Opening Corporate Bank Account in Dubai

UAE Banking industry is known for its highest standards of customer service and modern standards of banking requirements. The improving financial stability in Dubai has attracted more foreign businessmen and investors to park their money and assets in these city banks.

The procedure for opening a corporate bank account varies from bank to bank. There is an array of complex steps and procedures to be followed if an investor wishes to open a Corporate or a Personal Bank Account.

Opening a corporate account in Dubai bank can be tedious process as well therefore, Smart Zones UAE assists our foreign investors to take a break with this tedious process while we take care of the implemented guidelines, ever-changing regulations and banking protocols.

Corporate Banking facts in the UAE:

There are 4 types of Banks in the UAE: Commercial, Industrial, Merchant & Islamic Banks.
All banks are regulated by the Central Bank of the United Arab Emirates.
Before opening your corporate bank account, having a business license is a must.
There are 23 local banks and 26 Foreign banks in the UAE.
To open a corporate bank your presence is required just once.
Continuous minimum balance required should be between 10 Thousand AED to 1 Million AED.
Application process usually takes upto 2-4 weeks depending on the bank chosen and other requirements.
Some banks in the UAE require at least one shareholder to hold a residency visa.

Wrapping it up

Since UAE banks have to be more stringent with their screening processes with increased number of requests for information and transfer the policies and rules of each banks are firmer. Do not let this put you off, there is no trouble in opening any type of bank accounts in this city. Although, do not go with what appears to be the cheapest or the easy company setup options as it may take more number of days required to setup your company account and the regulations could change time and again.

With Smart Zones UAE help our clients get priority banking in Dubai, we recommend suitable bank for your business needs, guide to compile all the required documents for opening a corporate bank account, brief you on the banking requirements.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

Dubai an investors dream – why should you consider setting up a business in Dubai.

Dubai’s fast-growing economy presents many opportunities for foreign investors, industry sectors like the services, finance, real estate and properties and other sectors are booming and backing up profits because of the investor-friendly environment Dubai provides.

Dubai is the second-largest city in the country that hosts a great number of foreigners living, working, or owning a company in Dubai. Being a fertile ground for new businesses, Establishing your business in Dubai is not only easy but highly profitable as well.

There are a few things foreign investors should be aware of before kick-starting your business:

Economic Zone and Ownership: Once you’ve decided on your setting up your business you need to figure out the business zone that suits your company. It gives you the privilege of setting up a business in free zones, mainland and offshore which offers diverse advantages.
Free zone: Free zones have been fruitful in attracting the remarkable amount of investments, generating profits for companies free zone allows foreign investors 100% ownership the easiest labor and immigration procedures, tax structure makes it the most economical locations car rental in the UAE
Dubai Mainland: The major transformation Dubai has grown through its earlier decades is why it is one of the most successful and prosperous cities in the world. Carrying out business in Dubai mainland gives a scope of its business, be it commercial or professional. Processing a geographically strategic location business activities is quite flexible within the local markets in Dubai, all over UAE and also outside UAE. However, the shareholding pattern in Dubai Mainland is a UAE national sponsor in 51% and Foreign shareholder is 49%. The great support received from the Dubai Economic Department which encourages and eases the process of business setups, has played a major role in making Dubai a business hub.
Setting Up Offshore Company in Dubai: Dubai is considered as a high standard place for setting up new businesses. An offshore company refers to a business that is incorporated outside of the country, wherein foreign investors can register their company as Dubai Offshore Company. There is a combination of factors that makes Dubai a destination to set up an offshore business. Some of these factors include- Tax relief, easy setup, complete 100% ownership, economic facilities that help companies flourish in a progressive system.

To wrap it up

Setting up business in Dubai brings a wealth of opportunities for networking, collaborating with like minded professionals and an ultimate growth. We take pride to be of such assistance to foreign international investors to guide them on each and every step to be taken, you will not only have the right legal guidance but also honest opinions from our end before and after setting up your business.

This isn’t just consulting but building a strong business relationship!

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111 / +971 529604444

How to Setup a Real Estate Business with 100% Ownership in Dubai?

Dubai’s real estate market is witnessing massive growth, with over 6,500 plus real estate transactions worth $4.98 billion in one month. This showcases the growth and the demand for the real estate market in Dubai and grabs the attention of investors towards the real estate market. To attract those investors, Dubai Government has announced the implementation of a 100% Business Ownership Rule. This initiative allows expatriates and investors to run their businesses without needing sponsors.

Thinking, how this reform is going to affect the market? The answer is that the Dubai government is making these reforms for the ease of investors, making the country retain its position as the leading business spot both locally and globally. Real estate businesses with 100% ownership give investors and business owners’ confidence to invest their time and money to grow their company.

Apart from this, the UAE government has also come up with the New Visa Rules 2022 that implement – Green Visa, Golden Visa, Temporary Work Permit, and so on. All these initiatives will benefit UAE and make it the most preferred destination for making investments.

Benefits of Setting up a Real Estate Business in Dubai

100% ownership
No property tax
Get a resident visa based on the property purchase in Dubai
High rental income
Worthy investment

How to Setup a Real Estate Business in Dubai

With the recent announcement of 100% ownership in real estate, are you tempted to set up a real estate business in Dubai? Great decision -it’s the right time to open your real estate firm in Dubai. But the question is – How will you set up a real estate business in Dubai?

The first and foremost thing is to get a real estate broker license in Dubai. To get a license, fill out the application form for a real estate license and submit it to the Department of Economic Development. Get approval from DED and RERA via Trakheesi System.

If you have decided to set up a real estate business in Dubai, contact Smart Zones now! Our experienced consultants in Dubai assist you in all stages, from registering your business and applying for licenses to the final company setup.

We have helped several real estate companies set up their business, and we would love to assist you with your company formation in Dubai Mainland and Freezone. If you have any queries regarding business setup or real estate company formation in Dubai, UAE, please do contact us.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

Looking for Business Setup in Dubai?

Looking for Business Setup in Dubai, UAE? Here’s What You Need to Know!

Dubai is a diverse city thriving with culture and great opportunities for investors. It is an ideal destination to set up businesses because the government has set up very attractive incentives to attract foreign investors like 100% ownership, 100% repatriation, and tax exemption for ten years.

Other factors that make it easy to set up a business in Dubai are the availability of a skilled workforce, solid infrastructure, and good connectivity domestically and internationally, and low cost of living compared to other leading capitalist economies. So, how will you start setting up your own business in Dubai? You must require some professional guidance and advice. This is where a smart business consultant in Dubai comes in.

Undoubtedly, starting your own business in Dubai is not an easy task; it’s really a lengthy task that comes with planning, approval, and execution. Having a consultant experienced in business setup in Dubai will surely make the business setup process hassle-free and stress-free.

Importance of Choosing a Business Consultant in Dubai

Choosing a business consultant who is well-versed in company formation and business setup in Dubai Mainland and Free Zone can help you make an informed decision in establishing your business presence from scratch. Their advice will be of million dollars’ worth that helps in developing growth-oriented strategies to run and manage your business. Apart from providing valuable advice, hiring a business consultant in Dubai also offers a lot of advantages as follows:-

Understanding of legal formalities: Business setup consultants are well aware and familiar with all the formalities that ensure your business formation things will be carried out smoothly without any legal issues.
Understanding of company formation rules: Do you know UAE has more than 40 free zones, and each comes with its own rules and regulations for setting up a business? So, how will you choose the right location for your business? An experienced business consultant can help you with this. By coordinating with Dubai Economic Department, the consultant can figure out the right zone to carry out your business operations without legal risks.
Hassle-free business setup process – As you know, going through the company formation process is really stressful. But by having an experienced consultant by your side, you can rest assured that you are in safe hands and everything will be taken care of by them professionally as per the government norms.

How can Smart Zones help in Business Setup in Dubai?

Are you looking for the right person to build your business empire in Dubai Mainland or Freezone? Contact Smart Zones, one of the best business setup firms in Dubai, UAE. With our years of experience and expertise in the industry, we will take the burden off your shoulders and help you establish your business presence in Mainland, Offshore, & Free Zones without any hidden costs.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

Impacting life of Entrepreneurs in The UAE

UAE has been the most popular destinations for expats and entrepreneurs, there is no better place than this to start your journey as an entrepreneur. UAE has been holding the greatest hub for businesses and still continues to do so.

The Government continues to show support to the expats living in this country with such great benefits plus offering a host of new possibilities and opportunities to entrepreneurs living in the UAE.

These 5 reasons we best believe that can excite entrepreneurs:

A Wide Landscape for small business and startups – The UAE has been a magnet for entrepreneurs across regions and a boom for established businesses but what about the startups? This country not only provides favorable framework for startups but also offers a number of co-working spaces, training programs, and networking opportunities and much more for entrepreneurs just in the business.
Opportunities to Expo 2020 – Expo 2020 gives massive opportunities to entrepreneurs, investors, start-ups and tourists to experience advancements across the world in fields such as transportation, communication, technology etc. This platforms can be a great way to introduce your business to the world, coming into partnerships with like-minded entrepreneurs, and also a great way to network.
Diversified Economy – The economic diversification has led to impressive development in various industry vertical. UAE is setting its mark as a center for doing business and also great career opportunities to professionals.
Female Entrepreneurship Opportunities – Female Entrepreneurs are a huge part of the UAE economy, there are various government initiatives and strategies to boom female entrepreneurship. The ease of doing business with simplified process, fast-track visa and license issuance gives a lot of other women expats and locals to start their business in the UAE
Great Trading opportunity and Tax-Free Country – Dubai’s location serves the best for cross-country trade, trading can be done easily with Gulf, African and Asian countries. Dubai has been hosting trade shows and international exhibitions every 5 months. This gives great opportunities to entrepreneurs looking to set up their business in the trading industry through promoting their business and networking sessions. Talking about the Tax-free Country, Dubai and UAE as a whole is a tax-free nation whether you decide to set up your business in the Free Zone or the Mainland, there are no corporate or income taxes on business.

This City is a popular destination for individuals who are looking to set up their business in the UAE. Smart Zones UAE helps such individuals looking forward to start their businesses in this country, now setup is made easier with virtual business setup with us giving you the chance to come up with your business idea being in your home country while we take up the initiative of registering your company in the UAE.

Smart Zones UAE takes pride in being an expertise in this field since 2012, we help many investors make the right choice following the legal structure in UAE and make their establishment in the industry a success.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

Ways to make your business thrive in tough Economic Times

When you’re wondering how to overcome such tough situations which have impacted the worldwide economic status, in such scenarios many businesses suffer economically but do not let the situation discourage you, with the right mind map and plan in such cases small to medium to big businesses can still achieve their place in the market.

It’s better to be prepared for a possible recession when you do, you not only survive the next financial crisis but will also thrive.

What can businesses do to thrive during tough economic times?

Watch the red flags: Whether there is recession or not, always be attentive to your financial numbers. You could also plan on cutting nonessential company subscriptions and take up virtual meetings to reduce travel expenses.
Build your own recessional survival-kit: You could begin this with diversifying revenue, strengthening current relationships with your customers, creating pipelines and speeding up cash flow.
Take this time to develop and implement strategies: If you’re business in going to prosper you need to build strong client relationships which means drawing customers from competitors. You could offer something different and more and entice their customers into your customers.
Make the most of current customers: The customers already in your list are an opportunity to make more sales without incurring new set of customers. Maybe this customer could be your loyal customer giving you many more sales opportunities.
Don’t stop marketing your brand: Many businesses cut their marketing budgets or eliminate them entirely during such situations it extremely messages out the world about your products on social media, this is the time where businesses need the most marketing. Clients are also looking for changing patterns in their buying decisions you need to help them choose from your products and services.

Ensuring your business offers as many services as possible at this time: You use this time by focusing on area of work by improving it, customizing products, giving complimentary services or working flexible hours for operations.

During such situations it is extremely important your employees to help you in tough economic times even during economic down times your customers will continue to engage with your employees as they are a key to recession proof business.

There’s absolutely nothing that cannot make businesses recession proof, this applies to small start ups too but implementing these small practices can help your business survive through tough times and might make profit through them.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444

Avoid making these 5 common mistakes while forming a company in the UAE

No matter how keen and careful one maybe, the possibility of committing a mistake is bound to happen. To ensure the company formation becomes a reality, you must always keep a check on every step.

To have the correct legal guidance and advisory from the right consultancy who can furnish the right type of information with years of experience in this field will be the right choice to get you going to incorporate your company in the UAE.

Here’s a few mistakes one should avoid making

Relying only on information available on the internet: The internet can provide you with a variety of choices and different sort of information which some of them maybe outdated which leaves you in a confused state of mind while setting up a company in the UAE. Therefore, it is always advisable to have an expert opinion for a hassle-free setup.
Reduce haste & Hassle while setting up the business: Time is money when you’ve decided to setup your business and it is quite normal to expect the company license to be issued in the shortest time possible. Take time to reconsider every step and point as its for the long term growth with proper planning and advice you’re good to go.
Choose the right business activities, Free Zone or Mainland location for your business: Choosing the right business activity for your license and the right Free Zone and location pertaining to your business activity is the most important and crucial step in setting up your company. And to achieve this important step, the right consultants will be able to guide you the best.
Proper agreements with local sponsors: To setup a company in Dubai Mainland it is necessary to have local sponsor. The UAE Local Sponsor holds 51% of the company shares, it is very important to have a legal shareholding agreement with the sponsor. The complete notarized agreement with all the information on shareholding and mutual responsibilities has to be recorded to avoid further disputes.
Opening corporate bank account without checking the banking charges: It is necessary for investors to choose the bank which is suitable according to their requirement and business activity. Therefore, it is very important to be aware about the hidden and recurring charges that banks will charge.

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 527797111/ +971 529604444