Frequently Asked Questions
Why choose Dubai to establish my company?
Dubai is among the seven emirates of UAE, known for its magnificent infrastructures, digitalized society and ease in doing business, good laws among other things. Apart from this one more thing that cannot be forgotten is the geographical location of Dubai which makes it the most vital business destinations of the world. Having a business established in Dubai gives you an equal weightage to conduct and expand your business in the European, African as well as Asia Pacific region. Dubai’s highly regulated environment adheres to international best practices while operating with zero personal and corporate tax rates, as well as 100% capital repatriation with no currency
restrictions. This type of financial freedom is seldom found in such a highly developed business environment, therefore one can find numerous opportunities provided in the UAE and across a wide range of sectors. Dubai is a leading commercial centre with a state-of-the-art infrastructure and outstanding business environment.
Among the many reasons to make a base in Dubai and invest in the city are:
- A liberal economy that is fully integrated with the world economy.
- The city is central, located between Europe, Asia and Africa and attracts approximately five million investors and tourists on an annual basis.
- It is one of the safest cities in the world.
- More than 200 nationalities live in harmony and call Dubai their home.
- Dubai is well serviced by international and local financial institutions.
- There is an advanced educational system in a place suited to the full spectrum of cultures and languages.
- Dubai enjoys a world-class healthcare system.
- Dubai is a highly modern and digitalization oriented city in the world.
What are the different types of company structures that we help to incorporate in Glitz Business Consultancy?
- Free Zone Entities: The FZC allows 100% of foreign ownership of the companies and the companies in here are exempt from taxes like corporate and personal taxes for a specified number of years. The companies in FZC are not licensed to do business outside of the free zones. The companies in FZC are usually into import/ re-export zones, industrial manufacturing etc. Service related companies also use the FZC as their operational base.
- Onshore structures: The onshore companies need to compulsorily nominate a ‘local partner’. This is only to ensure that a liable person who is a national citizen of the country is here to answer and is liable for any mishappening in the company. These companies are also called “Limited Liability Company.” The local sponsor owns 51% share in the company and it is not necessary as per the law that the profits also needs to be distributed as per the percentage of ownership.
- A representative office license is also available in the city. This license allows the company to engage in the gathering of vital marketing information on behalf of its main company. The requirement is to have a local service agent.
Do I require residence Visa?
Yes, you definitely require a residence Visa. In order to live and work, employ staff in your establishment etc. the owner or manager must have a resident visa which will enable you to run the company.
However, offshore companies don’t require you to have a resident visa as the owners are not entitled to do business in UAE.
How often my corporate documents needs to be renewed?
All the license in UAE is to be renewed annually whether its a mainland or a free zone license.
Failing to renew your document will result in timely penalties and also the cancellation of all residence visa in linkage to the company.
How long does it takes to get licenses for starting the business in Glitz Business Consultancy?
It takes 3-4 working days to get the licenses whereas, the application for residence visa can take up to 6 weeks to get.
Does the businesses in Dubai have to pay taxes?
There no corporate or personal taxes in whole UAE. Only tax applied is an import duty of 5% if the company wants to clear their goods from the port of the country.
What are the payment options while availing the services at Glitz Business Consultancy?
The payments for availing the services from Glitz Consultancy can be paid in cash or cheque. You can even pay in part while you are availing the services from the company.
How long does the residence Visa process takes?
The residence Visa process takes between 4 to 6 weeks.
How long does it for the incorporation process?
The incorporation process can take upto 5 or 6 working days. The process in a swift and well-developed
procedure. The incorporator needs to complete his medical examination and the results are electronically sent to the relevant naturalization and residency department after which residency or office space can be issued to the incorporator.
Do I need to be present in UAE to incorporate the company?
Yes, the person needs to be present in the event of incorporation of the business in UAE. Though we are able to start the process, the incorporator’s presence is required as the person needs to sign for particular formalities needed to be completed at notary public in UAE.
Which business/ company incorporation is suitable for me?
We can only tell the suitability of the structure for your company after the consultation.
Does my documents need to attested/ notarised?
All the educational and corporate documents that are to be used during the incorporation process and during the issuance of residential visa needs to be attested at the corresponding UAE embassy or consulate in the incorporator’s country. The documents then need to be attested by the UAE Ministry of Foreign Affairs in Dubai to be rendered as officially acceptable.
How long does it takes for bank formalities to get over?
Though the bank documents can be submitted at one go, the formalities and the bank account to operate fully takes up to one week in UAE.
Can I get a residence visa for my family and dependents?
Yes, you can get a residence Visa for your family and dependents.
Do I require sponsor in the UAE?
Depending upon the structure of your company you may require a sponsor. The position of a particular sponsor can benefit the company in different ways.
They have a vast knowledge and information of the region and thus, are able to be of great help in the business.
Do I require an office space for incorporating my business in UAE?
Yes, any office is incomplete without an office space. Office space is proof that the business exists and can help you manage your business from a location.
What fees do I have to pay for different licenses I apply for?
Fees for different services also differ. However, we have packages for lowering your burden for a single licenses.
Is there any package for applying for licenses?
Yes, we do have packages for licenses and other formalities