Dubai is a beautiful paradise for those who want to start new companies worldwide. If you are a Canadian businessman considering the prospect of starting a business in Dubai, you’re making a sound decision.
It is equally like a ‘playground’ where any aspiring businessman with a good idea has the chance to bring it to reality. To be brief, Dubai has numerous elements that can benefit your Business and assist it in attaining maximum success.
Most Canadian companies in Dubai are performing well since the city is comprehensive with newcomer firms with better policies and amenities.
In this case, when one is starting business in Dubai, some factors make the exercise easier. For instance, there are restrictions in certain areas and cities in UAE, and to establish a company, it is recommended that you open it in a free zone; you will need to sign a few documents.
Establishing these zones also implies the availability of tax incentives, an effective method of having more cash to invest in your Business.
As for all Canadian firms operating in the emirate, Dubai has a lot of potential for companies to get in touch with each other and their customers. There are many occasions, such as trade fairs, business shows, and fares, where you can display your products and services.
The concept business in Dubai is suitable for Canadian business-minded individuals. This is a wonderful city with great support for opportunities and one of the best lifestyles one could ever get. Therefore, whenever you are in the process of considering the businesses in Dubai, it is something that will take you on an adventurous journey.
Why do Canadian entrepreneurs choose Dubai to start a business in Dubai?
Some Canadian businessmen are now opting to establish their enterprises in Dubai. Dubai has many benefits that make it a suitable place for company formation. However, it would be wise to look closely at the reasons that make Dubai appealing to entrepreneurs.
Dubai Company Formation Services
The procedures for establishing a business in Dubai are clear, simple, and quick. The UAE has special regions referred to as Free Zones where one may begin their business venture. These Free Zones offer decentralization privileges such as 100% ownership, no customs duties, and simple paperwork. That makes forming companies in Dubai easier than in many other locations.
Read out more: Benefits of Business Setup in Ajman Free Zone (AFZ)
No Personal Income Tax
Does Dubai have taxes? As with every other emirate, there are no taxes imposed on income, thus making it attractive for new businessmen and investors to make their new home in Dubai.
This implies that those involved in business transactions can save more out of the income that they receive from their investments. To respond to the question,
it is critical to point out that there are new taxes in Dubai, which were initially launched with the Value Added Tax (VAT). However, compared to other countries, the taxes are still low, especially for instance in Canada.
Business-Friendly Environment
However, Dubai has established itself as one of the best places to do Business. The legal structure of the government in Dubai is highly friendly for new Businesses and offers several opportunities for start-ups.
Strategic Location
Dubai occupies a unique position in Europe, Asia, and Africa. This makes it a perfect station for international commerce and Business. Business individuals can establish communication with clients and business partners from across the globe.
Further, its airport and ports are other great infrastructures that this global city has that further enhance its business environment.
High Quality of Life
Dubai has a very good quality of life. Some factors that attract people to this city include modern infrastructure, quality and efficient health care, and quality education.
Outsiders can have a comfortable life, nice climate, opportunity to travel and work, good schools for children, lovely beaches, shops, etc. Another advantage is the low crime rates, which can be crucial, especially for people moving from Canada.
Networking Opportunities
Hence, many business-related events, exhibitions, and conferences are held annually in Dubai. These events are very useful, if not essential, in helping young and upcoming entrepreneurs get acquainted and add knowledge to their businesses’ growth. It is very helpful because such events may help meet other business owners and potential clients.
Innovative and Diverse Economy
The economy of Dubai lies in a category of its own and has been established on progressive strategies. It is not solely an oil-based economy; the city has very healthy tourism, property, banking, and IT industries.
By doing so, the country presents itself as having numerous chances of investment from different fields of technology. It also fosters new ideas and innovations, making it a beehive for any business-minded person.
Supportive Business Services
Like any other nation, Dubai provides services to new companies that embrace its nation. To get legal advice or to address their marketing needs, these are some of the business portfolios that many firms offer business people.
This makes the business setup in Dubai process much easier and less of a bother as people can just focus on running their Business without the stress of struggling to get it set up in the first place.
Also read: Which is the cheapest free zone in UAE
How Canadian Entrepreneurs Can Set Up Business in Dubai?
Starting business in Dubai is like creating a new story out of an enterprise. To Canadian business people, the procedure is easy and rather fun. Since setting up business in Dubai can be a complex process, what you will read below is a basic, step-by-step guide to make the process as easy as possible.
Choose Your Business Activity
The initial aspect involves choosing the genre of Business that you want to venture into. The activity in question can be trading, consulting, or just a restaurant if it is situated in Dubai. It is useful to know your business activity because further steps may require necessary permits for some activity.
Choose Business Structure
After this, you wish to decide what business structure you require for your venture. This business can be categorized into a particular sort; for example, it can be a sole trader, a partnership, or even a company business. Most business people favor this solution because it provides more opportunities to succeed, although company formation is also famous. One such type of Business in Dubai, is the Limited Liability Company (LLC).
Secure a Local Partner or Associate
When registering an LLC, you must have a UAE national sponsor for your business. This person will own more than half of your Business while you own slightly more than one-half of the Business.
Do not worry; it is on paper, and you can fully control your Business through legal ammunition. Some benefits you get to enjoy in Free Zones include the freedom to own 100% of the Business and the fact that you do not require a local sponsor.
Apply for Initial Approval
One of the key prerequisites for beginning your business activity is to obtain preliminary licenses from the Department of Economic Development in Dubai.
This means that the government is open to your business idea. You must upload identification, such as a copy of your passport and a brief venture description.
Prepare Legal Documents
As part of registration, people must take certified and notarized documents like the Memorandum of Association MOA & the Articles of Association AOA.
They contain information on the Business’s legal structures and how the Business operates. The assistance of a legal counsel may be useful for this particular step.
Submit Final Application
After compiling all these documents and the necessary approvals, you can submit your final application to the DED or the Free Zone authority. You are also required to deposit the obligatory fee at this stage.
Receive Your Business License
Once your application is accepted, you will get your business license. This is a big moment because you are officially registered to do Business. Now, it is possible to commence business operations and potentially even open a business bank account.
Conclusion
The process of establishing business in Dubai may take time, but each stage is crucial and contributes to the success of your Business. Through the outlined steps, Canadian entrepreneurs can benefit from the advantages of operating business in Dubai.
Further, For expert advice and detailed information on relocating your Canadian business or start a business in Dubai. You can contact to our knowledgeable consultants.
FAQs
Why should Canadian businessmen think of getting business in Dubai?
Based on these points, some advantages of investing in Dubai include no personal income tax, good conditions for other business personalities and companies, and relatively good market access globally.
How long does it take to register a business in Dubai?
Sometimes, the process can be short, depending on certain factors, such as registering your Business in a Free Zone. Generally, it can take two to three weeks and, sometimes, up to two months, depending on the kind of Business and the permits required.
Can Canadian business people take their families to Dubai?
Once your Business is established, your family members can be sponsored to join you and live in Dubai. The city provides a comfortable standard of living with good educational, medical, and recreational facilities.
What support is available for Canadian entrepreneurs in Dubai?
New businesses in Dubai receive many services, such as legal advice, marketing, and networking. There are also numerous business-related events and conferences where one can get a chance to interact with other business people and potential customers.
