Projectfrpjsc Blog | Business Setup in UAE https://www.projectfrpjsc.com/category/blogs/ One of the Best Business Setup Consultant in Dubai Tue, 31 Jan 2023 14:38:06 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 https://www.projectfrpjsc.com/wp-content/uploads/2019/09/cropped-fav-32x32.png Projectfrpjsc Blog | Business Setup in UAE https://www.projectfrpjsc.com/category/blogs/ 32 32 Attestation mandatory for import invoices in UAE worth AED 10,000 above https://www.projectfrpjsc.com/attestation-mandatory-for-import-invoices-in-uae/ https://www.projectfrpjsc.com/attestation-mandatory-for-import-invoices-in-uae/#respond Tue, 31 Jan 2023 14:32:48 +0000 https://www.projectfrpjsc.com/?p=19249 Attestation mandatory for import invoices in UAE for the invoice value for AED 10K or above. Book appointment to know more.

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New Law: Attestation mandatory for import invoices in UAE worth AED 10,000 above

By Jahnavi Seth | 31st Jan’23

Attestation mandatory for import invoices in UAE

The UAE Government is known for the rules and regulations that help the businesses here flourish. This is why the UAE is one of the most sought after places for doing business. This is due to the strategic location, the laws and the ease of doing business in the Emirates. 

However, the laws in the nation keep changing. Even though it is essential for the betterment of the business environment in the nation, it is also quite difficult to keep up with the changing laws and regulations especially if you are new in the nation. This is why you need to be in touch with a consultancy(experts in the region). A consultancy such as Projectfrpjsc can help you stay on top of your business. Read on to know one of the most recent changes in the UAE law.

Attestation Mandatory For Import Invoices

What is the new law in UAE on Import invoices worth Dh10,000?

The government of UAE has announced that the businesses in the UAE will now have to comply with a new law. This law states that attestation will be needed to authenticate import invoices of AED 10,000 or above. If someone fails to do so, they have to pay a non- compliance fine. This attestation will be done by the UAE Ministry of Foreign Affairs and International Cooperation also known as Mofaic.

A fee of AED 150 will be paid by the business per invoice. They will be granted a grace period of 14 days after the declaration of goods to complete the process. In case a company fails to do so, a fine will be paid by them.

A notification from Mofaic has declared that this law will be effective from 1st February, 2023. The law has been passed in accordance with Cabinet Resolution No. 38 of 2022. This addresses the certification of invoices and certificates of origin for imports into the UAE.

The attestation of the invoices will be done online. This attestation will be needed for any and every good that is imported in the UAE and cost more than AED 10,000 in order to prevent any sort of non- compliance fee. 

 

The businesses will be granted a grace period of 14 days from the deceleration of the goods. They will be required to pay AED 150 per invoice. Those who fail to do so will be required to pay a fine of AED 500. This fine will be levied per invoice according to Mofaic.

Which import goods or services are exempted from attestation?

There are certain exemptions to the rule. These rules have been mentioned ahead. The goods that are lesser than AED 10,000 will be exempted from getting the invoice attested on import. Personal imports and goods imported from Gulf Cooperation Council countries will also be exempted. The goods that are bought into the free zones will also be counted in the exempted list. 

The law will not apply to B2C e-commerce transactions, transit goods imports, diplomatic, police, and military, charitable societies, and foreign organisation goods as well in addition to the above mentioned goods and services.

To ensure that the process is done with ease, the UAE Ministry of Foreign Affairs and International Cooperation has introduced an online procedure for the attestation of the invoices. This can be done by uploading the necessary documents online.  A reference number will also be provided to the person applying as a proof of attestation of the invoice. This reference number will be in the records of the UAE Custom systems. This will be done to make sure that the attestation is done before the import declaration. 

How is the attestation of import invoices done in the UAE?

Attestation is done to confirm that the seal and signature on the said document is valid. It is done by the UAE government and even outside the nation. Many documents that are issued within the UAE are attested by the UAE Ministry of Foreign Affairs and International Cooperation. These documents also include the invoice of imports done over the value of AED 10,000. These invoices are nothing but any commercial documents with proof of sale of a good.

These attestations are done for companies inside as well as outside the United Arab Emirates. The attestation process is open through the portal at all times, i.e, 24*7. A person looking for attestation of documents can do so by heading to the Mofaic website or eDAS channel. 

The documents essential for the attestation of the import invoices are as follows:

  • Commercial Invoice
  • Certificate of Origin

The steps that one needs to follow in order to get your import invoices attested are below mentioned:

  • Click on the start button 
  • Login to the portal with the help of the company form 
  • Register to the portal if you have not done so already 
  • Complete the profile 
  • Apply for the attestation through the portal 
  • Fill the required form 
  • Attach the invoice of the import 
  • Pay the fees
  • Receive the invoice digitally 

How can Projectfrpjsc help with the attestation?

When importing the goods into the nation, it is essential to take care of the value of the imported products. If the value is over AED 10,000 then the business has to pay AED 150 per invoice. People often tend to get confused when it comes to new laws and regulations. It is therefore a wise decision to get help from a consultancy to ensure that you comply with the laws. 

This is when you should seek help from a company such as Projectfrpjsc. We can take care of your business’s compliance services while you handle the parts of business that you love the most. We ensure that you do not break any rule unknowingly and help you stay out of issues. Our experts are well trained and knowledgeable in their fields. Get an appointment with us today to get started with your business setup service in the UAE.

how can we help you?

Contact us at the Projectfrpjsc or submit a business inquiry online.

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TRN verification Dubai : A Complete Guide https://www.projectfrpjsc.com/trn-verfication-dubai/ https://www.projectfrpjsc.com/trn-verfication-dubai/#respond Tue, 31 Jan 2023 07:57:31 +0000 https://www.projectfrpjsc.com/?p=19218 Projectfrpjsc will guide you through everything you need to know about TRN verification Dubai to keep your business secure and free from fraud.

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A complete guide on TRN Verification Dubai

Written By Jahnavi- 31st Jan’23

TRN Verification in Dubai
TRN Verification Dubai

What is Tax Registration Number in Dubai?

Tax Registration number (TRN) serves as the top identity of businesses everywhere in the world. It is as a result extremely vital to have a legal TRN for the identification of your enterprise within the UAE. Thus, it is essential to follow all legal requirements as the UAE ensures that no fraud is taking place. In case of any fraudulent practices, it is ensured that stringent measures are taken against the person by the authorities.

 

Scams like TRN scam can cause your business’s image to be tarnished and make you suffer from monetary and identity harm. It is vital to consequently have knowledge about the TRN verification procedure both as a consumer and as a seller.

TRN is a number that is assigned to all agencies within the UAE.  It is unique to every business and is issued by the Federal Tax Authority(FTA). It is a mandate for a business to pay taxes and to work with the authorities.  It is not legal to acquire VAT from your customers without a valid TRN. 

Are TRN and Emirates ID the same?

 Many people tend to assume that TRN and an Emirates identification are the identical things while they’re poles apart. TRN is used as an identification of your commercial enterprise in the UAE. The Emirates ID, however, is your personal identification.

Emirates ID is issued by the Federal Agency for Identity, Citizenship Customs and Port Security (ICP) and the citizens are urged to carry it at all times with them. The TRN is issued through the Federal Tax Authority (FTA) and is vital in your enterprise’s legal operations within the UAE.

Why is a TRN required in UAE?

TRN is a must if you are dealing with the government and the regulatory authorities in the UAE. It is also an identification of your business. There are a few purposes for which you are needed to present your TRN-

  • Prepare a tax receipt
  • tax credit
  • Filing of tax returns and VAT
  • Invoicing to clients where VAT is applicable

Why to get UAE TRN Verification?

The UAE allows businesses to take  5% VAT from the customers. However, many companies add 5% VAT without a valid registration number and thus the tax collected does not reach the government. Such frauds are essentially harmful to the enterprise. To avoid this, a simple TRN verification system has been put in place to ensure that customers can easily know whether they are paying taxes to the right business or to a fraud. 

It is essential to note that without a TRN, you cannot legally charge VAT from the buyer. Incase VAT is collected by any means other than the legal one, it can lead to termination of business licence, fines and various other troubles for the owner as well as the business. 

What is the TRN verification process in UAE?

With the ever changing world and immense technological advancements, everyone who is proficient with the use of a device that has internet access can access the TRN verification system. FTA registers the valid businesses with a TRN on their systems. It is therefore possible to look up the TRN of the business and ensure that they are not committing a fraud.

TRN Verification: How to recognize a fraudulent TRN in UAE?

The TRN is a unique number that follows a specific format. This allows the buyer to identify whether the number is authentic or not. It can be checked to ensure that the number is a correct one. How to recognise the correct TRN?-

  • First three digits are 100
  • The first three digits are accompanied by 3 units of 4 digit numbers
  • The format is therefore- 100-XXXX-XXXX-XXXX.

Any of the following can be signs and identifiers of a fraudulent TRN:

  • They don’t have exactly 15 digits
  • The first 3 digits are not 100
  • Have a different form

Once you have primarily checked its authenticity visually, the TRN can now be checked for authenticity online.

How to use the Federal Tax Office (FTA) TRN verification page?

It is important to know how to access the TRN verification page. It is an easy process that proceeds as follows:

1. Visit the FTA website online to verify the TRN

Visit the FTA website online through the URL or by simply searching through google.

2. Enter the TRN

The next step is to enter the concerned TRN and enter the captcha displayed on the screen correctly. After this, press the ‘Verify’ button.

3. TRN verification results

Once you click the verify button, the database is checked for the number entered. If it has been registered, “TRN is available in the system” shows on the system along with the company name in English and Arabic. In case it isn’t present in the records, “TRN does not exist in the system” is displayed.

This ensures that the business you are buying from is legally registered for tax collection purposes.

How to file TRN fraud in UAE?

Filing a TRN fraud after recognising it is essential. Collecting VAT without a TRN is a fraud. It is essential to report such cases. This is important to stop injustices towards the customers.If you find a fraudulent TRN, report it to the FTA. This can be done by calling or emailing them. 

How to enrol for your business’s TRN in Dubai?

If your business does not have a TRN, here are the steps you can take to get registered. This can be done through the FTA eServices website by following simple steps.

Open your FTA account

Open your FTA account through the eservices website. The list of the required documents will be provided to you when you are registering. You must also provide the essential information about your business such as the type of business, where the business is located in the United Arab Emirates and information about the business owner. When applying for a tax identification number, you should submit scanned copies of the Partnership Agreement (for partner companies), Passport or Emirates ID and Other records relating to the ownership of the company

It may also be necessary for you to submit the company bank account number and information of a manager in case you are not the one who runs the business.

Are you ready to start your TRN verification in Dubai?

The UAE has been working tirelessly towards the growth of the country from an oil-based economy to a business-friendly economy which is regarded as the business and investment hub. To support this, TRN verification system has been introduced for customers to gain clarity.

With the many growth opportunities in the UAE, expats now have even more reasons to setup here. You can contact a business setup consultant such as Projectfrpjsc to get started with your company setup in the UAE. We can help you with your VAT registration, tax advice and complete business setup advice. Contact us today.

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Top 25 successful business ideas in Dubai https://www.projectfrpjsc.com/top-25-successful-business-ideas-in-dubai/ https://www.projectfrpjsc.com/top-25-successful-business-ideas-in-dubai/#respond Mon, 30 Jan 2023 09:16:56 +0000 https://www.projectfrpjsc.com/?p=19183 Here are some profitable business ideas in Dubai that you should consider if you are looking to start a business in Dubai.

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Top 25 successful business ideas in Dubai

Written By Jahnavi- 25th Jan’23

business ideas in Dubai
successful business ideas in Dubai

One of the most profitable business ventures for foreign investors can be investing in Dubai. The UAE market is one of friendliest commercial hubs for entrepreneurs with fresh business concepts. A booming country economy, well-developed infrastructure with all amenities, hospitable residents, competent employees, business-friendly laws and regulations. The corporate tax in UAE is one of the examples of such business friendly introductions in the UAE Dubai offers great business opportunities.

With a proper license, you can sell almost any commodity or service in Dubai. All you need to get started is a business idea. The Dubai business concept will help you achieve a high return on investment while awakening your entrepreneurial spirit. Here are some of the latest concepts to get top businesses off the ground in Dubai.

Top 25 Business Concepts in Dubai, United Arab Emirates

Here are some profitable ideas for a business setup in Dubai free zone that you should consider if you are looking to start a business in Dubai.

  1. Online Marketplace

With the growing digitalisation and everyone shifting to the online options available, an e-commerce business is an excellent option for those who wish to start a business in Dubai.

  1. A Construction Company

Who doesn’t think of skyscrapers when thinking about Dubai? This is why a construction company is the best choice for those who want to get started with their company in Dubai. 

  1. Retail Shops

Retail shops are one of the best options due to the increasing number of people shifting to dubai and the increasing population. The profit in this concept is immense and is going to grow in future as well.

  1. Tourism 

Dubai is quite famous as a tourist destination. People get attracted to this Emirate and consider it a traveler’s paradise. It is also a great way to contribute to the expanding revenue that has been collected through the tourism industry in  the United Arab Emirates.

  1. Healthcare related businesses

As the population grows, the need for a healthcare provider increases. The healthcare services present in Dubai are famous worldwide and many people travel from far off places just to avail healthcare services here.This sector provides immense growth opportunities.

  1. Online Traders

Dubai has been a hub for investment and has amazing opportunities for investors. Online traders can start with trading on another platform and then build theirs to reach their target audience.Online traders can earn a lot of profit here.

  1. Recruitment Company

With growing companies in the Emirates, there is a constant need for employees. This need can be met with the help of a recruitment company. You can take advantage of this need and grow in the Emirate.

  1. Housekeeping Services

The need for housekeeping services grows as more and more people are getting busy in their lifestyles. You can earn profits by establishing a business that provides housekeeping services.

  1. A cafe or restaurant

Instagram and other social media have started increasing the craze for “gram-worthy” food, ambience and aesthetics. If you are passionate about food, this is one of the best ideas for you . 

  1. Beauty Salon Services

Everyone is concerned about the way they look. Appearance decides a person’s confidence. This is why beauty salon services have gained immense popularity worldwide. By taking advantage of the same, you can start a profitable business. 

  1. Web Development

Businesses are also shifting online since all the customers are now available online. With this, you can use your web development skills and help a business start online. The industry is rapidly expanding and has many opportunities.

  1. Jewelry Business

Dubai is an extremely popular city for people who want to buy precious metals and gemstones throughout the world. This ensures that anyone with a jewelry business is ought to earn immense profits. Taking advantage of this, you can start a jewelry business in Dubai and enjoy growth. 

  1. Security Services Agency

With people who prefer luxurious lifestyles and expensive stuff, security becomes a primary need of the hour. A security services agency provides guards, CCTVs and other things like an alarm system to its customers.

  1. Clothing Brand

Clothing brands are gaining a lot of popularity not just in the emirates but also at every other place. Everyone wants their clothes to be top-notch. New clothing brands are thus encouraged and eventually you will find loyal customers for your brand.

  1. Entertainment Business

People everywhere like the entertainment industry. Since the people in Dubai are adequately paid, they pay well for the services and hence a business in this sector will likely flourish.

  1. Education

Education is a sector that is quite popular in Dubai. The educational institutions in Dubai are a growing market and can be grown if you have the license.

  1. Delivery Service

Delivery services are needed when companies send their parcels and people courier. They are also needed for day to day services such as food delivery. A delivery service can be a beneficial option for you.

  1. Finance

Financial advisory services are popular in Dubai as with the growing businesses, people need financial advice. You can start a financial business and grow in the UAE market.

  1. Real Estate

Real estate is one of the top preferences of investors when it comes to making long term investments. As a real estate business, you can help investors and help the expats find the right property. All you need is some knowledge about the market and then you are bound to take your business to a great height.

  1. Photography

Photography industry is growing worldwide. People are getting camera friendly and thus appreciating the hard work that goes behind a perfect photograph. You can start a business that provides a wide range of services or one that specializes in one area of photography.

  1. Home Improvement Services

Every house and every building requires services like plumbing, repair and maintenance now or the. These services are therefore a great means for earning a good amount of money and also be in demand since people will eventually become loyal customers. You can decide the service you want to provide or whether you want to offer multiple services.

  1. Event Business

People tend to save and spend well on events that are of significance in their lives. This is why event management companies are in demand. This business can provide you a wide profit. Events these days are one of the many ways to show a family’s status. The decorations follow a theme and hence it is preferred that they are done by an expert. Tying the entire theme together requires experience. If you possess the talent of organizing an event, Dubai is the right place for you.

  1. Daycare

These days, people are working full time and thus need childcare, babysitting, and other services are increasing. It is a good source of income for people who want to start their own business in the Emirates. It can be done from home as well. Daycare services are a good choice of business for those who love children and know about the ways to take care of children. This is also a low investment business for those who do not have enough funds to start their own business.

  1. Bakery 

Bakery industry is quite popular in Dubai. People indulge in different kinds of cakes and baked goods and prefer extravagant products if they like. This is a great opportunity to make profits while showcasing your baking skills. The industry is mainly skill based. This is a great idea for those who have the passion and talent for baking. The vast delicacies including cakes, tarts, breads, pastries, etc are gaining popularity.

  1. Florist Company

Florists selling flowers in Dubai are also investing in good business. People love to give and receive flowers and this is why the market will continue to expand in coming years as well. The Florist companies are quite famous these days considering the growing popularity of flowers as a gift. Opening a florist company is beneficial for the owner as the investment on the end of the entrepreneur is also quite less. This business can also be done online as the demand for online flower delivery services is growing as well. 

Radiant Biz helps you build the best business in Dubai.

As an entrepreneur, starting a business in Dubai can be a daunting task. This is where the experts are required. At Projectfrpjsc, we can help you lay the foundation for your ideal business in the United Arab Emirates. We believe that a business with a strong foundation can flourish in the Dubai markets. Our business experts can help you with everything from finding the best business ideas in Dubai to assisting with documentation.

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A Complete Guide on the Corporate Tax in UAE https://www.projectfrpjsc.com/corporate-tax-in-uae/ https://www.projectfrpjsc.com/corporate-tax-in-uae/#respond Fri, 20 Jan 2023 09:24:46 +0000 https://www.projectfrpjsc.com/?p=19066 Get the latest information on Corporate Tax in the UAE, including rates, exemptions, and compliance requirements. Manage your tax burden with our expert guidance.

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A complete guide on the UAE corporate tax

Written By Jahnavi- 20th Jan’23

corporate tax in uae
corporate tax in uae

Every nation frequently enacts new laws in an effort to expand its economy and elevate its standing in the international community. One of these nations is the United Arab Emirates where a new law has been introduced. A federal corporation tax on firm net gains will now be implemented, according to Federal Decree-Law No. 47 of 2022 on Taxation of Corporations and Businesses. The Decree-Law has been issued by the President of the United Arab Emirates, His Highness Sheikh Mohamed bin Zayed Al Nahyan.

All firms must comply with this rule beginning with their first fiscal year that begins on or after June 1, 2023. However, since the complete guidelines have not been formulated yet, it is essential to take care of the changes taking place in the law and plan accordingly. 

The implementation of this UAE corporate tax law will advance the nation’s standing as a global centre for trade and investment . Corporate tax in UAE will facilitate the country’s change and progress, which will make it easier for the nation to accomplish its strategic goals. 

Additionally, this will demonstrate the nation’s legal openness and the fact that it will under no circumstances support destructive tax practices. This is a measure that will help the nation progress, maintain its reputation abroad, and reach new heights.

At what rates are the UAE corporate taxes set?

The Decision was taken keeping in view the OECD guidelines to keep the global minimum corporate tax (CT) rate at 15%. To guarantee equitable practices, the corporate tax in UAE rate has been determined. The CT is 0% for people with taxable income up to AED 375,000 and 9% for those with incomes over that amount.

Example

Business Net Income                 = AED 500,000

Exemption up to AED 375,000 = AED 125,000

Corporate Income Tax  @ 9%    = AED 11,250/-

For huge corporations like big MNCs that satisfy the requirements established by the government, a separate tax rate – which will be set to 15% of the corporate income. It will be imposed on a qualifying free zone person at 0% on qualifying income and at 9% on taxable income that is not qualifying income according to the law.

The demands of people, companies, and the nation as a whole have all been taken into consideration while setting the corporate tax in UAE. Additionally, a lengthy window has been provided for the enterprises to file their tax filings.

The UAE corporation tax will be applicable to all business operations carried out in the UAE after obtaining a license. This includes all kinds of licenses required for you to do your business legally in Dubai including the freelance license in Dubai as well. The “qualifying free zone persons” will be charged the corporate taxes at the rates mentioned according to the government guidelines.

Who will be under the corporate taxation law?

The UAE corporation tax will be applicable to all business operations carried out in the UAE after obtaining a licence. This includes all kinds of licences required for you to do your business legally in Dubai including the freelance licence as well. 

The “qualifying free zone persons” will be charged the corporate taxes at the rates mentioned according to the government guidelines.

Who has to pay the UAE corporate taxes?

The Federal Tax Authority will impose, collect, and manage the Corporate Tax in UAE. It will hasten the nation’s prosperity during the following 50 years. It is a first step toward a sustainable future with a strong economy and one that is not dependent on oil. 

All UAE Business entities must register with the FTA for the taxation, even if they are exempted from the CT with their corporate Income below the threshold of 375,000 AED.

Who is exempted from paying the corporate tax?Let’s look at the incomes and businesses exempted from corporate tax in UAE.

Businesses that rely on the extraction of natural resources are, however, excluded from the new UAE corporate tax. The corporate tax exemption will also apply to capital gains from qualifying ownership, qualifying intra-group transactions, and qualifying re-organisation. Government authorities will release a list of exempt free zones in Dubai as well.

Additionally, individual salaries and other work perks are exempt from the CT. Besides this, it has been decided to exempt from paying corporate tax the interest and income from real estate.

What types of income are taxable for Emiratis and expats?

While there will be various “executive resolutions” from various cabinets, it should be emphasised that the personal income of an individual will not  be subject to taxation under this regulation regardless of whether their personal income comes from the UAE or from outside.

 

The only taxable corporate income that residents and non-residents will pay taxes on comes from sources based in the United Arab Emirates. A person’s residency will be determined in accordance with the conditions outlined by the authorities. They won’t be charged the corporate tax if these criteria don’t allow them to be considered a resident.

What are tax groups?

Businesses that have multiple companies in the Emirates, can be considered as a “Tax Group” after getting FTA’s approval. In cases of a tax group, intra-company transactions are tax free. They are viewed as a single entity for tax purposes. They must adopt the same accounting principles and fiscal year when putting up their financial statements. To create a tax group, two or more people must fulfil the legal requirements.

It should be emphasised that an exempt person or a qualified free zone cannot be a part of the tax group. Through subsidiaries, the ownership, rights, and entitlement may be held directly or indirectly.

What are the benefits of forming a tax group?

The major benefit of forming a tax group in the UAE is that the company shall be considered as a single entity for tax purposes. The company will therefore be paying taxes together as a single taxpayer.

What are the requirements for forming a tax group?

  • Parent company holds at least 95% of the share capital and voting rights of its subsidiaries 
  • Neither parent company nor any of the subsidiaries are exempt persons or a free zone person
  • All group members should have the same financial year 
  • Branches may be part of the tax group where it is owned by the parent company or any subsidiary.

What are the procedures for filing, registering, and paying the corporate taxes in UAE?The actions that must be taken in order to pay UAE corporation tax are as follows:

  • .A company tax registration number must be obtained by all the businesses, whether they are subject to taxation or not.
  • The taxable people shall file a corporation tax return. Within nine months after the end of the tax period, this must be completed.
  • VAT and Corporate Tax (CT) must be paid separately if you are registered for VAT; nevertheless, even if your company is not registered for VAT, you may still be required to pay Corporate Tax. Both taxes, which are entirely distinct from one another, are still in effect in the UAE.
  • The implementation of Corporate Tax in UAE will not result in the elimination of VAT or excise tax in the nation. All of the UAE’s Emirates will also be subject to the tax. Understanding the regulations and every other element of your business will be helpful when applying for the Corporate Tax.
  • The Federal Tax Authority has asked everyone to study the information on the company tax law and other supporting material available on the official government websites.
  • You may use the same to examine the situation and decide if your company must pay corporation tax or not.
  • To keep up with any current changes or additions to the legislation, everyone should frequently visit the websites or get in touch with us.

How can Projectfrpjsc help you with your corporate tax registration?

Our team of Accounting & Tax experts with the knowledge & understanding of the UAE compliance & accounting laws will ensure that your company abides by the regulatory norms. The tax law is still being formulated. This ongoing process has caused a lot of changes in the earlier formulated laws and will further cause more changes. Keeping up with these changing laws can be hassle-some. 

We will help you take care of your tax registration whether it is VAT or corporate tax.Contact our experts to get started today.  

Frequently Asked Questions

Income that is generated by a FZE or FZCO based on business activities inside the Qualifying Freezone will be taxed 0%.

If the income shown in the financial statements of the company exceeds AED 375,000 then the corporate tax will be 9% of the income. This will be beneficial to the SMES and startups.

The corporate tax in the UAE has been set at a lower value of 9% which will not cause a major difference to the earnings of entrepreneurs through their businesses. Moreover, the UAE corporate tax will be applied only on the profits earned by the companies and not their entire revenue. This will ensure that you are not forced to pay taxes in difficult situations.

The UAE corporate tax is imposed on the businesses that are carried out in the UAE mainland or free zones with a commercial licence. The tax imposed depends on the income of the businesses.

The new UAE corporation tax doesn't apply to companies that depend on natural resource extraction. Dividends and capital gains from qualifying ownership, qualifying intra-group transactions, and qualifying reorganisation will also be excluded from corporation tax. The CT does not apply to individual wages or other benefits received at work. In addition, interest and income from bank deposits and savings plans, income from dividends, capital gains, interest, royalties, and other forms of investment returns for a foreign investor, as well as individual real estate investments are also excluded from the UAE corporate tax.

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How to start Yoga centre in Dubai ,UAE https://www.projectfrpjsc.com/how-to-start-yoga-centre-in-dubai-uae/ https://www.projectfrpjsc.com/how-to-start-yoga-centre-in-dubai-uae/#respond Tue, 17 Jan 2023 09:08:37 +0000 https://www.projectfrpjsc.com/?p=18874 Do you want to setup a yoga center in Dubai, UAE? If yes, contact our experts at   Projectfrpjsc today. We will guide you with the step by step process.

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How to start Yoga centre in Dubai?

Written By Jahnavi- 17th Jan’23

start Yoga centre in Dubai

Yoga is one of the most loved forms of exercise in today’s world. People globally practise yoga for their well being and health. It has led to a healthier lifestyle and a health oriented population worldwide. This immense growth has led to the opening of many yoga centres throughout the world for yoga enthusiasts. Dubai is also one of the places where yoga is widely practised and loved. With the growth of the love for yoga, it is the right choice for anyone to setup a yoga center in Dubai, UAE.

There are a wide range of benefits and reasons to open a yoga center in Dubai. This blog intends to help you look at these benefits and also know the procedure of starting a yoga center in Dubai, UAE.

YOGA CENTRE IN DUBAI

How could you benefit from a yoga studio in Dubai?

As a well trained yoga teacher, it is a great idea to open your yoga studio. You will enjoy many benefits and get a good profit as well. Some of the benefits are below mentioned:

  • The youth generation of today’s time are more aware and considered about their physical appearance which has led to a high demand of yoga instructors, teachers and centers in UAE.
  • Many people choose yoga as the exercise of their choice due to the immense benefits it provides both in short and long term.
  • Yoga is beneficial for both mental and physical well being and is hence in a wide demand.
  • Yoga has now become a way of life and many foreigners travel from distant places just to learn yoga and inculcate the art in their lives.
  • Since the pandemic hit, people have been more focused on breathwork. It is one of the major aspects of yoga and has hence been the reason for so many people being attracted to the practice.
  • You get the benefit of being a healthcare organisation since yoga classifies under the health and wellness sector when setting up a business.
  • Once your branch functions well, it can be extended to other emirates and even other nations.

What steps do I need to follow in order to set up my own yoga centre?

It is easy to set up your yoga centre in the UAE. You need to ensure that all the steps are followed properly and all the documents are submitted. The following are the steps to setup a yoga centre in Dubai, UAE.

    1. Decide the Jurisdiction –  Decide whether you want to set up as a mainland company or a free zone company. This is a crucial step since this decides the concerned authorities that you need to approach for further procedures and documentation. It also decides the boundaries of your business.
    2. Select the Legal Entity –  There are various types of legal structures you can choose from. You can set up a partnership, sole proprietorship or an LLC. Each entity allows you to do business in different ways and also decides the taxes, licence fee and the laws that your company has to follow in order to legally function in the UAE.
    3. Decide the Location –  The location of your business also decides your audience. Choose the location of your business setup wisely. In the case of a yoga studio, you can opt for a residential area.
    4. Decide the Trade Name –  Decide your trade name and ensure that it is available for you to register. Ensure that the name does not mention god or is an abbreviation of anything. It should not be related to any well known companies and the name should not translate to anything offensive in any language.
    5. Get Approvals –  Once all the above mentioned steps are done you will have to seek approvals from the concerned free zone authority or in case of a mainland setup, the DED. You will also be needing approvals from the Yoga and Sports Welfare department. This is because yoga is classified as a sport. And additional approval from the Ministry of Public Health will also be required. The approvals may take 2-3 weeks, considering the health and wellness advantages of yoga for the general public.
    6. Submit the Documents – Submit all the necessary documents along with a duly filled application form to obtain your license. This has to be done after the approvals. The necessary documents includes:
        • professional experience certificate or any other recognition letter
        • Passport & visa copies
        • Passport size photographs
        • Other documents based on region and type of business setup in UAE
    7. Open a Corporate bank Account – Once all the above mentioned procedures are completed, you need to open a Business bank account in Dubai in a local or global bank. This will ensure ease of receiving and sending payments.

How much can a yoga centre in Dubai costs?

A yoga centre in Dubai, UAE costs according to your needs. The jurisdiction, licence and location play a key role in the cost. However, you do not have to worry. Head to Projectfrpjsc and get your estimate by filling in your details in our cost calculator

How can Projectfrpjsc help you set up your Yoga centre in Dubai, UAE?

With the growing demand and rise of yoga, it is one of the most beneficial ideas to open a yoga centre in the UAE. In order to do so, you need to follow some specific steps that may be time consuming. In order to save on the time spent and use it for things you love, a business setup consultant is the best choice for you and your business.

We at Projectfrpjsc use our years of experience in the field to help you get your business in a hassle free way. Our experts understand and analyse your needs and provide you with budget friendly solutions for your business. To get started with your yoga centre in Dubai, UAE contact  Projectfrpjsc today!

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Know about setting up company in Dubai https://www.projectfrpjsc.com/know-about-setting-up-company-in-dubai/ https://www.projectfrpjsc.com/know-about-setting-up-company-in-dubai/#respond Tue, 17 Jan 2023 06:27:34 +0000 https://www.projectfrpjsc.com/?p=18261 Setting up a business in Dubai is a dream for many people. Let Projectfrpjsc team help you in business setup process.

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Setting up a company in Dubai- Visas,Licensing & Laws

Written By Jahnavi- 11th Dec’22

setting up business in Dubai

Over the past few years, Dubai has grown enormously economically. The Emirate changed from its oil dependent economy to one that is powered by innovation, knowledge and business. Dubai is one of the preferred places for entrepreneurs who wish to start their business in the UAE. This is due to the business friendly environment in dubai and availability of free zones. The excellent location and open economy adds to this. Dubai has evolved into a key hub for business opportunities, trade and investment. Import, export, commerce, logistics, event management, tourism, financial services, hospitality, and construction are some activities that take place in the Emirate.

How do I register my company in Dubai?

When registering a company, you have to follow some steps. These steps decide whether you will get the license or not since an error in any of the steps can cause rejection of the application. The steps are as follows-

1. Decide what the legal structure of your company will be

The structure of your company will decide where it can operate and the types of activities it can uptake. There are Commercial companies, Civil companies and Free Zone entities.

a. Commercial companies

  • Sole proprietorship- A sole proprietorship can be owned only by a single person. The owner has complete authority and complete ownership when it comes to the company. A sole proprietorship of the professional kind may be held by anybody of any nationality, however only citizens of the UAE or the GCC may possess a sole proprietorship of the industrial or commercial variety.
  • General Partnership- A general partnership is created when two or more UAE nationals who are jointly liable for the partnership’s debts come together. A partnership stake may not be transferred without the approval of all partners.
  • Limited Liability Company- An LLC may have up to 50 shareholders. Every shareholder is responsible for their shares of the company. The shares are transferred to the heir after his or her death. They must appoint 1-5 managers.
  • Representative office- Branch offices are a part of the parent company and have the same name as their parent company. A branch office and a representative office are different entities. Foreign enterprises can open representative offices in the UAE to promote the company, however they cannot do sales in the Emirates.
  • Public Joint Stock Company-  Public Joint Stock companies include those engaged in banking, insurance, or financial operations. They are appropriate for major operations or projects. The majority of the significant power holders must be nationals of the UAE. Profit distribution is less flexible. 25% or more of the shares must be made available to the general public. A minimum of 10 founding members are required, and a board of directors with a term limit of three years should be in charge of running the organization.
  • Private Shareholding Company- A private shareholding company may be formed for any kind of business or industry. Its formation requires the presence of three UAE citizens or citizens of the GCC, or more. They can go public two years or more after their founding. The company must select a manager.

b. Civil companies

  • Service Companies
  • Speculative Venture Partnership
  • Mudaraba Companies

c. Freezone entities

They maybe of 3 types-

    • Free Zone Establishment (Single Shareholder)
    • Free Zone Company (Multiple Shareholders)
    • Branch of a foreign company

2. Registering a trade name for your company

After you have figured out what type of entity you want to establish, find a name for it. The name should not mention any offensive or rude word and ensure that the name is not already taken. The name should also not have any abbreviations. 

3. Deciding the location of your business

Decide where you want to do your business. Choose whether you want a freezone, offshore or mainland setup. The area choices may differ depending on the activity you have decided to do. The area you choose decides where you can trade.

4. Collect the documents for submission

  • Passport-size photograph
  • Application Form
  • Passport copies
  • Tourist Visa
  • Ejari Number ( verification of business space agreement/contract)
  • External documents of approvals, if any.

5. Apply for license

Obtain external approvals and approval from concerned authorities. If you want to establish a mainland company then you will need an approval from DED and if it is a freezone company then approval from local authorities will be required. Submit the documents and fill the form.

6. Open a bank account

Open a bank account by selecting a bank that suits the best to your business needs. 

Jobs and Visas

You can follow the procedures and obtain the visa you require. The visa depends on a variety of factors including your profession and whether you are in the emirates while applying or not.The applications are processed within 3 to 5 days. But these are done only after approvals from the concerned authorities.

Company Services

 The United Arab Emirates now allows the people to apply for their company setup online. These services allow you to apply for license, NOCs and approval requests.This way you can manage everything at one convenient place.

Compliance services

In order to give every person with a company in Dubai the best chance for success, upholding the Emirate’s laws and regulations is a crucial aspect of the local authorities’ responsibility. Dubai therefore has a strong compliance structure to guarantee that the operations of all the concerned authorities adhere to national and international laws, rules.

How Projectfrpjsc can help in setting up business in UAE?

Setting up a business in Dubai is a dream for many people. But due to the company setup procedures, many people make mistakes and have to repeat the entire process again. This can be cumbersome. This is where Projectfrpjsc steps in. We take care of each and every step of your business setup. We take care of the hard work so that you can take care of the more important and interesting parts of your business. 

Our experts are experienced in their fields and have worked at some of the top organizations in their fields before joining us. Let us help you. Book and appointment with us today and get started now!

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Become a Wedding Planner in Dubai https://www.projectfrpjsc.com/become-a-wedding-planner-in-dubai/ https://www.projectfrpjsc.com/become-a-wedding-planner-in-dubai/#respond Thu, 15 Dec 2022 13:04:04 +0000 https://www.projectfrpjsc.com/?p=16458 Looking to start a wedding business in Dubai and the UAE? Contact our experts at Projectfrpjsc and get best free consultancy.

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Become a Wedding Planner in Dubai

Written By Antima – 04th August’22

Many people who visit Dubai are surprised by how beautiful it is. They are also amazed by how great it is to live here. From shopping malls to restaurants to cinemas, Dubai has everything you need right at your fingertips.

People across the world see Dubai as a perfect place to live, work, and even get married nowadays. Dubai is a preferred location because of its warm weather, and grand locations, among many other reasons.

Weddings are the most awaited occasions for couples who are planning to get married and are willing to arrange a premium and lavish wedding destination for their special day.

However, this comes with the burden of arranging their wedding including the venue, food, outfits, decor, and many more. All this may result in taking the time away to concentrate on their gala day. This is where a good wedding planner comes into the picture, the one who can help couples with everything.

wedding planner in Dubai

Why become a wedding planner in Dubai?

Dubai is a beautiful place to get married. This is because of all the luxurious settings Dubai has to offer. The city has some spectacular venues such as five-star hotels, resorts, beaches, and islands for your wedding. These venues offer gorgeous decors that can give you the chance to click beautiful pictures. Due to the growing demand for destination weddings, many engaged couples are looking forward to getting married in Dubai.

Although, wedding planning can be a stressful process for people looking to get
married in a foreign land. Luckily, there is a solution: wedding planning services. These services help them take away the stress and ensure that they can focus on enjoying their big day. This is where a wedding planning business setup can be beneficial for you in Dubai. Start a business in Dubai today and help people have their dream wedding in the Emirates.

Let’s have a look at why you must consider starting a wedding planning business in Dubai-

1. World’s favorite wedding destination

As per recent surveys conducted by some popular media platforms, Dubai has been voted as one of the top destinations for getting married all over the world. If you are thinking about starting a wedding planner business in Dubai then this is a perfect time.

People would want to invest in a beautiful wedding in a city where everything seems magical. This will give your wedding business a boost in Dubai and could be a game changer for your business.

2. Beautiful locations

Dubai has some of the best picturesque wedding locations, such as many five-star
hotels, resorts, and surreal beaches. People love to choose venues that will offer
them luxurious decor options to make their wedding memorable. Getting married in the serene sunshine in Dubai, or among the calm waters in the Dubai islands, the place offers numerous options to choose from.

3. High budgeted weddings

Dubai has ranked 15th costliest city in the world to get married this year. This could be the best opportunity for anyone who is looking to start a wedding planning business in Dubai. Due to the beautiful and traditional vibe of the city, people are willing to pay a good amount of money to get married in the Emirates. Therefore, start a business in Dubai to get the maximum ROI for your business.

Did you know?

Dubai is the 15th costliest city in the world to host a wedding in 2022, costing $25,463 (Dh93,500), according to a new study.

4. Home to well-known designers

The wedding dress holds great importance for both the bride and groom. Dubai is
the home to many well-known international designers such as Michael Cinco, Amato Couture, Jacy Kay, and many more who will make sure that their clients look their best on their wedding day. In addition, they get to choose their dream wedding dress from a wide variety of stunning collections.

How to start a wedding planning business in Dubai?

Here’s a list of the essential steps that need to be taken while setting up your
wedding business in Dubai-

1. Choose your business type

The first step starts with choosing the right business type as per your preference.
Now a wedding has numerous activities from which you can choose yours. These
may include photography, catering, event planning, etc.

2. Decide on a business name

Second, comes the business name, try and choose a fancy name for a wedding
planning business that will have an impact on the customers. Moreover, remember to abide by all the rules and regulations for the business name set by the government.

3. Check for jurisdiction

Dubai allows you to choose between mainland and free zone when you choose to
start a business in Dubai. Choose your jurisdiction as per your business
requirements and apply for the license.

4. Documentation and licensing

Once all your documents are ready, apply for the business license in Dubai. The
Department of Economic Development (DED) is the governing authority and will
issue you the business license for a mainland business setup, in the case of free
zones you will get a license from the concerned free zone authorities.

Let the experts help you with your business in Dubai | Connect with
Projectfrpjsc

If you are thinking of starting a wedding planning business in Dubai, it’s important to note that while the steps needed to open a business in the Emirates are not complicated, they do need a level of prior knowledge of the process.

Start a business in Dubai with the assistance of experts. Why not let our team handle it for you? Our team has assisted numerous businesses in Dubai including the wedding planning business setup.

Projectfrpjsc can assist you with everything right from business incorporation, office space locations, and business bank accounts, we cover it all for you.

Get in touch with us today!

Frequently Asked Questions

1. Can foreigners have a wedding planning business in Dubai?

Yes, a foreigner can start a wedding planning business in Dubai by submitting all the necessary documents and obtaining a license.

2. What if I don’t want to start a complete wedding planning agency in Dubai and offer only related services?

Yes, it is possible to offer only some services for the wedding such as photography, catering, etc. For that, you can apply for a freelancer license apart from having a complete trade license for a wedding planning business.

3. What would be the average cost for a wedding planning business setup in Dubai?

The average cost for any business depends on multiple factors. To get an instant
estimate for your business setup, use the cost calculator tool from Projectfrpjsc.

4. Is a wedding business setup in Dubai beneficial?

Yes absolutely! Starting a wedding business in Dubai is extremely beneficial with all the statistics that point to a positive graph in the future.

5. Is getting married legally allowed in Dubai for foreigners?

Yes, foreigners can host a wedding in Dubai. With all the beautiful locations in the city, they can choose from several options for the venue covered under the legal umbrella.

6. Which is the best jurisdiction for setting up a wedding business in Dubai?

As per expert advice, free zones in Dubai are the best option for setting up a
wedding business in Dubai. It offers 100% foreign ownership, zero taxes, and no
currency restrictions among other benefits.

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Digital Banking in Dubai https://www.projectfrpjsc.com/digital-banking-dubai/ https://www.projectfrpjsc.com/digital-banking-dubai/#respond Mon, 12 Dec 2022 05:22:34 +0000 https://www.projectfrpjsc.com/?p=18101 Learn about the top banks in Dubai that offer the best interest rates and additional savings on Digital Bank accounts.

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UAE Digital Banking Sector in uae

Written By Jahnavi- 08th Dec’22

Covid 19 pandemic led to a rapid increase in the adoption of digital services throughout the world. This has also been the case for the UAE. The digital preference is not just for studies and jobs, it is also prevalent in the case of the banking sector. Introducing digital banking as an option to deposit and withdraw funds has made the banking process less cumbersome for the residents of the Emirates. They now have access to their funds at a single click. According to a survey conducted by Finder, the people from UAE are some of the most excited people when it comes to embracing digital banking.

Here are the details to the digital banking sector in the UAE-

What is digital banking?

digital banking in UAE

Digital banking is the digitalization of all the stages and processes of banking which includes both the back-end and front end procedures. The back end procedures are dependent on artificial intelligence to ease the pressure on the employees. Digital banking gives you your bank and funds deposited on your phone screen, just a touch away. It helps you get rid of the queues and lets you operate right from your home.

Digital banks provide an easier opportunity to apply for loans and personalized services to manage money. It allows you to invest in gold, cryptocurrency, stocks and other modes in an easier way. You can also invest in mutual funds.

Rise in digital bank acc in uae

The rise in digital banking is due to the increasing digitalisation. It may be expected that only the youth is adapting to digital banking however even the older generations that were initially skeptical are now comfortable to a larger extent when it comes to banking. 

The opening of a bank account in Dubai is a simple process that provides easy transactions, better privacy and the convenience of accessing your funds at any time of the day. The lower costs of opening the bank account are a cherry on top. These factors are hugely attracting new customers in the United Arab Emirates leading to a rise in digital bank accounts in the UAE.

Benefits of Digital Banking

Digital banking has been widely attractive to the users due to its wide range of benefits-

  • It has been a revolutionary step in the banking industry
  • It is a faster solution to banking 
  • It is a cost effective solution to banking 
  • It provides a better privacy
  • Instant account opening procedures avoids hassle
  • Transactions, payments and other procedures can be done at banks, ATM machines and on mobile phones and computers as well
  • 24/7 customer support is available to help you get instant solutions to your problems 
  • You can access your account on multiple devices and also track your account with just a couple of clicks 
  • The 24/7 access accounts for improved usability
  • You get a personalized experience and your issues are given more attention due to no time constraint 
  • You can easily change your pins,transaction limits and even cater to other urgent needs
  • It is a bank for masses

Why is it becoming popular in the UAE?

Digital banking sector is becoming increasingly popular in the UAE. The Emirates ranks 6th in the list of the countries with digital penetration. The estimation of the same in 2027 according to a study is said to be around 41 percent which is an increase by 22 points. The increase is a result of the dedication on the part of the UAE Banks Federation and the recognition of the fact that digitalisation is one of the most important pillars on which the economy of the country rests.It has been considered as one of the ways to exchange knowledge and expertise. The increasing popularity is due to the customer centric approach behind digital banking. The improved customer experience, greater customer satisfaction and 24/7 customer service makes it a better preference for the UAE nationals.

Top 9 digital banks in UAE

The top 9 digital banks in UAE are- 

1. YAP- It is one of the leading digital banks in the Emirates.The registration of account is paperwork free and provides multiple cards which makes this bank instant and extra convenient.

2. Liv Bank by Emirates NBD- It is a lifestyle banking app which provides 2% interest on deposits of AED 5000 or more.

3. E20 by Emirates NBD- It gives safety to your business finances but needs a minimum balance and it is chargeable.

4. Mashreq Neo- It is one of the finest options you can go for. This bank needs identity authentication and is one of the first digital banks to take the pioneer step of introducing verification.

5. ADIB SmartBanking-This bank is winning hearts with free ATM withdrawals, managing bank accounts and getting your card conveniently delivered at your door steps.

6. Xpence- You will be able to track your financial transactions and do your invoicing and bookkeeping.

7. ADIB Amwali- It is a paperless and signature-less account through which parents can have complete control over the account.

8. Zand- It is UAE’s first independent digital bank and it offers an interest rate of 2%

9. OG Pay-  It is a versatile, affordable and secure options offering an interest rate of 2%

Are online banking and digital banking the same?

Online banking and digital banking are different even though they are used interchangeably.

Online banking- These are services provided by the traditional banks.They continue on their core system of banking and provide the same services online.The services are however limited. These may include transactions, management, account access and in some cases even application of loans.

Digital banking- Digital banks are convenient and easy to access. They allow the banks to provide their customers with a wide range of services that are dependent on new technology, APIs by automating some services. These provide better privacy, access to funds, flexibility and cost effective options. Their totally automated services and digital processing provide a better experience to the customers.

Conclusion

 Digital banks are the best options for everyone to get their banking services at convenience. From opening an account to tracking your transactions, you can do everything at your fingertips.You can join your desired digital banks after comparing and contrasting all your needs and preferences. If you need help to make your choices regarding your digital bank account, book an appointment with our experts at Projectfrpjsc  today.

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Why Start a Jewellery Business in Dubai? https://www.projectfrpjsc.com/jewellery-business-in-dubai/ https://www.projectfrpjsc.com/jewellery-business-in-dubai/#respond Mon, 17 Oct 2022 13:59:08 +0000 https://www.projectfrpjsc.com/?p=16716 Dubai is well-known for its luxurious jewellery stores and the export of jewellery to countries all over the world. Start your jewellery business in Dubai with the help of the best business consultants.

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Is Jewellery Business Profitable in Dubai?

Written By Antima – 18th Sep’22

The revenue from the Gold & Jewelry business in Dubai was observed at around 12 billion dirhams last year and the pace of growth in this industry in Dubai is increasing very fast. So, starting a gold jewellery business setup in Dubai can be a great choice to earn and grow more as an entrepreneur.

If we talk about the global market then we find that investors are very cautious while making investments in different commodities and financial instruments because of the risks involved in it. Investors internationally prefer safe investments with high returns. The Gold & Jewelry business is found to be the best choice because of fewer amounts of uncertainties and more opportunities to earn globally because gold is the most trusted commodity across the world.

Dubai has an edge to attract international investors because of its strategic location which connects the eastern & western continents. It’s been established as a traditional trading market in the Middle East for spices, precious stones, traditional goods, textiles, etc. At present, It has become a leading hub for gold, silver, and diamond jewelry trading.

Why Dubai is called “THE CITY OF GOLD”?

Dubai is said ‘The City of Gold because it is growing as an international market of Gold & Jewellery very rapidly. People come from all over the world to buy gold and trade in gold because they trust the gold they buy in the city. The quality and purity of gold here are tested and maintained under strict rules, regulations, restrictions, and supervision. If any vendor is found guilty of selling low-grade gold and not following guidelines then he can be penalized up to 2 crores with 2 years of imprisonment.

Gold is much cheaper here as compared with any other place in the entire world & the reason behind it is that Dubai imports raw gold from South Africa and makes jewelry here and marks its stamp on the jewelry created here. Dubai achieved 1200-tone gold in trade last year.

India & China are the major buyers of gold jewelry from Dubai. As Indians are in a good ratio residing in Dubai, they are the major buyers of gold jewelry because of the traditions of wearing gold jewellery on special occasions and weddings. After India, there are China, Pakistan, Britain, Saudi Arabia Oman & Canada are the major buyers of gold from Dubai.

According to a survey, Dubai achieved 29% of the gold trade worldwide in 2021.The gold sector here is so developed and huge that 4086 companies are working in this sector at present. Dubai sold gold worth more than 5 lakh 52 thousand cr last year. Gold is cheap here because only 5% vat is applicable on gold and tourists can claim a VAT refund also.

Dubai Gold Souk is a traditional & vast market here which is the largest gold and jewelry market in the world. It has more than one thousand shops. People can find all the latest designs from all over the world. There are more than three hundred retailers here who are dealing with a huge range of jewelry starting from a very economic range to the most expensive and luxury range of jewelry which cannot be found in any other place but only in Dubai Gold Souk.

Why Dubai is the Preferred Location for Business Startup or Expansion in Jewelry Sector?

Here are the reasons to start jewellery business in Dubai.

  • 1. Strategic location: Its strategic location which connects the eastern &western continents is always beneficial for attracting foreign investors to invest in the city.
  • 2. Quality of Metals & Precious Stones: In Dubai, no one can violate the rules and cannot compromise the quality of metals & precious stones because of its strong legal system. There are strict punishments for such offenses.
  • 3. Safety & Security: UAE is one of the safest countries to do business in because of its safe environment. There are no chances of fraud, theft, or robberies here because of its strong surveillance and security system.
  • 4. Free Zone Benefits: You can get 100% ownership of your business in Free Zone which allows you to get maximum benefits for your business.
  • 5. Tax Exemption: There is only 5% VAT payable on jewelry business in Dubai which can be claimed.
  • 6. Favorable Government Policies: UAE Government has proposed an FTA which abolishes import duties in the UAE on the export of Gold, jewelry, and precious stones. The FTA supports the thriving growth of the gold & jewelry industry.

In the ‘City of Gold, To start jewellery business in Dubai would not require a second thought.

How to Start a Jewelry Business in Dubai?

Before setting up the jewellery business in Dubai then there has to be clarity regarding the nature of the business. Whether you want to go to retail, wholesale, or import & export, this has to be chosen wisely before investing in it.

The process of starting a jewelry business in Dubai comprises many requirements which we will discuss in the next steps-

1. Registration of the company

Along with the registration of the company name, choose the location of the
company to start up is also a must. The registration of the company can be done under Free Zone or mainland regions.

If you choose the free zone for company registration in Dubai, then there is a free zone called Gold & Diamond Park (DGDP) which is the ocean of all precious metals, gems & jewelry. Entrepreneurs starting up in this free zone get multiple benefits and opportunities to earn and grow their businesses. It is the biggest free zone in UAE specifically for the gold, precious stones, and jewelry sector. Setting up a business here is hassle-free and beneficial due to tax benefits, 100% ownership, excellent connectivity, and astonishing infrastructure. This free zone is an extension of the “Jebel Ali Free Zone”, which issues trade licenses to investors in Dubai Gold and Diamond Park.

If you choose Dubai mainland for company registration then Gold Souk is the
famous location for jewelry trading in mainland regions. Tourists and investors
from across the world flock here to shop or trade in gold. Company registration includes brand name registration and submission of documents required for company setup like passport, residence proof, NOC certificate, rent agreement copy, etc.

2. Licensing

After the completion of the registration process, the second step is to get a license from authorities for gold & jewelry trading. Below are things that need to be followed while applying for a license.

3. Selection of location to apply for license

First of all, choose the location where you want to go for a business start up- Free Zone or Mainland. If you choose a free zone to get the maximum profit of your business revenue then chose a free zone that is specifically for the jewelry businesses because every free zone is dedicated to a specific industry.

After choosing the correct location applies for the license for that specific region. This will help you to get the benefits of the policies which are specifically for the upliftment of that particular industry in a specific

4. Selection of a right business structure

There are two business channels for a jewellery business in Dubai. First is DED (Dept of Economic Development) & DMCC (Dubai Multi Commodities Centre). D-DED License allows investors to invest in Gold Souk Market. DMCC License allows investors to open a jewelry business in a free zone.

5. Documentation

After selecting the location & business structure the next step is to submit the required documents along with the application form to DMCC or D-DED. These documents contain address proof of shareholders and directors, Passport copies, Approval of business name, MOA (Memorandum of Association) & AOA (Articles of Association).

6. Getting a visa

After getting a license the last step is to apply for a visa. The trade license zone helps to get a residency visa to live & work in Dubai. After getting your visa you can sponsor your staff and dependents to get their visas.

Conclusion

Hence, there is no other destination that is as profitable as Dubai in the Gold & Jewellery industry. The UAE Government supports and benefits the Industry by providing the entrepreneurs all the ease and flexibility to start and run the business smoothly. Here in Dubai, there is no fear of fraud or ill practices because of the great and strict legal system.

We as prudent & proficient Business Setup Consultants, let your aspirations become bona fide. We have been serving in this domain for more than 10 years and have picked up a good deal of expertise along the way. We have achieved more than 15k Business start-ups with clients from 164 countries.

If you are a visionary entrepreneur and have ambitions to achieve much more by starting a business in Dubai, then you just have to contact Projectfrpjsc and forget all the worries and hassles. We will provide all the guidance, and advice and will not only show you the path but also will make you reach the destination without any delay or complications.

The post Why Start a Jewellery Business in Dubai? appeared first on Business Setup Consultant in Dubai | Projectfrpjsc.

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Start your business in the vibrant DMCC free zone https://www.projectfrpjsc.com/dmcc-free-zone-company-setup/ https://www.projectfrpjsc.com/dmcc-free-zone-company-setup/#respond Mon, 17 Oct 2022 08:13:30 +0000 https://www.projectfrpjsc.com/?p=17273 The DMCC free zone company setup is the best option if you're trying to start a business in UAE.

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Start your DMCC free zone company setup in Dubai

Written By Antima – 17th Oct’22

Dubai Multi Commodity Centre (DMCC) is a free zone in Dubai that provides an ideal location for businesses. DMCC free zone features a large network of global businesses, and it’s where you can connect with other companies and build your business. 

If you are looking for a place to start your business in the UAE, DMCC is the ideal choice. It’s a hub of trade and commerce in Dubai, and it brings together more than 21,000 businesses from 120 countries across numerous sectors. DMCC free zone allows you to hold 100% foreign ownership of your company

With good connectivity through air, sea, and road, this area is a great choice for many global businesses. The DMCC free zone is gaining popularity as more firms each year choose to operate under liberal business rules. You can also remit 100% of profits to the home country. 

Benefits of DMCC free zone company setup in Dubai

Here’s a list of some major benefits of starting and expanding your business with DMCC free zone in Dubai

DMCC free zone is a place where you can start your business and grow it into something bigger. It’s a place where you can build your business, connect with others and make connections that will set you apart from the competition.

Here’s a list of some major benefits:

1. A global network of businesses

At DMCC, you will get great exposure for your business as the free zone is home to more than 21,000 businesses from all over the world. 

2. 100% foreign-owned company

DMCC offers 100% ownership and capital repatriation, which means you can have 100% foreign ownership of your company, remit 100% of profits to the home country and enjoy the benefits of having a company in the DMCC free zone.

3. Easy and quick setup

DMCC is the place to be for starting a business in Dubai. It’s a world-class environment with a large network of global businesses, and an easy and quick setup With DMCC you get a quick free zone business setup in Dubai. It provides a trade license within 10 days of submitting your application form.

4. Great location

DMCC is located in the heart of Dubai which is in Jumeirah Lake Towers. This is why DMCC free zone offers many options for connectivity to major airports, along with easy logistics nearby.

5. Modern office solutions

DMCC offers top-notch resources that allow innovative platforms, tools, and services for your business. You can choose from modernized office spaces such as flexi desks, coworking spaces, serviced desks, and serviced offices. Each with its own set of benefits for startups and SMEs. 

6. No-tax

DMCC free zone ensures a no-tax regime for your business in the UAE. when you start a business in DMCC you don’t have to pay corporate and income tax. 

Types of businesses in the DMCC

DMCC is a hub for the business industries and it has a lot to offer. From technology to e-commerce, there are many things you can do. The most popular industries in DMCC are:

  • General Trade
  • Food and Agro
  • Cryptocurrency and Blockchain 
  • E-commerce
  • Diamond and Gold
  • Sports and Wellness
  • Gaming
  • Healthcare 
  • Technology and Media 
  • Aviation 
  • Education 
  • Finance and Banking
  • Logistics

Types of DMCC free zone license

If you are planning to start a business with DMCC free zone, then you will need to follow the steps listed below

Every investor launching a company in the UAE needs to obtain a legal and valid business license. Below are the steps that will ensure a business license for you.

1. Service license

If you deal in providing professional services such as media, IT, legal, energy, and healthcare then a service license is for you. 

2. Industrial license

As the name suggests, an industrial license is for businesses that carry out activities such as manufacturing, and processing of light commodities such as tea, coffee, metals, etc. 

3. Trading license

A trading license is for activities that include general trading like export, import, buying, and selling of goods to and from the UAE. 

Easy steps to start a business in the DMCC free zone

1. Business activities

First, you need to start by selecting your business activity and then decide on the business license accordingly. You need to fill out the online application form on the DMCC official portal. 

2. Submit the application

After filling out the application form, the next step is to submit it to DMCC and pay a certain fee. The DMCC free zone authority will then review the application and look into further approvals. 

3. Submit the documents

DMCC will require some necessary documents along with the application form. The authority will further issue provisional approval and a bank letter to open a business bank account in Dubai 

4. Select office space as per your preference

The last step would be selecting an office space that is relevant to your business needs. DMCC free zone offers flexible options for it, furthermore, they will allocate an E-license so that you may start your business in the free zone. 

Document checklist to register with DMCC

The application process for DMCC free zone company setup is simple, with the following paperwork:

  • To begin the process, you must complete an online pre-approval application form.
  • Following that, you must provide a copy of your passport for verification. 
  • A copy of your UAE resident visa as well as your Emirates ID must be submitted.
  • Utility bills and bank statements as proof of address in the country of residence
  • Documents of the parent company. These are only required when establishing a subsidiary firm.
  • Third-party permissions are required for certain regulated business activities. 

How much time will it take to start a business in the DMCC free zone?

It will take around 7 days for DMCC free zone Business setup in Dubai. However, with Projectfrpjsc’s assistance, you can reduce setup time because we will aid you with everything and make the process short. Coming to the visa, the DMCC visa is a type of resident visa granted to employees and business investors who are registered in the DMCC free zone. Moreover, the visa applications will be processed by the DMCC authority in three to five working days.

Need assistance with DMCC free zone company setup?

Do you need help with DMCC free zone company setup? Projectfrpjsc is your perfect partner for a stress-free business establishment in Dubai. We are the best business setup consultant in Dubai, and we guarantee to make your DMCC business formation easier than ever. 

Why is Projectfrpjsc the right business partner? We help you from the beginning, from first approvals, corporate bank accounts, and trade licenses, to visas and office space. We will walk you through the entire process of establishing a business in DMCC across all industries. 

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