setting up a business in dubai

Free zones in Dubai

Dubai with its tremendous growth and development has become an excellent business environment for many investors around the world. It has one of the most liberal and attractive operating conditions as far as rules and regulations are concerned. Setting up a presence in Dubai can be considered one favorable move for an investors. Setting up a business here can mean a lot of headache and tiring if someone is going to do it himself. One best option is to hire a consultancy that offers assistance in setting up a business in Dubai. One very important thing we need to consider if we don’t have that much of a capital is – what type of a business are we going to set up that is not going to cost us much.

Business types. Here are the different types of business that can be set up in Dubai.

• General Partnership
• Partnership en-commendam
• Joint Venture
• Public Shareholding
• Private Shareholding
• Limited liability
• Share Partnership

Aside from these, someone can set up its presence in Dubai through an LLC, a Freezone enterprise or company, an offshore company and a branch of a foreign company. Choosing these type of presence is cheaper and easier.

LLC and Freezone. The following should be considered when to set up an LLC:

• Dubai economic development department has classified all the activities under the different heads. The prospective investor has to choose the activity group.
• To establish LLC, as per the Dubai government law, it is compulsory to keep one UAE national as a partner in the company. So the prospective investor has to choose the one UAE national (sponsor) as a partner in the company.
• After selecting the activity group and the local national partner (sponsor), investor has to take initial approval from the Dubai economic department.
• After having the initial approval, the investor has to select the trade name of the company and has to take the trade name approval from the Dubai economic department.
• After taking the trade name approval, the investor (partners) and the sponsor has to register LLC contract- a memorandum in the Dubai court.
• The investor has to select a proper business place and bring the tenancy contract along with the location plan, which has to be approved by planning and civil defense departments in Dubai Municipality.
• After executing the LLC contract in the court, the authorized partner has to open a bank account and deposit the capital required to register a company in this account. Then the authorized person has to obtain a letter from the bank mentioning that the partners have deposited the specific amount in the bank.
• After that the partners have to obtain an auditor’s report mentioning that partners have deposited the capital amount required to register a LLC.
• After processing all above documents, the partner has to submit them in Dubai economic department and after due scrutiny, the department will issue a trade license on payment of the required fees.
• After obtaining the trade license, the partner has to open an immigration and labor computer card.
• The partner can now apply for the investor visa by depositing the required amount.

One advantage that Dubai has in attracting investors are its having so many freezones. There are about 38 freezones including the upcoming freezones in Dubai. Generally, there are three possible structures to have a legal presence in a freezone. These are a Branch, a Freezone Enterprise (FZE) and a Freezone Company (FZC). A branch does not require separate capital. Free Zone Establishment is a legal entity incorporated/registered by single shareholder. The shareholder can either be an individual or a non-individual/corporate.The minimum required capital is AED.1,000,000/- represented by one share. Any additional capital shall be in multiples of AED.1,000,000/-. An FZE enjoys limited liability status. An FZCO is a legal entity incorporated/registered by a minimum of two shareholders. The shareholders can either be individuals or a non-individual(s)/corporate. The minimum required capital is AED.500,000/- represented by 5 shares. Each share shall be of minimum value AED.100,000/- or in its multiples. Maximum number of shareholders with minimum capital of AED.500,000/- shall be 5. This can go up to 10 shareholders provided the capital and/or the numbers of shares are increased corresponding to the proposed shareholding. An FZCO enjoys limited liability status.

The Benefits in Free zones. The free trade zone in the UAE are well equipped to set up a business. Further, 100% ownership is allowed with no recruitment or sponsorship problems. Corporate tax and customs duty exemption or imported raw materials and equipment and no levy on exports and imports are the other benefits. No personal income tax. There is a 100% repatriation of capital and profits. Modern efficient communications.

This flourish in freezone that is happening in Dubai has been instrumental to making the Free Trade Agreement declaring Jebel Ali Free Zone as an Offshore Center.

Many are getting interested in setting up a presence in Dubai in order to grab a share of the success that is happening now.

(You can log on to www.sequestracorp.com for more info and assistance on setting up your business in Dubai.)

sako shots

One of my interests is photography. Looking at pictures be it in books, in newspapers, in magazines or in a website which are taken by photographers really inspire me to give a try and get into this field. Whenever I look into their shots my mind doesn’t stop working thinking of how am I going to shoot this if I were there. I used to go to interesting places alone with only my digital cam is beside me. I don’t drive because i don’t have a license neither a car. I don’t even take neither a taxi nor a public transport. I just walk not wanting to miss every single interesting subject to shoot. I don’t mind the heat of the sun and the humidity that’s usual in any gulf country. I tell you, I enjoy every minute of it. Before, I used to do shooting while in a public transport but it’s kind of difficult to hit it right.

Anyway, what matters is it taught me in a way because I realize it more that when you want something you really are willing to suffer the unpleasant things that are going to happen ahead. It teaches you to become diligent and persevere that whatever happens you are not going to let anything get in the way.

Your consolation is the satisfaction you get when you see your shots. Unfortunately, my shot would not even get the nod of an amateur.

Here are my shots you are most welcome to see. Please… be my critics. I welcome any.

Burj Al Arab, the famous seven star hotel in Dubai

Ibn Batuta Mall is one of the biggest mall in Dubai located in Jebel Ali. This mall resembles of various part of the globe in one roof.

Ibn Batuta Mall Side Entrance Lobby. This is a mall that looks like a hotel.

A roundabout in Dubai Media City. Media City is a free zone where we can find offices of several giant media companies in the world like BBC World, CNN and Bloomberg.

Burjuman is an upscale mall in Dubai

Burjuman Mall, One of awesome architecture in Dubai

Burjuman 2rd Level, Perfumery Section

meydan, another mega project in dubai

The other day I was strolling in Burjuman with a friend to cool ourselves a little after the whole day of walking under the sun. Fortunately, we found out Meydan LLC has an ongoing exhibit for their mega project – The Meydan.

The Meydan is a gigantic mixed use development that will be home to Meydan Racecourse, Meydan City and Meydan Business Park. This project is being developed by Meydan, LLC.

Meydan Racecourse. The Meydan Racecourse is an iconic and landmark development spanning 76 million square feet and featuring a state of the art dirt and turf tracks, a world class grandstand with a capacity of approximately 60,000 people. It will also include a five star hotel, the Meydan Museum and the Dubai Racing Club. A four kilometer canal will run from Dubai Creek. This will also feature a marina and a boathouse.

Meydan Racecourse

Meydan Racecourse with the Canal

Meydan Racecourse Grandstand

Meydan City. Meydan City will cover approximately 43 million sq ft GFA on a land size of approx 15 million sq ft. consisting of commercial and residential plots, retail outlets and arcades with canal, waterfront and promenade views, Meydan City will support a thriving community. Meydan Marina will also be built allowing for berthing facilities for approximately 80 leisure yachts and boats. Pedestrian movement within Meydan City will be enhanced with bicycle lanes and tram lines along roads and parks, encouraging alternative means of clean and healthy transport.

Meydan City, a modern community

Meydan City skyscrapers

Meydan Business Park. The business park will offer 17 blocks of office space, over 2.9million square feet! The offices will be environmentally friendly and surrounded by beautiful landscaping. It will truly be a pleasure to work here.

Meydan Business Park Miniature

Another miniature of the project

Godolphin building in the project

Canal passing through Godolphin

A closer look at Godolphin building

Meydan is truly a mega development for Dubai. Another iconic project that is incomparable in the world. Not just a horse racing place but also a community and a business place. Another feat for Dubai.

Meydan has been designed by the award winning Asian firm, TAK.