Expats arrive at Dubai, following their dreams and to have better lives. People need to venture out into their successful business world. There are so many factors to consider before deciding to open a company. The initial set up cost is an important factor that takes you ahead. To know more about the setup Cost of Company Formation in Dubai, contact the Socprollect Consultants.
Initial set up cost:
Every sort of company, before Setting Up a Business in Dubai, should analyse about the initial costs. Dubai’s tax-free nature is an attractive feature to entrepreneurs around the world. Even though there are many hidden fees involved to kick-start your business. Initial approval/ instant licence, Trade name approval, Office rent, Drafting the contract and Court Agreement Attestation, Memorandum of Association Attestation, Administrative services fee and public waste municipality fee, Ministry of Economy fee, Trade licence, etc. are the one-time costs included while setting up business in Dubai. Apart from this, a few yearly expenses to afford is Commercial Licence fee, Chamber of Commerce fee, Commercial services improvement fee and Market fees.
Free zone Business:
Each free zone has different start-up procedures and fees. Some free zones also require the business owner have a minimum amount of capital if they are establishing the company or enterprise. Another cost of running a free zone is sponsoring your employees and providing them with the visas and paperwork to allow them to reside in the country. Office rent, Free Zone licence, registration, Free zone visa, Bank Guarantee, Registered agent fee, etc. are the common costs included while setting up free zone business.
Companies that highlight trades should also consider the future costs of importing goods to the country. UAE Customs has guidelines on the types and cost of imported goods. Customs fees will be less expensive if the company will only be trading within the GCC.
Limited liability Company:
In the case of LLC, Foreign equity in the company cannot exceed 49% of share. So that you need a local partner with a majority share in the company. Usually, the minimum capital is Dhs 300,000.