Category: News & Updates

UAE is becoming a sought-after destination for starting a business. Boasting a growing economy, safe environment, and top-of-the-line infrastructure, a number of foreign and local investors find it very appealing to set up their business in UAE. But just like any jurisdiction, there are certain factors that should be taken into consideration before they establish their business in this Emirate.

UAE Business Laws

UAE in general, is very welcoming, especially to business investors. Still, business owners and foreign entities need to adhere to the laws and regulations set by this Emirate. This is a list of basic commercial laws that you need to keep in mind in case you are planning to establish or form a company in UAE

• Commercial Transaction Laws

Commercial Transaction Law covers everything related to business and commercial transactions. Aspiring entrepreneurs should know this law like the back of their hands so they will be properly guided on importing and exporting goods for trading. It also includes regulations and processes pertaining to business premises, trademarks, and unfair competition.

• UAE Labour Law

The government of UAE ensures that employees, both local and of foreign nationality, receive fair and just compensation in accordance with the industry’s standard and is given fair and equal treatment by their employers. It is necessary for aspiring business owners to take to heart UAE’s Labour Laws and regulations to ensure that they provide equal pay and opportunity to their workforce.

• Taxation Laws

In light of the recent changes to VAT, it is imperative for every business owner and aspiring entrepreneur to know the changes regarding business and commercial taxation. In the new tax legislation, the Emirate will impose taxes on businesses operating or related to the gas and oil industry and branches of financial institutions operating in the Emirate.

Business Structure Allowed

UAE is free much open to business structures and models. But certain restrictions are imposed by some Emirates to ensure trade fairness and order. For UAE, here is the list of permissible commercial trading:

• Sole Proprietorship
• One-person company
• Limited Liability Company
• Partnership Company
• Civil company

Establishing a branch or representative office connected to a foreign headquarter is also permissible and accepted, but with certain restrictions. If you are planning to set up a company in this Emirate, it would be best to know what kind of structure is applicable to your business model. Consulting with a capable business setup firm in UAE would help you make informed decisions about expanding your business in UAE.

The UAE government is keen on involving its citizen engaging in entrepreneurship, including the youth. With the business landscape changing and becoming more competitive, it is imperative to find young minds that will provide a fresh perspective on current business dilemmas.

But engaging today’s youth can be a challenge due to the old perception of entrepreneurship. Most young adults today find this industry a tedious and boring one. To resolve this issue, the UAE government incorporates technology to hear out innovative ideas from UAE’s future entrepreneurs.

Anil Pant, the Managing Director and CEO of Aptech Limited, said during the IOD Conference, “To see effective changes organizations have to invest in the youth and diversity. The firms need to redefine their competitors and instead of looking at competition from within, redefine your competition in a global perspective.”

One of the support that the government provides to aspiring entrepreneurs and young innovators is funding. UAE Government offers these aspiring business owners initial funding to start their operations and run their business. But the government’s initiative does not end there. They also provide career support through career support programs and educate willing young minds to better their skills through education and skills training. Scholarships are offered in different fields and industries, including the Medical and Health Science, Environmental Science, and Energy Fields.

But incorporating technology is something new as it aims to make the support process easier and it enables the youth to speak up their minds to help businesses and organizations.

There have been initial movements done to help this initiative. In 2017, Sheikh Mohammed launched One Million Arab Coders’ under the umbrella of Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) which aims to educate, train, and hone the skills of young ones who want to develop their talents in Information Technology and help with the ICT-based industries.

The expert that the Minister of State for Youth Affairs will provide more empowering programs to engage the youth in business discussions and help them be more aware of their skills and talents. More importantly, they will be able to use their knowledge for innovation and the betterment of the UAE economy.

Abu Dhabi has grown at an exponential pace in the last few years. During this time, the city has attracted countless business tycoons and has emerged as a global business hub with unparalleled growth in multiple sectors, including trade, finance, tourism, and logistics. However, setting up a business in this lucrative Emirate does not come easy, considering the cumbersome requirements and paperwork that entail it. As a business owner, you would obviously be short on time, and running after these hassles and fulfilling paperwork would be the last thing on your mind. But worry not, as you can now acquire PRO services to help you out in this regard.

In simple words, just about every business out there requires a PRO or a Public Relations Officer. These individuals are responsible for handling different types of paper works and documentation that are required by the respective ministries for visa applications, labor cards, trade licensing and commercial approvals, etc. The PRO services that you acquire will assist you through the formalities to help you set up a business that is glitch-free. The different departments that they assist you through are inclusive of the Visa and Immigration Department, the Department Of Economic Development (DED, the Chamber of Commerce and Industry, etc. These services are typically required for:

Acquisition of labor and immigration cards
Application for resident and employment visa
Trademark and copyright
Information pertaining to company and branch
Security passes
Trade license approval and on-time renewal
NOC letters and regulatory approvals
Opening a corporate bank account
Notarization of legal documents
The different benefits that you can reap by acquiring PRO services include:

It will help you save time
The procedures involved in the acquisition of PRO approvals and paperwork are extremely tedious. It is safe to say that acquiring PRO services in Abu Dhabi can help you save a lot of time – time that you can dedicate to other more important aspects of your business operations.

You will not need to worry about delays and fines
The fact is that you do not hold the specialty to coordinate and respond to the ever-changing business policies and laws of the country. This can easily damage your business and make it vulnerable to fines and delays. With professional PRO services, you will have access to experts who will help you respond to these changes in an efficient manner.