WHAT SHOULD YOU CONSIDER WHEN ESTABLISHING A COMPANY IN DUBAI

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Setting up a company is no small task, and it will be even bigger task, if you want to set up a company abroad. It requires your utmost attention to areas such as location, local regulations and maintenance considerations.

What about the location?

We highly recommend you to recruit the services of an agent with a local presence. That way you can ensure that your business support advisers are most likely well versed in the nuances of local laws and regulations. Working with a local company with a bricks-and-mortar presence also reduces the risk inherent in working with ‘here today, gone tomorrow’ internet-based companies.

Reputation is everything!

It’s essential to do your homework on potential company formation agents. A high level of research and due diligence is necessary to avoid costly mistakes further down the line.
Check out the ‘substance’ of the agent you’re engaging with. Do they have the local know how, licensing and banking knowledge and the infrastructure to deal with your needs? Experience is a must have.

It’s also advisable to be wary of online ‘client’ testimonials, as these can be easily fabricated. Therefore, looking at third party review providers, such as Trust Pilot, will provide 100 per authenticated reviews. By carrying out an extensive review process, you’ll also confirm that the company is based in their stated jurisdiction.

Finally, look out for credible partnerships and associations, such as the local government and independent bodies.

Keep everything updated with banking and finance!

It’s important to check that the jurisdiction you want to set up in supports your banking requirements. If you don’t have the right licence type, for example, the local banks might not be able to onboard you.

Also You have to remember that renewals of bank filings often need to be updated annually – this entails the updating of the licence and updating of registries. If you’re working with a ‘here today gone tomorrow’ firm, what happens when you get to the incorporation dates a year down the line?

We at Novasigma can help You with everything mentioned above. Contact us for a consultation!

Novasigma provides international accounting services, company formation services, legal, business and tax advisory services | Terms of Use & Terms of Business | © 2016 NOVASIGMA Global - Accounting & Law Cooperative ("NOVASIGMA LIMITED"). Member firms of the NOVASIGMA Global - Accounting & Law network of independent firms are affiliated with NOVASIGMA Global - Accounting & Law. NOVASIGMA Global - Accounting & Law provides no client services. No member firm has any authority to obligate or bind NOVASIGMA Global - Accounting & Law or any other member firm vis-à-vis third parties, nor does NOVASIGMA Global - Accounting & Law have any such authority to obligate or bind any member firm. Independent registered advisers, lawyers and accountants are not owned by, affiliated with or supervised by Novasigma or its affiliates. Novasigma provides custody, trading and operational support services for advisers, lawyers and accountants. Not all products and services available through Novasigma and its affiliates are available through advisers, lawyers or accountants. Registration does not imply a certain level of skill or training. Depending on jurisdiction there might be eligibility requirements to work with a dedicated Financial Consultant, Lawyer or Accountant. Wealth management, accounting, audit and legal services refers to products and services available through the operating subsidiaries of the Novasigma Corporation of which there are important differences including, nut not limited to, the type of advice and assistance provided, fees charged, and the rights and obligations of the parties. It is important to understand the differences when determining which product and/or services to select. Novasigma provides a full range of business, financial, banking and tax advisory, accounting and legal services through its operating subsidiaries.

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