Dubai is the attraction to so many startups and big names in the market because of the ease of doing business here. Performing business activities in the UAE is easy and has a lot of added perks. However, that does not take into account the company formation process here. And that is where a business consultant comes in.
Although many consider that the primary objective of business consultants is to help with the business setup process of new companies or existing branches. In reality, business consultants provide services to help you in every aspect of your business. These include administrative services, PRO services, Documentation services, legal services, etc.
A business consultant will help new entrants in the market as well as seasoned veterans. This applies in terms of company formations too. Even if someone has opened multiple businesses elsewhere in the world, Dubai and the rest of the UAE is a completely new neighborhood with its own cultures and norms. That is why even professionals require help when trying to open a new business in the UAE.
There are countless roles of a business consultant, here are eight of those roles that will help you succeed in the UAE:
- Choose the right jurisdiction:
There are three types of economic zones where a business can be formed in Dubai. These are the three jurisdictions in the UAE:
- Mainland jurisdiction
- Free Zone jurisdiction
- Offshore jurisdiction
There are advantages and disadvantages to selecting each one of these jurisdictions for your business. However, some businesses will benefit from one type of economic zones than the rest. You need sufficient experience and knowledge to make an informed decision about which economic zone will be the best for your specific knowledge. Business Consultants will help you make that decision.
- Choose the right legal structure:
You can choose from a wide variety of legal structures for your business in the UAE. Some economic zones offer specific legal forms that others do not offer. This big range of choices usually makes it hard to settle on a decision. Especially considering the fact that this decision will determine the rules and regulations your business is subjected to after formation. Here are some of the common legal structure you will come across in the UAE:
- Limited Liability company
- Sole Partnership
- Joint venture
- General Partnership
- Professional Company
- Civil Company
- Public Shareholding Company
- Private Shareholding Company
Do not be worried if you are having a hard time deciding as well. It is the role of the business consultants to help you decide what is best for your business.
- Choose allowed business activities:
There are a few types of business trade licenses in the UAE. You need to register for one of these licenses to perform your desired business activities here. The business activities you choose will determine which license you need to apply for. The authorities in the UAE recognize over a thousand different business activities that are legal. However, these are the four common trade licenses that categorize all these business activities:
- Commercial Trade License
- Industrial Trade License
- Professional Trade License
- Tourism Trade License
Then again, different economic zones offer different trade licenses that may even differ from these common four. It is the role of the business consultants to determine which trade license your specific type of business needs.
- Complete the company registration process:
The registration process also differs from one economic zone to another. There are a few common steps involved in all of the registration processes, and there are a few unique ones specific to the zone you are registering for. There are over 40 free zones in the UAE right now, and each of their requirements is different.
It is the job of the business consultants to know these registration processes by heart. It does not matter where you are looking to start your business. The business consultants will take care of your company formation.
- Deal with the authorities:
To register for a trade license, you need to complete all the steps laid out by the Department of Economic Development in Dubai. Foreigners may find it difficult to interact with the DED and complete all these processes smoothly. On the other hand, business consultants are constantly working with the authorities to incorporate countless new market entrants in Dubai. They have the necessary connections required to streamline all these processes.
- Complete the documentation and paperwork:
Yet again, different economic zones have different requirements for documents and paperwork. Here are the few common documents you are expected to present to the authorities:
- Passport copies of all the owners of the business.
- The tenancy contract and EJARI registration certificate.
- The filled-up trade license application.
- The initial approval certificate.
- The trade name reservation certificate.
- The required external approval certificates.
- The Memorandum of Association.
The business consultants will help you procure these documents if you are having trouble. It is their role to take care of any problems you might face to meet the requirements.
- Provide business operation advice/consultation:
Finally, after the completion of the company formation process, the business consultants also provide services to help you efficiently and effectively run your business. There are a lot of little things that can snatch away the attention of business owners from things that really matter. The role of business consultants is also to take care of these things so that the owners can focus on making important decisions for their business.
- Save time and money:
The bottom line is that the business consultants should help you save your time and money. And they have the necessary experience and information to do this. They are constantly working with the participants of the market. It is their role to transfer this information and knowledge about the market to their clients.
If you are looking for competent business consultants in the UAE, Spider Business Center is here to help. We will take care of your business formation and operation needs so that you can hit the ground running in Dubai.