Nature of Business
In Dubai the nature of business varies for each emirate. Every emirate got own set of rules governing the business style. The combined effort are always kept to carry on the work with full pace but at the same time some of the traditional aspects are also taken care of.
In city like Abu Dhabi, there are very few commercial pressures hence the pace is high and the environment is more traditional. In smaller emirate the pace is more traditional in manner except Sharjah, which is rapidly growing in all terms of industrial factors.
Business works in Dubai are always kept under the scanner of individual authorities of corresponding emirates as well as federal government. All the business activity handlers of each emirate are the subsets of federal government. There are effective legal reforms formed in the country which are covering all the commercialism taking place daily. There are codes defined for various banking and other activities since 1993. Also, there are new trademarks, patents system and other latest laws on copyrights evolved for the significance of the system.
One of such significant law is the Commercial Transaction laws which has provisions about who should be given a permit to conduct business according to law; certain exemptions for GCC nationals must be given. If the individual is not a Dubai national and plans for the business setup then he is required to include the 51 percent of national ownership in the business prior to the law of the federal. Under this code there are also many legal platforms for mortgages, both tangible and intangible. Apart from that it also contains brief setup that concerns the bankruptcy and receivership.
Banking transactions are covered which includes current bank account, discounts, guarantees, receipts, deposits, bills and notes. Banking rules even allows permitting the lenders with a facility to receive the interest on commercial loans which are subject to certain limitations.
According to company law, all companies must share a 51% ownership by Dubai nationals and they must also abide the rule of taking one of the 7 forms specified by the law. The professional companies need about 25% of share for the Dubai nationals. So the national ownership is mandatory for any individual who plans to set business in Dubai.
Taxation system in Dubai
Dubai comes under one of the Tax free Zones i.e. there is no tax taken on the corporate level. The exceptions are made on Oil producing companies and certain branches of foreign banks. According to the judgment of authorities, there will be no direct taxation imposed in the near future but still if the condition of oil reserves gets in any kind of shortage then some sought of direct taxation program is likely to be coming out.
The real estate in Dubai is blooming at its best. Rite from the starting of year 2000 to 2007, Dubai has transformed itself to world’s well known place for much iconic construction such as Burj al Arab, Palm, Dubai Marina, Burj Dubai Complex, Business bay and much more.
Dubai’s government decision to turn the wheels from Oil production companies to fully flourished Tourism activity enhanced the value of construction figures and whole real estate establishment throughout the country. Dubai is considered as one of the prominent player of hall of fame for tourism related business. The only reason for these are the continuous efforts and fully directed planning that reached the heights in nominal period of time.
Choosing Dubai for investment
From last few decades the Dubai has become a contrasting place for flourishing the business settlements. Leading projects are undertaken every year and are completed within the given limit. Dubai is full of luxury environment, tradition, culture, market and even an attractive climate. It is considered as large hub of multipurpose business centers emerging and a prominent player of global market.
Business have been on full swing from last few decades in UAE and Dubai is the leading trade center of middle east with all qualities of commercial trades can be done in plenty numbers. The major reasons why Dubai must be selected as one of the major avenue for the commercial dealings are given below:
1). Tourism: - There are places which can easily grab your heart and can force to revisit this beautiful country. There are massively constructed and elegantly designed hotels and apartments. Apart from that there are abundant local attraction places which will add more spark to your memories.
2). corporate regional head centers: - For reducing any type of local problems you can resolve your query with the regional head quarters which are appointed by the federals to reduce the hassle of the arrangements and to help out the people with any type of problems and to maintain and manage the construction and other commercial workflow.
3). Conference, Meetings and exhibition: – Provisions are readily made for conference, meetings and exhibition. As the major part of population comes to Dubai for business related dealings and talks, there are big meeting rooms and conference rooms are provided so that easily you can address large number of audience.
4). Information and Communication Technology: - In this modern world, business tour to Dubai would provide you with all kinds of amenities for exchanging information and communicating with outer world in no time. High speed internet, WI-FI access is all given freely at many places and if they are charged then fees are very nominal.
5). Industrial consulting: - You can even get a large consulting for business from Dubai’s consulting services. These centers will guide you by giving adequate information on setting the industry or company that can take major leap in the market.
6). all scale manufacturing: – From low to high scale, you can get all types of manufacturing in the Dubai. There is great cultivating atmosphere which can give you overview of any type of business whether it may be big or small.
This much amount of progress is only possible when there are world class facilities provided with great ambience and innovative sight is kept under consideration. By so far Dubai has kept everything on the radar and had proved its outstanding intelligence in front of world. Dubai is best example of what we call when a vision meets a real crafting. Its warmness and welcoming nature has so far win the hearts of each and every visitor passing by, no matter whatever the reason be.