local translators, tax advisors and company formation firms. Of course we had time to see the sights – we enjoyed the day and evening Big Bus tours – the trip took in most of the malls and took us to the outer sea wall of the Palm, a huge man-made island made in the shape of a date palm. And no trip to Dubai is complete without ascending to the highest viewing platform in the world’s tallest building – terrific!” read more...
Global Investment interest in Dubai heightens as
Every five years and for a period of six months, World Expos attract millions of visitors. Just before the UAE’s 42nd National Day it was announced that Dubai had won the bid to host the 2020 Expo. Dubai becomes the first city in the MENASA (Middle East, North Africa and South Asia) region to host a World Expo
“For our bid to host the 2020 World Expo in Dubai, the UAE has selected the theme “Connecting Minds, Creating the Future”. In today’s highly interconnected world, a renewed vision of progress and development based on shared purpose and commitment is key. While a single human mind, an individual country, or a specific community is both unique and remarkable, it is by working collaboratively that we truly advance.
Business is Booming in Dubai
Dubai is well known as a central hub for business as it is well geographically placed being halfway between Europe and the Far East. This makes it an ideal meeting place for business and commerce generally. Expanding opportunities for profit making within different sectors of the economy exist; investors are encouraged by the excellent financial climate and tax-free appeal of setting up a business in the UAE.
With its iconic landmarks including the seven star Burj Al Arab, The Palm Jumeira and the world's tallest building the Burj Khalifa, Dubai has shown the world that it has a progressive "can do" attitude and a commitment to a thriving economy.
There are many opportunities for companies and individuals to start new business ventures and a variety of industries to choose from including construction, real estate, financial services and manufacturing.
It is important to get proper advice before launching into business in Dubai – you need to consider which business structure is the right one for you. Firms can open as branches or representative offices of foreign commercial entities, as sole proprietors, limited liability companies and business start-ups in the free trade zones. Also you may need to think about an exit strategy. We in the UK are far more easy going when it comes to closing a company down. In the UAE, as in many mainland European countries, there is a (what can be lengthy) court procedure to go through.
We can point you in the right direction.
In conjunction with Law Consultancy Services Ltd, Notary Co UK and members of the MyNotary Network can help you set up a company in the UAE.
We are working with a number of professionals in Dubai and in London who can help us with the following:
Your SME business in Dubai
An increasingly popular option for new ventures and small businesses (SME’s) is with one of the UAE free zones. There are many economic free zones vying for new business; each offer standardised services. However, each free zone must adhere to government regulations regarding types of business operations permissible in that zone. Additionally, it’s particularly important to understand the free zone facilities, limitations, costs of licensing, office rental and associated fees, visa processing, and renewal charges before making your final choice. These, amongst other factors, are critical to ensure a successful and hassle free investment in the region.
Establishing a Business in the UAE
The UAE is a safe haven for offshore and onshore companies: establishing a business in any of the seven states (including Dubai) is an excellent way of tax planning. The UAE economy is divided between the onshore sector - with restrictions on foreign ownership - and offshore free zones.
Benefits of owning a business In Dubai include
If necessary an offshore free zone company can be set up within 24 hours:
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