Since we opened our doors in 2014 we have spoken to more than 1970 UK companies which all have one thing in common; they are interested in exploring market opportunities and potentially setting up an office in Dubai. They see the amazing opportunities that lie ahead in this thriving part of the world and are keen to get a slice of the action.
Whilst there are some companies which have been operating in the region for a while and have a fairly good understanding of their options and the challenges to be faced, there are many others which mistakenly think that setting up here will be as straightforward as it is at home. Those first conversations that we have are often the most enlightening and in many cases, daunting, for the companies involved.
In a nutshell the set up process is complex and, at times, confusing and frustrating (for those who are new to it), which is why we highly recommend that you engage with local professionals to help. Local lawyers are a good starting point, they will walk you through the many different set up options, help you asses which is best for your business model and outline the various pros and cons of each option. If you conclude that you need to establish a “branch of a foreign company” then that’s where we can help you too, here at the British Centres for Business.
There are many advantages of engaging with us, not least we provide you with an official address and a local sponsor, which just happens to be the Department of Economic Development, thanks to the unique arrangement we have established with the Dubai Government. We’ll also hold your hand, so to speak, for up to 2 years as you establish your presence on the ground.
So what needs to be done? Getting set up will take a few months from start to finish. You will need to gather your suite of documentation, have it all attested in the UK, Ministry of Foreign Affairs stamped in the UAE and translated into Arabic. We then engage with the DED on your behalf to obtain your security checks, Trade Name Reservation, Initial Approval, National Service Agency agreement and trade licence. You will also need to think about setting up your local bank account in parallel and registering with the Ministry of Economy. So, as you can see this isn’t something that can be done overnight!
If you’re serious about the UAE and want to learn more about what else we can help you with then please take a look at our website (www.bcbuae.com) and get in touch. We’d be delighted to help you unravel the complexity of setting up in the UAE and support you in making the most of the opportunities that could lie ahead for you and your business in the Middle East.
