One of the first steps in creating a successful company is choosing the legal structure that will best suit the needs of the business and its owners.
It is not about going to any accessible regulatory authority and getting the cheapest available trading license to start a business.
Getting the right structure is about the right architecture for your business so your foundation is strong, leaving minimal space for legal risks and more room to scale and grow.
Read here about the common mistakes made by entrepreneurs when setting up businesses and know what to avoid.
The most common structures chosen by new entrepreneurs in UAE are:
– freelancer licenses
– sole proprietorship
– limited liability companies
Remember that getting a license for your company does not mean you automatically are entitled to residency or employment in the UAE.
Getting your residency visa as an expat is governed by the federal authority known as Department of Naturalization and Residency and getting a license by no means guarantees that you will get a visa, so bear this in mind and do not assume this is a given.
Where you choose to obtain a license from almost requires a mystical approach. UAE is the land of options, opportunity and plenty – we have 60+ options to choose from amongst the 7 beautiful Emirates of UAE.
It is imperative to therefore get good legal advice on the right structure, choose the right activity, carefully design a business plan and only then instruct a company incorporation specialist to obtain a license for you.
Most regulatory authorities permit you to approach them directly to obtain a license from them.
If you would like to connect with a reliable company incorporation specialist, please send us a message and we would be happy to connect you with a credible, honest and responsive specialist.
Their fees would be a little more effective (depending on the specialist you appoint) than appointing a lawyer and you would instruct them after you would have had the clever structuring advice from your friendly legal advisors at Crimson Legal.
Some key considerations when you incorporate that you need to think about:
– How many visas may you require over the next 3 years and is there any limit on how many visas you can obtain?
– Do you require commercial space? If yes, how much and what type of space?
– Where will your employees be located and what will be the nature of their employment?
– Do you need any additional regulatory permits, licenses or approvals based on the activity you have?
– What can and can’t you do based on your licensed activity?
– How long will it take to set up a bank account and what are your options?
– How much does it cost to renew your license year on year and what is the cost of dissolution?
We think out of the box and know that it can be overwhelming to set up a business, which is why we curated a friendly checklist for new entrepreneurs here.