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Basic Steps to Set Up a Business in Dubai

Are you thinking of starting your business in Dubai? Congratulations, you have chosen one of the best business ecosystems in the world for your new endeavor. Dubai is more than mere a city of architectural marvels- it is one of the most fertile grounds for new businesses. This is just one of the many things that make the commercial capital of UAE the best place to live and work. And as for starting up a business here, there’s no question that there’s a lot of potential to be tapped here in Dubai. So, if you are eager to set up your own enterprise, this article will help explain what you need to know and do to get your company registered and off the ground.

We have equipped this article with necessary links to guide you about the process and documentation required. Take a good look at the below before you kick off the actual process- the good news, though, is that on average, if you are ready with all required documents, it takes less than 10 days to start your company in Dubai. So, let’s start!

But before you start your legal formalities, you need to consider some elements required in the process:

Know your business

The success of a great business venture depends on sound knowledge of the local region, thorough research into the viability and demand for your product or service and a credible business plan that is likely to attract investment partners.

Yes you have a great idea, but is there a demand for what you are offering? What does your competition look like and what puts your business offering a notch above the others?

Select a Location that optimizes suitability, convenience, and costsAnother important step in planning a business startup in Dubai is to determine the most suitable location for the business. Setting up a profit-based enterprise in the city wouldn’t do you much good despite the growing economy if you’re customers or clients can’t reach you.You need to set up your business in an area that is most profitable for your business or most convenient to your business. A location in the right city can be selected for a shop or an office is most known for the type of product or service you are dealing with.

If you are planning a Free Zone company then you must make the selection based upon the criteria of distance, costs and if it is suitable for your product, business model, and trade requirements.

A tenancy contract must be concluded. If you’re aiming to start a small-scale enterprise, then the basic amenities, like telecommunication, storage, and space inside the establishment is the basic concern that must also be satisfied. Other services available in the commercial property can vary greatly.

Financial viability

Once you business is registered, the Ministry of Commerce will require owners to show proof of financial investment. If you are new to the region and have no track record, you must be prepared to find your own financial resources through your bank or by other means rather than relying on local support.

Once you have established the validity of your concept, from a marketability stand point as well as financial viability, you can now look at the steps for turning your idea into a booming business.

UAE Commercial Companies Law and Federal Law define seven basic categories of business organization that can be established in Dubai and the UAE. The requirements for minimum capital levels, shareholders and procedures for incorporation will vary with the type of business structure.

Changes to Foreign Ownership and Visa Rules Announcement

Anyone coming into the UAE as a professional or as an investor is typically granted a residence visa of two years, which is renewable. This has now been changed to a ten-year visa for investors and professionals in highly skilled fields such as engineering, medicine and science. Students will be given a special five-year visa, while those who consistently perform well and earn top grades will be granted a ten-year visa as well.

Another very significant change is in the ownership of companies.Businesses within the UAE are divided into two main categories: mainland businesses and freezone businesses.

At present, mainland businesses can be partially owned by expatriate entrepreneurs, but must have a UAE national as a majority shareholder in the company. Freezone companies, on the other hand, can have full foreign ownership and are subject to separate regulations depending on the freezone.

With the new regulations, every business, whether mainland or freezone, will be able to have 100% foreign ownership without the need for an Emirati partner.

Confirm your Visa eligibility and requirement

For a business startup in the UAE, a visa permitting you and employees to live in UAE is essential to run your business.

Visas are allowed for almost all businesses.

However, their number varies according to a variety of criteria such as the size of the office, nature of the business, the category of the employee or the investor.

Documents Required for LLC

Investor’s passport copy

Local Sponsor’s passport copy

Manager’s Passport copy

Registration application form from Economic Department

Trade name reservation

Initial approval from Economic Department Tenancy contract for the Office/warehouse or showroom attested by planning department and civil defence department of Dubai municipality along with location plan.

Memorandum of Association duly attested from public notary.

Documents Required for Professional firms

Parent Business formation certificate duly attested from the UAE embassy in the home country of the parent organisation.

Board resolution for establishing a branch and to appoint the manager for the same

Attested copy(from UAE Embassy) of organisation memorandum / articles of association

Financial statements for the last two years

Local service agency agreement duly notarised in the UAE courts

Passport copy of the local service agent

Passport copy of the Manager

Company profile

NOC letter in favour of the Manager from the sponsor, if he is a resident of the UAE

Company Registration in Dubai, UAE

Businesses of any category operating in the UAE must have a license for registering into the business network of the country. Company registration in UAE requires a trade license and permission from different law enforcement agencies and the state government for setting up your business. Company registration in Dubai for businesses like financial services, food, health services, printing and publishing requires a lot more clearance than any other business.

Company registration in UAE falls into following three categories depending on the nature of your business:

Company Registration in Dubai, UAECommercial License – This license is issued to those companies who are just looking for trading business activities.

Industrial License – This license is for those companies who will engage in manufacturing or other industrial activities.

Professional License – This license is issued specifically for different service providers, artisans, craftsmen and other professionals.

For the company registration in Dubai, the Department of Economic Development (DED) of UAE issues the required licenses.

Get a License Notification

There are many complex requirements associated with the issuing of the business license. The company registration in Dubai for financial services must need the approval of the Central Bank of UAE. The license for the manufacturing companies requires approval from Industry ministry of UAE. Similarly, the medical service providers require approval from the Health Ministry of UAE.Once the necessary documents are obtained and formalized, the initial application process will begin at the relevant issuing authority along with registering the company’s formal name. This crucial stage paves the way for clarification of the final fees and the final acceptance of the company’s proposed activities.

Hire a registration agent to take you through the process of business startup

Hiring a business advisory firm to register your business startup may be your best option.

These consultants will not only hold your hand right through the setup process but will also actually register the company for you. And will help with opening your bank account, arrange for an auditor, do your renewals and offer you nominee services.

You may find their expertise in dealing with the local government bureaucracy and with Free Zone Authorities to be of great help in planning and itemize your business startup costs.

In most cases, these firms offer a team of experts to plan out your company registration from scratch – this includes the strategies you need to follow in order to smoothly set up your business, itemizing potential costs, offering licensing and location options, coming up with solutions for potential business hurdles, and so on.

Also, they will take care of all the necessary requirements to help you to have your business registered legally with minimal problems on your end.

If you are looking for trading in any of these industries in Dubai or any other, then we can give you the best advice for your company registration in UAE. For more details visit: http://www.namaccountants.com/ or Contact us: 971-558876440

Basic Woodworking Skills You Need To Be Successful at Carpentry

There are a number of woodworking skills you will need to know with regards to being successful in carpentry. This is especially important if you want to start a business in the wood working business. These skills will be important in any type woodworking employment. This includes the building of a shed in your backyard or constructing furniture.

One of the basic skills you need to learn is safety using the various tools in your woodworking business. Safety is very important as you do not want to lose a finger or one of your eyes. Understanding safety is paramount in creating a successful woodworking business.

You will be using power tools such as a skill saw or a reciprocating saw. These power tools are very safe to use if operated according to the instructions they come with. However if operated improperly they can cause serious injury to your body.

When using power tools you need to keep the area you are working in safe. This involves keeping the surface you are standing on free of objects you can trip on such a power cords. Keeping power cords from becoming potential a tripping hazard is very important to keeping your work space safe. Also keep the floors clean as any potential slipping hazards can lead possible injury.

You also need to keep the are working in free of clutter especially if when using a ladder. Having a cluttered work area at the foot of a ladder can lead to a broken ankle.

Proper use of your power tools also mean that you should never carry them by their power cords. Also disconnect them from the power they are using such as a battery or power outlet. Also remove all power sources when they are not in use. If you are changing blades on your reciprocating or circular saw always remove the source of power.

Wearing proper personal protection equipment is a vital. This includes proper eye protection. Remember it only takes one mistake to lose an eye.

You will also need protection for you ears such as foam eye plugs or headphone-style ear muffs. Many power tools can cause hearing loss if used for prolong amount of time.

There are a number of common injuries related to the use of various power tools. Lacerations and burns are among the many Electrocution can also happen if proper care is not used with equipment that are plugged into an outlet. This can cause death or severe injury caused by electic shock. Using a power tool with a frayed power cord can lead to this, especially if you are working on a floor covered with water.

Always check the condition of your hand or power tools before you use them on your woodworking project.

Best Regards

The Tea Room Business Plan – Basic Concepts

Business planning and the start of a new tea room venture is more of a process than an event. A new business is a separate entity that is very much like a garden: planning is required to start, certain mandatory steps are required and constant management and pruning must occur to produce a successful venture.

This plan addresses the basic steps as well as business structure and management steps that are required for success.

The Basic Concept

The basic concept of the business plan is simple:

o An Entrepreneur senses a market opportunity

o To capitalize on this opportunity the entrepreneur establishes a business entity

o The entrepreneur has a vision of the company for the future that foresees a healthy, growing, profitable company

o In order to reach that future vision, a roadmap is required that can be reviewed to determine progress to achieve the ultimate goal

Just like any important trip, a roadmap in the form of a business plan will improve chances of arriving on time and safely. An additional benefit of the business plan is the control function evidenced by the ability to measure progress against the plan.

The critical feature of any plan is not its complexity but its use. Since this document is focused on building a tea room business, a basic document should be prepared and used as the basic guide to the growth of the business, The business plan should be the business owner’s bible and should be read and consulted frequently to determine the mid course adjustments that are always required in the life span of the business.

TEA ROOM TIP: Believe that the business plan is your guide to success. The completion of the plan is only the start of the business. The plan will act as the guide to success and will constantly change as conditions require. The plan will never be complete but will always be useful.

Simplicity

Business planning is a universal discipline and there are as many plans as there are companies. The complexity of the business plan can vary from simple .to overly complex to Byzantine. A classic case study is the story of Compaq Computer, a multi billion dollar computer manufacturer that was launched based on a business plan written on the back of a cocktail napkin.

Many companies however focus on the tress of the planning process and overlook the forest of building a business. Often, the business plan becomes one more document for the corporate bookshelf or the drawer of the planning executive and is not used as it should.

Most effective business planners add only that detail that is informative and productive but does not distract the reader from the core ideas of the plan. Since each plan is a living document that represents a guideline to grow a business, changes can be made as often as required by business conditions. Excessive detail may become irrelevant in the light of new conditions.

TEA ROOM TIP: Start with a bare bones plan that can be expanded or enhanced as conditions warrant. Don’t attempt to create an overly detailed plan that may become obsolete as conditions change.

Basic Catering Equipment for Your Business

Food preparation and catering had been a lucrative business in the recent years. It has been growing consistently. Many of these practitioners or catering service providers had been enjoying their food as much as they enjoy making them and serving them to guests. However, being a successful caterer does not mean you are good with cooking foods only. It also requires you to have high quality catering equipment in order to produce quality food.

Catering equipment varies and if you wanted to tap this kind of business, it pays to learn the basics of catering service. First, understand that you need to impress your guest with the taste and aroma of the food then excite them with the presentation. How can you provide them with mouth-watering recipes if you don’t own kitchen appliances and equipment that will help you cook and prepare the food? In other words, buying and owning good quality catering equipment is an investment. It is also a key to the success of your business.

Now, do you want to have those kinds of equipment? Are you looking for the right one stop shop for your catering business? Are you looking for commercial kitchen equipment in an online warehouse? Know first the basic kitchen equipment that you will need:

Silverware and Utensils –These are knives, spoons, forks and other silverware. For your business, you may need customized catering equipment that is designed to your food preparation needs. This equipment should not be fancy. It just needs to be durable and rust proof.

Plates and Bowls –The standard plates for any occasion are white ones. Bowls in the other hand should be transparent to be served for punch and other fruit mixes. White and transparent plates and bowls are used to project cleanliness and uniformity.

Ovens – If you are looking forward to serve at functions with large group of people, reliable ovens are very important. This should be at the top of your buying list of catering equipment. Choose one that is durable and can stand through times and frequent use.

Refrigerators –Storage and right refrigeration is needed to preserve the raw materials and ingredients for your catering service. Having refrigerators will keep the excess ingredients in cool and dry storage. It will also help prevent food from spoiling.

The success of your business relies on the quality of the equipment you are using. Investment wise, purchase the tools and equipments that will last long and those that can endure frequent usage. You can find top-notch catering equipment will help in the smooth running of your business.