Decision:
When you have decided to set up your own business, then you have already taken the first step towards getting financial freedom. If you do it the right way, a good business will have the potential to provide you with great income at the end of the month. It must be done by following all the necessary steps.
Registration process:
The business registration must be done properly. It must be done by yourself or through any agent.
Important steps:
Here are some important steps that must be followed before starting your own business.
Type:
The first step of company formation in Dubai involves planning about what type of business you want to open. If you are going to start a business for the first time, then you have to establish a limited corporation.
Limited firm:
The limited firm will not affect your personal assets in case a complaint is filed against the business. Furthermore, it will also provide financial immunity to shareholders, protecting them in case the business runs into business crisis.
Sole trader business:
If you are doing a sole trader business, then you will be held responsible for any legal difficulties, and it may affect your assets as well. Setting up sole trader business looks easy than a full-fledged limited business.
Exclusive name:
The next step is that you have to choose a different name for your business. You have to confirm that no other business uses the same name that you have selected. There are certain rules that are for naming the business. You a consult your lawyer about the name of your business.
Location:
When you have named your business, then you have to look for an office location. The registration process cannot be completed without the office address. If you are establishing an online business, then it must have an administration office at a physical address.
Registration fee:
In the last, you have to pay the business registration fee and sign the registration form.
Documents you need:
You need two documents namely:
Memorandum of Association
Articles of Association
These documents need to be prepared under the guidance of any reputable lawyer or any business formation agent. Once this step is completed, then you have to file all the documents properly. Now, your registration process completes.
Time-consuming process:
Company formation in Dubai is quite a time-consuming process. Search on the internet to choose an agent that carry out the procedures. There will be significantly less chance of a mistake that way.