Nowadays no matter the industry you are in, a workplace requires some serious technical experience and in-depth knowledge of your job. While the demand for technical expertise in the job arena has increased so needs soft skills and their importance in career development has never been more crucial.

From career growth to developing leadership skills and creating an effective workplace, the importance of soft skills has never been central in the business arena. Especially when we move into the future where the integration of technology and digital evolution has created a world that is increasingly more diverse and interconnected.

This is why today we will understand what soft skills are, look at some of the key soft skills, find out how one can develop them, and lastly find out the importance of soft skills in 2024.

What Are Soft Skills?

Soft skills are interpersonal abilities and attributes a professional possesses that make him proficient at his job. These skills let him interact effectively with others and help him manage his workplace more efficiently and effectively. Soft skills are the opposite of hard skills which are technical in nature and often very specific to a job.

Soft skills on the other hand are more universal and can easily be used in any industry as they determine how a person communicates, how good he is at solving problems, and of course, collaborating and leading people. We will next look at examples of soft skills that every professional should possess to be more effective at their job.

Essential Soft Skills for Every Professional

The workplace has considerably involved in 2024 and the importance of soft skills has considerably increased with this evolution. Here are some of the most important soft skills that every professional should possess.

1. Communication Skills

Communication or should we say effective communication is the most basic yet most crucial role in any job and a skilled professional should be able to deliver his ideas clearly and concisely in both written and verbal form. Similarly, he should also be good at active listening and understanding the nuances involved in his job, even when the interaction is very limited.

2. Emotional Intelligence (EQ)

Having strong emotional intelligence is an important soft skill. Moreover, one should be good at regulating his own emotions and understanding others, even when they are subtle. This is crucial for building any professional relationship, leading teams on projects, and resolving any conflicts that may arise in the workplace.

3. Adaptability and Flexibility

Similarly, a professional needs to be flexible and open to changes and new challenges and quick to adapt to any changing situation. We live in an ever-changing environment where professional roles are constantly shifting and new technologies are being introduced every day and a person should be able to learn new skills quickly and efficiently.

4. Problem-solving and Critical Thinking

While advancements in AI and IoT have made our jobs much easier, they have also made critical thinking ever more important and to survive in a workplace today one needs to be good at critical thinking and problem solving by analyzing situations and identifying any problem quickly.

5. Time Management and Organization

Nowadays most jobs require an exceeding level of multitasking and when we live in a world of digital distractions it is even more important to know what tasks to prioritize, how to manage time, and how to organize the workspace more efficiently.

How to Develop Soft Skills?

In addition to learning the importance of soft skills, one should also know how to develop them and this requires a lot of fortitude, self-discipline, training, and practice. Here are some important techniques that you can use.

• Self-Assessment and Feedback: The first step to developing soft skills is having good self-awareness.  A professional should be able to assess his abilities and be able to identify areas where that require growth.
• Continuous Learning: We are continuously learning new soft skills as we make progress in the workplace. We do so by imitating others, joining workshops, enrolling in online courses, listening to podcasts, and of course reading.
• Practice and Real-Life Application: The development and maintenance of soft skills is an ongoing process and requires consistent practice and application in real life. This way not only do we not lose these skills but also improve them over time.
• Mentorship and Networking: Being part of a strong professional network and having a good mentor goes a long way in developing soft skills in every workplace as we can learn from their experiences and share knowledge with each other.

The Importance of Soft Skills in 2024

The importance of soft skills has never been more crucial than in 2024 and with every passing year, their importance will only increase. This has been made possible due to the digitization of the workplace and the introduction and new work models and it is impacting the professional workplace in the following ways.

Automation and AI

Automation and Artificial Intelligence are becoming increasingly vital for any workplace and while one needs to possess hard skills to use them, they are no longer sufficient. This is especially true when one wants to improve career prospects and wants to make further progress in the workplace.

While AI can handle technical aspects of the job, it can still not effectively replicate human traits like empathy, emotional intelligence, and creativity and until this can be achieved, humans wielding soft skills will play a central role in the workplace.

Remote and Hybrid Work

Partly thanks to IoT and partly due to the pandemic, remote and hybrid work models are increasingly overtaking regular work models, and this is fundamentally changing how professionals operate in an environment that is increasingly more diverse and technologically hybrid.

Soft skills like communication, time management, and adaptability have become even more critical for effective work performance, and more over nowadays one needs to have the ability to work independently without constant oversight.

Leadership in Uncertain Times

We live in uncertain times, which is both a good thing and a bad thing. With new innovations and technological advancements being made every day, a professional workplace is constantly changing and evolving and this has never been truer than in 2024. In such an environment, only those can survive who can adapt quickly and those who possess both soft skills and hard skills.

Opening up a mainland company setup in Dubai comes with multiple advantages, like having the domestic market and an opportunity to take your business to far greater heights. LocationIt is centrally on the map and connects countries like Europe to Asia a prime location for entrepreneursExpansion of businessAlthough Dubai supports many industries, you will find your connection easily thereFriendly Business EnvironmentDubai welcomes businessmen with open arms. Dubai Mainland Company Set Up: A Definitive Guide With Pros, Cons, Steps

How to Set Up a Mainland Company in Dubai

1. Define Your Business Activity

You will first figure out what business you want to do, which is activity definition in mainland company formations. The Department of Economic Development (DED) Dubai classifies business activities into different categories to apply for a license and permit.

2. Choose a Business Structure

Mainland Business Structures for Dubai-based companies Structures are common for the following expressions based on type of expression:

LLC (Limited Liability Company) 

An LLC is a structure that shields participating members from liability, accepting responsibility only up to the value of their share in the company. This blueprint allows for a minority-non-controlling interest in the joint venture (managing 51% of shares must be held by a UAE national) though it provides “flexibility to structure” part, where the partnership can be structured in such a way that foreign investor has secure level or high yield with its strategic investments.

3. Select a Trade Name

Selecting a trade name is crucial in the registration process. The trade name should be as per the naming standards in UAE and must not be similar to any active licensee. It should be consistent with the business, and never use any name that may appear tasteless or give a wrong impression.

4. Obtain Initial Approval

Once a business structure and trade name are chosen, you need to get initial approval from the DED. This requires the submission of what you are proposing to do in business, and your trade name for review. Following approval, the DED will issue an initial response certificate is necessary to seek company registration.

5. Prepare a Memorandum of Association (MOA)

Create a Memorandum of Association (MOA) — A MOA for limited liability companies and similar structures will establish the shareholding structure, business activities, etc. The MOA shall be notarized and filed with DED.

6. Lease Office Space

A mainland business is required to have a physical office in Dubai. This requires a business license, obtained only through the lease of commercial premises. Better ensure the office space meets DED requirements

7. Submit Required Documents

• Complete the necessary paperwork and forward to DED This typically includes:
• Completed application form
• Certificate of trade name reservation.
• Initial approval certificate
• Articles of Incorporation, etc.
• Office Space Lease Agreement
• Photocopies of the passports of shareholders and directors

8. Obtain Business License

When all documents have been reviewed and approved, the DED will issue a business license. It is a mandatory license to run your business legally in Dubai. License — A license will provide the type of business activities and form in which it is permitted to operate.

9. VAT Registration and other licenses

Upon the size and nature of your business in terms of annual turnover, you may be required to register for VAT with the Federal Tax Authority. Moreover, different operations have their own permits or approval from the designated institution for those business activities.

10. Open a Corporate Bank Account

Also, you will have to bank open a corporate account in Dubai. You would however need to provide the bank with a copy of your company incorporation documents, and meet all their other requirements. Local Bank Account: A local bank account is important as it helps in managing your business transactions and operations.

Conclusion

One of these advantages is setting up a mainland company setup in Dubai with access to a broad market, operational flexibility, and growth opportunities. By doing so and working with the regulatory framework, businesses can create a footprint in Dubai that will enable them to take advantage of all the exciting opportunities available as well as provide their products or services through this quickly expanding market. So, regardless of whether you are interested in getting the local market touch, wanting to broaden your operation, or even just getting a mainland License for brand value enhancement, Mainland Company setup gives immense support towards achieving these goals.

Starting a business in the UAE helps entrepreneurs and investors diversify their investment portfolio due to its ideal location, strong economic climate, and solid infrastructure recreation. Mainland company formation in Dubai is one of the widely considered routes for setting up a business in UAE. In this detailed playbook, you will read everything you should know about mainland company formation in the UAE; right from what it is to why a simple process may include more than 20 steps.

Mainland Company Formation in UAE

Wider Market Reach: 

Mainland businesses are allowed to work all over the UAE and trade with government agencies. This broad market access is in contrast with free zone companies, which are restricted to operate within their own zones.

Unlimited Business Activities: 

Unlike free zones, the mainland allows companies to carry out a wide range of business activities without any restrictions. This versatility is a boon for businesses working in various sectors or those willing to scale their operations.

Local Market Presence: 

Having a mainland company creates an actual local market presence for your business, which is necessary to connect with clients and suppliers. To connect more seamlessly with local consumers and businesses.

Kinds of Mainland Organizational Bodies

Limited Liability Company (LLC): 

The LLC is the most popular form of mainland company formation in Dubai. It is characterized by the fact that it involves a minimum of 2 and maximum of 50 shareholders who can only be held liable for as much money they have invested in shares. An LLC is good for any kind of business and mostly even desired as it has a flexible nature.

Public Shareholding Company: 

For larger businesses that intend to offer shares through the means of public offering, this would be the best type. It needs at least 10 shareholders, and faces stricter regulatory demands.

Mainland Company Formation:Requirements to be complied with in Mainland

Local Sponsor or Local Service Agent: 

A local UAE national must be one of the sponsors in mainland company setup for most cases. In most cases, UAE national shareholding is 51% while the foreign investor holds 49%. In the case of civil companies, local sponsor are responsible for creating a link between regulatory bodies and street mandatories.

Business Activity & License: 

Very clearly mention what your activity is and see if falls in a permissible category as per UAE laws. The license you will have to obtain from the Department of Economic Development (DED) in relevant emirate is based on nature of your business.

Document: 

File and submit the necessary documents (completed application form, shareholder’s passport copy, evidence of residency place business plan NOC if required). The nature of documentation will be different depending on company type.

Procedure Of Mainland Company Registration

1. Select & Describe Your Business Activity as per DED approved list of Activities This is an important step as it will involve what type of licence you need.
2. Locate A Nearby Sponsor or Service Agent: Search and establish contract with a UAE national to be your local sponsor/service agent. It Should Be a Proper Legal Agreement so that there are no further complications later.
3. Get the Business Name: Identify a business name and register it in DED. The name should be with respect to the naming conventions and rules laid down by concerned authorities in the UAE
4. Prepare Memorandum of Association (MOA): Draft the MOA, that details how the company is structured and what business it will engage in & shareholder roles. All partners should sign the MOA and have it notarized.
5. Get Initial Approval: Document Submission and Approve from DED. How Does Understanding the Approval Process Help YouThe approval means that your business comes under what is acceptable to be run in UAE and can get a license.
6. Find Appropriate Office: Rent/own an office that satisfies the DED requirements. In addition to holding a mailing address, the office will be registered, too.
7. Provide the Final Set of Documents, including Signed MOA/Lease Agreement and necessary approvals to DED.– Execute finalized documents. Finish filling out the application and then submit it with a fee.
8. Get Your Business License- You will be issued your business license after processing and approval of all documents. This allows you to legally operate in the UAE mainland.

Conclusion

Setting up a mainland company formation in Dubai has bestowed businesses an unyielding stage to exploit the strenuous and versatile market of UAE. As BizLatinHub noted, mainland companies have a strategic advantage as they have greater market access, fewer limitations on business activities and an opportunity to work directly with the government. Entrepreneurs and investors planning on business set up in Dubai or any other place need to know the different requirements and applies for registration meticulously so that they can carve out a thriving position in this booming UAE market.

A mainland business setup in Dubai refers to establishing a company that operates directly under the jurisdiction of the UAE’s Department of Economic Development (DED). Mainland businesses are allowed to operate across the UAE and conduct business with local and international clients. This setup offers flexibility in business operations and access to the broader UAE market.

Key Advantages of Mainland Business Setup

1. Access to the Local Market

   • Mainland businesses can trade directly with the UAE market and participate in government tenders and contracts.

2. No Restriction on Business Activities

   • Companies can engage in a wide range of business activities without limitations.

3. Full Ownership for Certain Business Activities

   • For certain activities, expatriates can own 100% of the business without requiring a local partner.

4. Flexibility in Office Locations

   • Businesses can set up offices anywhere in Dubai, including commercial districts and residential areas.

5. Ability to Secure Government Contracts

   • Mainland businesses are eligible to bid for government projects and tenders.

Steps to Set Up a Mainland Business in Dubai

1. Determine Business Activity and Structure

   • Business Activity: Define the nature of your business activities as per the DED’s classification. Activities can range from trading and consulting to manufacturing and services.
   • Business Structure: Choose the appropriate legal structure for your business, such as a Limited Liability Company (LLC), Sole Proprietorship, or Partnership.

2. Choose a Business Name

   • Select a unique business name that adheres to DED’s naming regulations. The name should not violate public morals or be similar to existing company names.

3. Obtain Initial Approval

   • Apply for initial approval from the DED. This step involves submitting a business plan, passport copies of the shareholders and partners, and other required documents.

4. Draft a Memorandum of Association (MOA)

   • Prepare the MOA outlining the company’s shareholding structure, business activities, and other operational aspects. The MOA must be notarized by a notary public.

5. Lease Office Space

   • Secure a physical office space in Dubai. A lease agreement is required as part of the business registration process. The office space must meet the DED’s requirements for size and location.

6. Submit Documents for Business Registration

   • Prepare and submit the required documents to the DED, including the initial approval certificate, MOA, office lease agreement, and identification documents.

7. Pay Registration Fees

   • Pay the relevant registration and licensing fees. The fees vary depending on the business activity and legal structure.

8. Obtain a Business License

   • Upon approval of your application and payment of fees, you will receive a business license from the DED. The license is essential for legal operation and interaction with government authorities.

9. Register with Relevant Authorities

   • Depending on your business activity, you may need to register with other authorities, such as the Dubai Chamber of Commerce or industry-specific regulatory bodies.

10. Open a Corporate Bank Account

    • Open a corporate bank account in Dubai to manage your business finances. This step requires the business license, MOA, and other identification documents.

Required Documents for Mainland Business Setup

1. Passport Copies: Passport copies of all shareholders, partners, and managers.
2. Initial Approval Certificate: Obtained from the DED.
3. Memorandum of Association (MOA): Notarized MOA outlining the business structure and activities.
4. Office Lease Agreement: Lease agreement for the office space.
5. Business Plan: Detailed plan outlining business activities, objectives, and strategies.
6. No Objection Certificate (NOC): Required if the shareholder or partner is a UAE resident but not a UAE national.
7. Proof of Financial Standing: Bank statements or other documents proving financial stability.

Cost of Mainland Business Setup

The cost of mainland business setup in Dubai can vary based on several factors, including:

• Business Activity: Different business activities have different licensing fees.
• Legal Structure: The cost varies depending on whether you choose an LLC, Sole Proprietorship, or other structures.
• Office Space: Rental costs for office space depend on location and size.
• Additional Services: Costs for legal, accounting, and consultancy services.

On average, the cost of setting up a mainland business in Dubai ranges from AED 10,000 to AED 30,000 or more, depending on the complexity of the business and additional services required.

Common Challenges and Solutions

1. Navigating Regulatory Requirements
   • Solution: Engage with a local business consultant or legal advisor to navigate the regulatory landscape and ensure compliance.
2. Finding Suitable Office Space
   • Solution: Work with real estate agents specializing in commercial properties to find office space that meets DED requirements.
3. Meeting Compliance Standards
   • Solution: Regularly review and update your business practices to adhere to local regulations and industry standards.
4. Handling Paperwork and Approvals
   • Solution: Streamline the paperwork process by consulting with business setup experts who can assist with documentation and approvals.

Future Trends in Mainland Business Setup

1. Digital Transformation
   • The UAE government is increasingly adopting digital platforms for business registration and licensing processes, making it more efficient and accessible.
2. Support for Startups
   • The government is providing more support for startups through various initiatives, including funding programs, incubators, and accelerators.
3. Enhanced Business Environment
   • Ongoing efforts to improve the business environment, including regulatory reforms and infrastructure development, will continue to attract investors and entrepreneurs.
4. Focus on Innovation
   • Dubai is positioning itself as a global hub for innovation and technology, creating opportunities for businesses in emerging sectors such as fintech, health tech, and clean energy.

Conclusion

Setting up a mainland business in Dubai offers numerous benefits, including access to a dynamic market, flexibility in operations, and the potential for significant growth. By understanding the key steps, requirements, and costs involved, entrepreneurs and investors can navigate the process effectively and establish a successful business in this thriving economic hub. With the right support and strategic planning, mainland business setup in Dubai can be a rewarding venture with substantial long-term advantages.

You should, however, prepare yourself for these typical obstacles that arise when starting a mainland business setup in Dubai if you are a committed, career-driven person who is excited about the wider scope and outreach this nation has to offer. 

UAE Business Establishment

It’s the best entrepreneurial move you will make to establish a company in the United Arab Emirates. How come? Businesspeople can benefit greatly from the UAE, including: 

In other crucial sectors that are essential to launching a business, like import levies, labor, energy, and financing, it offers extremely competitive pricing. Access to a vast international commerce network enables investors to market their products and services globally. Being the region’s primary hub for re-export, it is in a prime location for businesses operating in such industries. Trade restrictions, the UAE dirham’s linkage to the US dollar, and the absence of foreign exchange controls all contribute to a stable exchange rate. However, everything has a dual nature. If something has benefits, it also has drawbacks.

Let’s examine some of the most typical difficulties that an entrepreneur or mainland business setup in Dubai may encounter:

UAE Company Ownership

An individual must have a local sponsor to establish an LLC (Limited Liability Company) or onshore business in the United Arab Emirates. This requires a person to be in partnership with a UAE national who will hold 51 percent of the business. Though few businesspeople concur on this criterion, building credibility and trust with others can be time-consuming.

Obtaining a Local Sponsorship

The majority of legal businesses present an investor with the difficulty of finding a reliable sponsor; having a local sponsor is essential. It could be difficult to locate a local partner in the UAE who would allow you to run your business on your terms and own a sizable portion of the firm.

VAT’s Consequences

A 5% value-added tax was imposed across the Gulf Cooperation Council (GCC) in January 2018 by the United Arab Emirates. Almost all products and services are subject to this tax, except healthcare, education, and necessities like food. The procedure of registering for VAT and moving forward with it might be difficult.

Funding for Projects

It can be difficult to get financing from the UAE bank if your company is just getting started. Because providing at least three years’ worth of audited balances with positive numbers and growth indications is the primary prerequisite for any application for company loans.

Cultural Principles

Before opening a business in Dubai or the UAE, you need to consider Islamic culture. It is essential to people’s daily existence both within and outside of the workplace. When conducting business in the United Arab Emirates, it is imperative to maintain Islamic practices and acknowledge the influence of the Islamic faith on business dealings.

Mode of Communication

A person establishing a business in the United Arab Emirates has to be aware of some of the subtleties of communication that they would be expected to possess. There are tonal differences in communication between men and women. For certain expats, adjusting to the UAE’s high degree of formality may prove to be challenging.

Workplace

The UAE has particular laws and regulations about hiring personnel, which is a necessary step in starting and operating a business. This includes the duty on the part of an employer to grant visas to its workers, without which the worker is unable to perform any duties for the company. It may not come as a big surprise if you understand the fundamentals of the laws observed in the UAE.

Overseeing Revenue

Mainland business setup in Dubai expansion options are plentiful, but they can also be somewhat dangerous. Poor cash flow management is the reason behind 82% of startup failures, according to the Association of Chartered Certified Accountants. As a result, you must first manage and then apply the cost of business establishment and your first capital requirements.

Business Particulars

To establish a business in Dubai or the UAE, one must be fully knowledgeable in the subject. Every location has unique characteristics when it comes to business practices and way of life because there are various places to establish a business. Without a doubt, Dubai business has its nuances, which you must understand to set up your business properly.

Human Resource Management

Success in any part of the world is heavily influenced by one’s ability to manage people. Probably the most noteworthy feature is the degree of diversity found in the majority of the workforce throughout the emirate. People management can require some learning to be done gracefully, as you will be working with people from diverse backgrounds.

Conclusion

A PEO serves as your go-to local resource for information and support about mainland business setups in Dubai. You can establish and expand your company in the United Arab Emirates with the expertise of a team of professionals when you work with a PEO.

Horizons, a certified PEO in the UAE, will assist you in developing a plan for entering the market while officially serving as your employer. Establishing a legal corporation is not necessary to start your operations because you may readily connect with local talent.

What is a Dubai Free Zone?

Dubai free zones are designated areas where businesses can operate under special regulations and incentives, designed to attract foreign investment and promote economic activity. There are over 30 free zones in Dubai, each catering to specific industries such as technology, media, healthcare, and logistics.

Benefits of Setting Up in a Dubai Free Zone

1. 100% Foreign Ownership: Unlike mainland businesses, free zone companies can be fully owned by foreign nationals without the need for a local sponsor.
2. Tax Exemptions: Free zone businesses enjoy complete exemption from corporate and personal income taxes.
3. Customs Duty Benefits: No customs duties on import and export within the free zones.
4. Repatriation of Profits: Companies can repatriate 100% of their profits and capital.
5. Simplified Incorporation Process: Streamlined and faster setup procedures compared to mainland business establishments.
6. World-Class Infrastructure: Access to state-of-the-art facilities and infrastructure.
7. Strategic Location: Proximity to major global markets and ease of connectivity.

Steps to Set Up a Business in a Dubai Free Zone

1. Determine Your Business Activity: Identify the type of business activity you intend to undertake, as this will influence the choice of the free zone. Each free zone specializes in specific sectors.
2. Choose a Free Zone: Select a free zone that aligns with your business activity. For instance, Dubai Silicon Oasis is ideal for tech startups, while Jebel Ali Free Zone is suited for logistics and manufacturing.
3. Select a Business Structure: Decide on the legal structure of your business. Common structures include:
   • Free Zone Establishment (FZE): A single shareholder limited liability company.
   • Free Zone Company (FZC): A multi-shareholder limited liability company.
   • Branch Office: An extension of a parent company based outside the UAE.
4. Reserve Your Trade Name: Choose and register a unique trade name for your business.
5. Apply for a Business License: Submit the necessary documents and apply for the relevant business license. Types of licenses include trading, service, industrial, and e-commerce licenses.
6. Lease Office Space: Depending on your business requirements, lease office space or warehouse facilities within the free zone.
7. Open a Bank Account: Open a corporate bank account in a UAE bank to manage your business finances.
8. Obtain Visas: Apply for residency visas for you, your employees, and dependents. Free zones typically provide visa services to simplify the process.

Required Documents for Free Zone Business Setup

• Completed application form
• Business plan
• Passport copies of shareholders and directors
• Proof of address
• No Objection Certificate (NOC) from current sponsor (if applicable)
• Bank reference letter

Costs Involved

The costs of business setup in dubai free zone can vary depending on the free zone and the nature of the business. Key expenses include:

• License fees
• Office space rental
• Visa fees
• Registration fees

Popular Free Zones in Dubai

• Dubai Multi Commodities Centre (DMCC): Focuses on commodities trading, especially gold, diamonds, and tea.
• Dubai Silicon Oasis (DSO): Ideal for tech startups and IT companies.
• Jebel Ali Free Zone (JAFZA): One of the largest free zones, catering to logistics, manufacturing, and trade.
• Dubai Internet City (DIC): Home to many global tech giants and startups.

Conclusion

Business setup in dubai free zone offers numerous advantages that make it an attractive option for entrepreneurs and businesses worldwide. With benefits like full foreign ownership, tax exemptions, and a strategic location, Dubai free zones provide a conducive environment for business growth and success. By following the outlined steps and understanding the requirements, you can smoothly establish your business in one of the world’s most dynamic business destinations.

You can manage your finances completely while on the go thanks to the ease of internet banking and smartphone apps. To safeguard your finances, you can also rely on the security and safety provided by your bank. This tutorial looks at the criteria and documents needed to start a current account in the United Arab Emirates. Here is information about bank account opening in Dubai.

What is a Current Account?

The most accessible and convenient kind of banking account is a current account, often known as a transaction account. In addition to using your debit card to pay for purchases, you may utilize online and mobile banking, set up direct debits for your payments, withdraw cash from bank ATMs, and much more. Current accounts come in various varieties. Some are basic, while others are only available to people making a specific amount of money each month and include extra features.

Who can Open a Current Account?

Bank account opening in Dubai has different criteria. To be qualified for a UAE current account, you have to:

• a minimum of eighteen years old
• possess a current visa for residency in the United Arab Emirates

You might want to open an overseas bank account beforehand if you’re moving to the UAE and don’t yet have your residency visa. This could fill the void until you get there and organize your documentation. Remember that this isn’t a real account.

Additional Requirements for Account Eligibility

In addition to the aforementioned, some accounts could have minimum wage requirements that must be met for you to be eligible for them. To avoid fees, you might also need to keep a minimum amount in your account.

Which Documentation is Required to Open a Current Account?

To apply for most current accounts, you must have at least one of the following:

• original passport (for every client)
• (Only for clients who are not nationals of the GCC) Residence visa
• Your card of identification from the Emirates
• Original work ID or labor card (available only to nationals of the GCC)
• Evidence of residency in the United Arab Emirates, such as a power bill, lease, title deed, or job contract

Additionally, if you’re applying for an account that requires a salary, you’ll need:

• your initial trade license, if you work by yourself
• A pay certificate (if you are employed by the government or the public sector)
• A letter of pay transfer (if you are employed by a private company)

In the UAE, is it possible to have a joint current account?

You certainly can. The procedure is the same as for sole accounts, but both of you must finish the application process and provide the necessary paperwork. However, a wage certificate or salary transfer letter is typically needed from only one application.

Is it possible to have multiple current accounts?

If you’d like, you can open more than one current bank account, but keep in mind that you will need to oversee them. 

Non-Residents Bank Account In Dubai

You can open a bank account in the United Arab Emirates even if you are not a resident. You have several options to think about but keep in mind that the majority of UAE institutions only permit visitors or non-residents to create savings accounts. Current accounts and other services appear to be restricted to residents only, based on this limitation. In addition to debit cards that you can use to deposit or withdraw money from ATMs, non-resident accounts do not come with a checkbook. Bank account opening in Dubai is very easy for non-residents.

The following should be noted while opening non-resident accounts with UAE banks: many of these establishments have minimum balance requirements, or they may even impose maximum balance limits.

Certain banks let their non-resident customers select the currency that funds their accounts, be it dirhams (AED) or any other significant currency. This is a viable choice for people who don’t want to have to convert dirhams into pounds, dollars, or any other other currency.

The following paperwork is required for non-residents to open bank accounts in the United Arab Emirates:

• A duplicate of your passport containing the UAE entrance page
• An original copy of a letter of recommendation from your bank, if you have a personal or business account there or in any other nation.
• A current curriculum vitae
• An original copy of your bank statements for the last six months, from anywhere in the world or in your nation of origin

Conclusion

Bank account opening in Dubai for a bank official to witness your signature on the application and other documents, applicants—whether foreign nationals or tourists—must be present in person to verify the account opening. Sometimes you can open your account remotely by contacting a financial advisor, such as Europe Emirates Group, to act as your agent.

UAE was only known as one of the many oil export nations from the Middle East. But over the years it has diversified its portfolio and is gradually shifting its reliance from oil exports to tourism and industrialization. One of the many ways it is promoting industrialization is through Designated Freezones.

We already know that UAE and particularly Dubai is slowly becoming a cultural hub of the world. But what many people forget to see is the fledgling yet flourishing manufacturing and trade industry that has been made possible with the creation of Freezones and Designated Freezones.

In this guide, you will not only learn what they are but also learn about the tax policies applied in these zones and the many advantages of operating your business in these zones.

What is a Designated Freezone?

Designated Freezone is an area in the United Arab Emirates that is exempt from the Value Added Tax that is applicable to goods and services in the rest of the country. These zones are generally considered outside the boundaries of the UAE for tax purposes even though they are physically located inside the country.

These zones come with other incentives as well and are created to promote trade and attract foreign investment. When it comes to the application of tax it may apply to them under special circumstances and this will be explained below.

Criteria for Identifying a Designated Freezone

There are certain characteristics that define a Designated Freezone as per UAE’s trade laws and they are as follows.

• A Designated Freezone is considered a gated territory meaning it is enclosed in a fence, not just as a security measure but also to provide customs control.
• It has to follow strict guidelines when storing, transporting, and processing goods.
• It must maintain strict customs control and monitor all the goods and personnel going on and off the premises of the Freezone.
• Lastly it should comply with the tax laws and procedures set forth by the Federal Tax Authority of UAE.

These rules are applicable to all the businesses operating in these zones.

Distinction between a Freezone and a Designated Freezone

People often mix Freezones with Designated Freezone and there is a difference between the two. While they both follow the same basic principle they differ in a few ways and those are as follows.

How is VAT applied in a Designated Freezone?

Value Added Tax or VAT was introduced in the UAE at the start of 2018 and while Designated Freezones are generally exempt from paying VAT, they may have to pay under certain conditions. The overall VAT policies are as follows.

• If goods are being transferred inside a Designated Freezone or between two zones then they are exempted from VAT as long as they comply with the regulations.
• If goods are being imported from or exported to companies overseas or outside UAE territories then they are exempted from VAT, again if they comply with the regulations.
• However, if goods are being imported or exported to the mainland UAE and Freezones then they are subject to a 5% VAT.
• In the case of services, if the services to the Designated Freezone are supplied from or given to the mainland then they are subject to the 5% VAT.
• However, if services are imported or exported from outside UAE then they are exempt from Value Added Tax.

Advantages of Operating in a Designated Freezone

Besides the usual advantage of not having to pay any VAT, there are several other advantages as well of operating a business in one of the zones.

• Friendly rules and regulations: As mentioned before the whole purpose of these zones is to support business and invite outside investors. One way the UAE government does this is by easing rules and regulations which helps cut the bureaucracy and streamline the whole process.
• No Customs Duty: Besides having to pay no VAT (conditions apply) another thing that businesses operating in a designated freezone are exempt from is the customs duty being levied on goods being transferred in and out of these zones, here again, conditions apply.
• Streamlined Customs Process: Another advantage of operating in these zones is that the customs process is made easier for business. The transfer of goods from these zones, which would otherwise have to go through hours of customs checks is made a lot easier and faster.
• Reduced Costs: Having to pay no taxes and customs duties, significantly reduces the price of goods and services in a freezone, which is advantageous to not only the business operating in these zones but also to everyday people who will eventually buy these goods and services.

List of Designated Freezones in UAE

Here is a list of the prominent Designated Freezones in each of the Emirates in UAE.

Dubai

• Jebel Ali Free Zone(North-South).
• Dubai Textile City.
• Free Zone Area in Al Quoz.
• Dubai Cars and Automotive Zone. (DUCAMZ)
• Dubai Aviation City.
• Dubai Airport Free Zone.
• Free Zone Area in Al Qusais.

Abu Dhabi

• Free Trade Zone of Khalifa Port.
• Khalifa Industrial Zone.
• Abu Dhabi Airport Free Zone.

In Ras Al Khaimah

• RAK Free Trade Zone.
• RAK Airport Free Zone.
• RAK Maritime City Free Zone.

In Sharjah

• Hamriyah Free Zone.
• Sharjah Airport International Free Zone.

In Umm Al Quwain

• Umm Al Quwain Free Trade Zone in Ahmed Bin Rashid Port.
• Umm Al Quwain Free Trade Zone on Sheikh Mohammed bin Zayed Road.

In Ajman

• Ajman Free Zone.

In Fujairah

• Fujairah Free Zone.
• Fujairah Oil Industry Zone (FOIZ).

Everywhere you go in the world there is always one city or region that is home to all the major companies and businesses. North America has New York, Europe has London, East Asia has Singapore, and the Middle East has Dubai. So having an office in Dubai can do wonders for your business.

So, if you are looking to set up an office in Dubai then we have prepared the ultimate guide for you. It has all the information that you need to get an office for rent in Dubai.

Why Dubai is the ideal place for you to have an office?

There are many reasons that make Dubai an ideal place to have an office. For starters, its geographical location puts it close to both East Asia and Europe, creating a perfect hub for international trade. This is also evident by the time zone, as it is perfectly situated between both continents.

Secondly, Dubai is very conducive for businesses, as there are no taxes and the government is very welcoming to businesses from around the globe and provides them with all the necessary infrastructure to run a business. Lastly, it has access to a vast workforce, both skilled and unskilled from the surrounding countries.

Key things to remember when finding an office for rent in Dubai

There are many important things that you need to take into account before you find your ideal office in Dubai. These things will not only help you find a good office but will also ensure that it is affordable, in a good location, and most importantly, that you are able to operate in it for a long time.

The things to remember are as follows:

Your Budget

Dubai can be very costly when it comes to renting an office. With limited real estate and so many businesses vying to have a presence in Dubai, the prices can get very competitive. Your budget should not only include the rent you are going to pay but also the many additional fees.

These fees will include the commission you are going to pay to your real estate agent, the Ejari Registration Fees, the security deposit, DEWA charges, parking fees, renovation costs, and maintenance costs.

The Office Size

In order to get a trade license in Dubai, i.e. to operate your business in Dubai you need to rent an office that is at least 200 square feet in size. Also, your office should be large enough to accommodate the number of employees that will be working there.

Finding the Right Real Estate Agent

Having a good real estate agent in your corner will go a long way when getting an office for rent in Dubai. A good real estate agent will not only help you find the right office space that fits your needs, but they will also ensure that the price is low and most importantly they will help you do all the legal paperwork and guide you through the whole renting process.

Finding the Right Location

Dubai is built for business, so there is no shortage of good locations for offices. There are two main factors that you need to take into account, how much you are willing to spend, i.e. do you want your office in a posh area of the town or someplace that is easier on your pocket.

Secondly, you need to ensure that your office is easily accessible for your employees, customers, and suppliers by being close to a transportation hub. Also, you need to ensure that your office is close to all the necessary amenities that your employees may need like restaurants, banks, parking, etc.

Here is a list of good locations to find an office for rent in Dubai.

• Downtown Dubai: If you can afford it then Downtown Dubai is the perfect location for you. To give you an idea of its significance, we are talking about buildings like Burj Khalifa, and Dubai Mall.
• Dubai International Financial Centre (DIFC): If you operate in the finance sector then there is no better location for you than DIFC, home to many banks and financial institutions. DIFC is a little on the costly side but well worth your money.
• Business Bay: As the name states, Business Bay is built for business. With its many high rises, central location, and proximity to other businesses, it is an ideal location to have an office in.
• Jumeirah Lake Towers (JLT): It is modern, hip, and full of energy and the view is absolutely stunning. Providing you with an ideal location to have an office, without breaking your bank.

Complying with the Rules and Regulations

In order to rent an office in Dubai you need to comply with the rules and regulations and do all the necessary paperwork. This paperwork includes the following:

• Trade License: While not necessary for the renting process, you still need to have a trade license to operate your business in Dubai for which you are renting the very office space.
• Tenancy Contract: Before your landlord hands you the keys to your office you and your landlord need to sign a tenancy contract outlining the terms and conditions of your lease.
• Ejari Registration:  The tenancy contract that you sign needs to be registered electronically through the Ejari registration system. This allows your contract to be entered into the Dubai Land Department record.
• RERA Forms: You need to fill out the necessary forms for the Real Estate Regulatory Authority that oversees the real estate sector in Dubai. It ensures that both parties are complying with the law and are protected in case of any mishap.
• DEWA Registration: You also need to register an account with the DEWA for your electricity and water needs and to pay the monthly water and electricity bill.
• Employee Visas: The majority of your employees will be expats living in Dubai, so you need to make sure they meet the visa requirements and have all the necessary documents.
• Necessary Permits: In addition to the above-mentioned paperwork there might be additional permits that you may need to fill in. These will depend on the kind of business you are setting up and your real estate agent will guide you through the process.

Conclusion

On the surface it may look like finding an office for rent in Dubai is a trying endeavor, but it is not. Dubai is one of the best places in the world to set up your business, as its laws and regulations are designed to ensure that businesses can operate soundly and successfully and once you find the right office, you will notice this for yourself.

If you have ever worked in the UAE or done business there then you know there is no tax in the UAE. However, this changed in 2018 when they introduced Value Added Tax for certain businesses. This tax is not applied to individuals, just businesses, and even only to businesses that meet certain criteria.

If you own such a business that meets the criteria for VAT in UAE, then you will need to register for it. In this guide we will tell you if you meet the criteria and if you do, we will guide you through the whole VAT registration process in UAE and even tell you what comes next.

What is VAT?

VAT stands for Value Added Tax and it is levied on goods and services that add value to the supply chain of a product along with its distribution. It is a tax that businesses pay to the government while collecting it from the consumers on behalf of the government.

How does VAT work in the UAE?

The standard VAT rate in UAE is 5%, which means that the price of any goods you buy in UAE has a 5% VAT included in it. You yourself are not directly paying any tax to the UAE government but businesses registered with VAT are collecting it on behalf of the UAE government.

As you already know the UAE government does not tax individual citizens and residents, and as such it levies VAT only from certain kinds of businesses. Businesses that meet certain criteria and what this criterion is, we will tell you next.

What kind of businesses require VAT registration in the UAE?

The main criteria to determine if a business has to register for VAT is its annual threshold. This means that if its turnover exceeds a certain amount at the end of a business year, it must register for VAT. This criterion puts businesses into three broad categories and they are as follows.

1.     Mandatory Registration

If the annual turnover of a business in terms of its imports and taxable supplies exceeds AED 375,000 over the period of the last 12 months or the business expects it to exceed in the coming 30 days then it needs to register for VAT in UAE.

2.     Voluntary Registration

Businesses with an annual turnover of AED 187,500 over the period of the last 12 months can voluntarily register for VAT. Similar to mandatory registration this includes businesses that expect their turnover to exceed said amount in the coming 30 days.

3.     VAT Exempted Businesses

Businesses whose annual turnover does not exceed the amounts mentioned in the above two registration categories cannot register for VAT in the UAE. However, there are other businesses exempted from VAT even if they meet the mandatory and voluntary criteria and they are as follows.

• Businesses that provide transport services like buses, taxis, etc. in the UAE.
• Businesses that provide financial services.
• Businesses involving residential properties, i.e. selling or leasing these properties.
• Businesses that are involved in the development of barren land.

Documents required for VAT registration in UAE

To register for VAT in UAE you need the following documents.

• A valid copy of your trade license.
• A valid copy of your Emirates ID if you are the owner of or a partner of the business.
• A valid copy of your Passport if you are the owner of or a partner in the business.
• Contact details of your business. These include the address and P.O. Box.
• Contact details including email and contact number of the person who is the main point of contact for the company.
• All your banking details along with a bank letter to verify your company’s account with the bank.
• You also need to provide a Memorandum of Association otherwise known as MOA.
• In the case of imports and exports, you need to provide customs details.
• A complete report of your annual turnover, on stationary that has the company’s letterhead.

Procedure for VAT registration in UAE

If you meet the criteria for registration and all your documents are ready then you need to follow these steps to get officially registered.

• First, you need to create an e-service account by visiting the official website of the Federal Tax Authority (FTA).
• Once you have created your account you need to log in and fill out the registration form. You will need to fill in all the necessary details like contact info, banking details, and any other business-related details.
• Once you have filled out the form and verified that all the information you have filled is correct, you need to submit your application.
• Next, you need to pay the registration fee. The information about the exact amount of the fee and how you can pay it will be provided on the FTA website.
• Next, you will provide all the relevant documents to the FTA for verification and by doing so your registration process is complete.
• Now all you need to do is wait for the verification process to complete and for FTA to do the necessary paperwork on their end.

This whole process will take around 30 days and once completed you will receive your VAT certificate, along with the Tax Registration Number (TRN).

Potential Penalties for not registering

If your business meets the criteria for VAT registration in UAE and you don’t register or complete the process by the deadline set by the Federal Tax Authority FTA then you will have to pay a fine of AED 20,000 and other penalties may also apply in addition to the fixed fine.

What comes next after your VAT registration in UAE?

Once you have registered with VAT you need to take care of the following things.

• Always comply with the rules and regulations set by the FTA.
• Start charging the VAT of 5% on all your supplies and it must be clearly stated on these supplies that a VAT of 5% is being charged.
• As with any other kind of tax you need to file the tax returns in a timely manner at the end of every fiscal year.
• Last but not least, keep a record of all your billing and financial details including the VAT invoices that you issue after charging the VAT.