The process of opening a new business or company in Middle East countries involves several challenges due to strict regulations. Therefore, anyone who wants to set up a company should know the options available to them with attention. This will help make an informed decision when it comes to operations and other things. The Dubai International Financial Centre, shortly known as DIFC, is a leading financial hub that provides methods to set up a financial and non-financial business with ease. However, those willing to start a company in DIFC should seek guidelines from experts to minimize unwanted problems.
Benefits of starting a company in DIFC
- Tax Friendly
DIFC allows new companies to get zero tax benefits on corporate income and profits that will help save more money. Another thing is that it shows methods to generate high income and margins allowing a business to reach top levels in the market.
- Strategic location
DIFC is a strategic location that enables investors to plan their operations accordingly. It lets entrepreneurs focus more on their objectives and other things with more attention that give ways to ensure high success rates.
- 100% foreign ownership
Setting up a company in DIFC offers 100% foreign ownership to a business by addressing exact needs. Moreover, it allows a business to control everything efficiently to ensure smooth operations.
- World-class regulatory environment
The primary advantage of starting a business in DIFC is that it covers a world-class regulatory environment for operations. Apart from this, enterprises can accomplish their goals that show ways to streamline their operations. DIFC adheres to the highest standards and lets entrepreneurs ensure world-class amenities for operations.
- Capital repartition
Another advantage of setting up a business in DIFC is that it promotes growth due to no limit on repartition. Besides, there is no currency exchange control followed in the centre that helps generate high cash flow.
What are the things to follow when setting up a business in DIFC?
- Knowing the requirements
Before setting up a business in DIFC, entrepreneurs should know the requirements and other things in detail. They can visit the official website of DIFC or gather details from other sources that help make an informed decision.
- Understanding the legal entity types
- Name Registration
Name registration is important for any business and company to operate in DIFC. On the other hand, start-ups should follow the guidelines followed by DIFC. A name shouldn’t resemble the logos, images, and words of other companies. Therefore, companies should consider selecting their names carefully to avoid rejections. They should make sure that the name complies with the rules and regulations of DIFC nations. A company should consider registering its name with the concerned authorities
- Drafting a plan
A business or company should consider drafting a plan while starting operations in DIFC that help achieve the best results. Another thing is that it provides ways to execute work based on them. At the same time, a plan should cater to the needs of a company or business when launching operations in DIFC.
- Applying for a license
- Knowing the fees
When setting up a business or company in DIFC, entrepreneurs should know the fees in detail which helps them proceed further. However, it may vary depending on the business type and other things. A business has to pay name registration fees, company registration application fees, annual commercial license fees, filing of confirmation statement fees, etc. A company should gather the details of all fees before setting up a company or business.
- Risk assessment
Risk assessment is important for a business or company because it provides ways to prepare for the worst scenarios that may happen in future markets. At the same time, it becomes difficult to evaluate the risks, and partnering with a GRO agency such as TASC Corporate Services let a company prepare a report after assessing the market conditions. Risk analysis allows start-ups to implement the best strategies to overcome losses and other problems significantly.
- Visa processing
A company or business should consider processing visas with high accuracy while planning operations in DIFC. Partnering with a GRO agency provides ways to process and renew visas without any hassles. Most GRO agencies follow the best practices in visa processing and other procedures enabling start-ups to overcome complications.
Duration is an important factor to consider when opening a new business or company in DIFC. The time duration for a regulated entity is between 6 to 8 months and 1 to 2 months for a non-regulated entity.
- Employee recruitment
Employee recruitment is another major aspect to keep in mind when it comes to the DIFC company setup process. A GRO agency will take care of all activities while recruiting employees. It provides ways to find the best candidates for various jobs with the right strategies. Employers can make sure that they comply with labour laws in the recruitment process when working with a GRO company. On the other hand, they should consider evaluating the packages offered by an agency that helps select the right one which suits the budget of clients.